SINGAPORE /PRNewswire/ -- Local blockchain solutions provider Tembusu Systems will begin their first-in-Singapore real-world implementation of digital currency payments using the TRUST framework on 10th June 2015.
The TRUST system, a proprietary platform based on the blockchain technology that drives cryptocurrencies and digital economies, makes payment using different currencies -- real-world, digital or even gold and silver -- possible. The system was developed to integrate traditional currency platforms with the emerging blockchain technology that drive today's commonly known digital currencies.
"TRUST is taking its first step into getting widespread adoption and integration with existing systems. We're planning to try out several possible use cases with current payment systems in Singapore," said Andras Kristof, Co-Founder and CEO of Tembusu Systems, "and the success of this trial will see the use of digital currency payment systems being extended into real-world context."
A demo of the platform, conducted in local uptown bar The Spiffy Dapper -- who also hosted Singapore's first Bitcoin ATM in 2014 -- showed how the TRUST framework could be easily implemented. The trial implementation only requires a computer or mobile device to be attached to existing POS systems, and successful integration will see businesses having a simplified, self-auditing, cashless payment system with low-running cost. With blockchain technology keeping each transaction in check, businesses like The Spiffy Dapper can expect easier reconciliation of their accounts from their daily sales as well.
At the core of the TRUST platform are a network of payment gateways which allows consumers to pay with any currency of their choice. The platform can also accommodate establishments with loyalty rewards programs such that users can pay using accumulated loyalty points.
Tembusu Systems will also be exploring human ATM applications as well; the TRUST platform allows consumers to withdraw cash through participating businesses by processing currencies from their digital wallets to the POS systems. Businesses will then be able to cash out the digital payment into cash for consumers over the counter.
With blockchain technology showing so much untapped potential, Jarrod Luo, Co-founder and COO of Tembusu Systems, is constantly looking for and experimenting with innovative ideas for TRUST to be implemented with, such as with online video game economies.
"The potential for blockchain technology is seemingly limitless, and Tembusu Systems is continuously exploring using our TRUST platform in other applications," said Jarrod. "Our goal is not to replace other payment systems like NETS and credit cards, or even cheques. In fact, we are hoping the TRUST platform can be developed to integrate with these other systems, to become an organic payment integrator in time to come."
About Tembusu Systems
Founded in October 2013, Tembusu Systems Pte Ltd is a digital currency platform provider. Originally known asTembusu Terminals Pte Ltd, the company first made headlines in February 2014 with the Tembusu Prime Bitcoin ATM, Asia's first automated Bitcoin teller machine in Singapore.
Towards the end of 2014, the company decided to shift their focus away from Bitcoin and focus on developing their own proprietary blockchain-based platform called the TRUST System.
About the TRUST System
The proprietary TRUST (Tembusu's Reputation-based Universally Secure Transaction) System, a distributed ledger system based on next-generation blockchain technology, allows its users to make payment using different currencies -- real-world, digital or even gold and silver. With the TRUST System, Tembusu Systems looks to address the drawbacks of existing cryptocurrency platforms by offering a proof-of-identity layer to establish transactional legitimacy.
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