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This page was translated automatically using artificial intelligence (DeepL). The German version is binding. More information about automatic translation
In a groundbreaking project, Mittweida University of Applied Sciences is working with Volksbank Mittweida to develop an innovative payment service based on blockchain technology. The Like2Pay project aims to enable the use of cryptocurrencies for everyday payments, whilst overcoming existing barriers. Blockchain technology is a decentralised digital ledger that records transactions securely, transparently and immutably.
The main objective of Like2Pay is to create a user-friendly solution for merchants, enabling them to accept and receive payments in cryptocurrencies without having to deal directly with these digital currencies. This is achieved by setting up euro accounts into which sales proceeds from cryptocurrencies are credited. As mentioned at the outset, blockchain technology forms the technical basis for the implementation of this project.
Several pilot projects are planned to demonstrate the practical viability of the payment service. These include purchases at the Karlo shop in Mittweida, payments at a vending machine at Werkbank 32, fundraising campaigns via the blockchain – displayed live on an LED screen – and payments at stalls at the Mittweida town festival.
The project will run for 24 months and is funded by the Mittweida Blockchain Showcase Region. Volksbank Mittweida is contributing its extensive expertise in digitalisation and blockchain technologies, whilst Mittweida University of Applied Sciences is providing its academic expertise.
The successful implementation of Like2Pay could have a significant impact on the way payments are processed in high-street retail. In the long term, the plan is to commercialise the payment service beyond the region and launch it as a start-up.
The Mittweida Blockchain Showcase Region (Link: https://blockchain-mittweida.com/mitmachen/ ) supports projects such as Like2Pay that wish to utilise and further develop innovative blockchain technologies within their businesses. This programme promotes start-ups that strengthen both the regional economy and the technological landscape in Mittweida, the surrounding region and throughout Germany.
For further information, please contact: Prof. Andreas Ittner
Text: Mittweida
Blockchain Showcase Region Image source: AI-generated, Mittweida Blockchain Showcase Region