Eftpos Is Planning to Implement Blockchain Technology to Power Smart Cities in Australia

During a weekly blockchain conference, Eftpos introduced a new way to run smart cities and support self-driving vehicles by using the power of blockchain technology.

The popular Australian-based POS tech providers are looking into the rapid formation of smart cities that need an efficient and fast working technology framework to work, so according to Blockchain Australia’s deputy chair, Robert Allen, Eftpos is working on a plan to use distributed ledger technology to develop complex infrastructures to support a wide variety of smart features for cities in Australia.

Robert stated that the company is looking to implement additional features such as support for self-driving smart vehicles and many other exciting projects that are yet to be planned. But for all this, new infrastructure is to be developed so that the system can run in the way it is intended.

Eftpos and Hedera

Eftpos has been in touch with Hedera since January, acquiring the status of governing council members and the first-ever company to become a node operator for Hedera in Australia.

Cypher Mind HQ

Chief investment officer at Eftpos, Ben Tabell, also spoke on Tuesday and mentioned the importance of using distributed ledger technologies in partnership with the Hedera network. Eftpos’s motive behind it is the implementation of digital identity tracking combined with various flexible payment solutions for people in Australia. Ben said that the company is working hard to provide a viable way to properly implement a secure way of digitally operating an identification and transaction system.

Eftpos is looking to implement Hedera’s Hashgraph technology to build this network, so having a robust system like this is a way to help analyze transactions better in case of any user queries or helping out law enforcement in tracking illegal activity. To support other features such as real-time payments, micropayments, pay-per-click, Robert said that Hedera is the only network that can support such features, and according to previously conducted network tests, the results show that the Hedera network was easily able to manage and handle it.

Adding to that, Robert said that with this new strategy, Eftpos would be able to deal with issues in a more distributed way rather than a traditional way, in hopes of delivering a system for powering smart cities to run securely and effectively in Australia.

Author: Isacco Genovesi

Isacco writes news articles, reviews and guides about cryptocurrencies including technical analysis, blockchain events, coin prices marketcap and detailed reviews on crypto exchanges and trading platforms.

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