BEATOZ, iM Bank, Kukon complete blockchain payment infrastructure verification

BEATOZ, in collaboration with iM Bank and Kukon, has successfully completed a proof-of-concept (PoC) for a new blockchain-based regional payment infrastructure. This initiative aims to build a robust system for regional economic transactions, leveraging cutting-edge technology to enhance efficiency and transparency.

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The PoC focused on △ smart contract-based execution of policy funds △ application of stablecoin payments △ confirmation of regional economic revitalization possibilities.

The PoC concentrated on several key areas: the execution of policy funds through smart contracts, the integration of stablecoin payments, and the potential for stimulating regional economic growth. The three companies worked to verify a system that records all transactions on the blockchain and settles them instantly. This structure is designed to extend the current payment networks, which primarily serve small businesses, to encompass larger retail channels and business-to-business (B2B) transactions.

The project utilized iM Bank's financial infrastructure, BEATOZ's blockchain and CPG technology, and Kukon's payment data API technology. The verification process involved implementing the entire transaction flow, from payment requests and merchant verification to blockchain payment processing and result notifications, thereby thoroughly examining the infrastructure's integration capabilities.

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The three companies verified a structure that records all transactions on the blockchain and settles them immediately to expand the existing payment network centered on small merchants to a universal infrastructure covering large retail networks and the B2B domain.

A notable feature of this PoC is BEATOZ's "programmable payment" technology, which uses smart contracts. This allows for payments to be configured for specific merchants only, effectively preventing the misuse of local government subsidies and ensuring that welfare vouchers are used appropriately. This capability is crucial for maintaining the integrity of regional economic support programs.

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Especially, BEATOZ's 'programmable payment' technology using smart contracts can be set so that payment is approved only at specific merchants, blocking the illicit distribution of local government subsidies and welfare vouchers.