One of South Korea’s famous beaches in Busan, Haeundae Beach, welcomed the inclusion of a blockchain-based crypto payments option to millions of its beachgoers as the country continue to explore the benefits blockchain and cryptocurrency could bring in its market specifically to an industry which was badly affected by the coronavirus pandemic - tourism, and hospitality.
A South Korean beach wants you to pay in Ethereum https://t.co/Xdj7UGpBjG— The Daily Blockchain News (@TDB_News) August 11, 2020
The white sand beach, according to its website, welcomes more than 10 million vacationers and has been a home for various events and festivals every year providing attractions to tourists. Even though Haeundae Beach earned its name worldwide as one of the most go-to summer vacation spot, it had its fair share of crisis as the pandemic strikes in South Korea pushing it to impose strict regulations to prevent the spread of the respiratory virus. As digital currency is slowly given attention in the country and earning a good share of reputation, Haeundae Beach considered exploring Bitcoin (BTC), Ethereum (ETH), MCI, and WAY tokens as an alternative means of payment for goods and services, according to Korean online new media ZDNet.
The project to adopt cryptocurrency payment on the Haeundae-daegu beach system was initially launched by Bitbeat Group on July 07. A bitbeat group affiliated with Haeundae-Songjeong Beach's electronic payment system business consignment company, CIC Enterprise organized the blockchain-based cryptocurrency payment service this year. Innotek is also part of the project, a digital payment services provider that looks forward to offering beachgoers a payment option other than the traditional method, cash, and card. The project aims to achieve transparency, reliability, and increase convenience to both parties, the customers and the Haeundae Beach management team.
Cryptocurrency holders have options to use MCI and WAY ERC20 tokens if they wish to use such small purchases and services like water sports-related activities, life jackets, and parasol rentals, among others, instead of BTC, ETC as these tokens’ prices were doing well in the digital market. Users are free to use any digital wallet that is convenient for them, without the need to download new apps and transfer funds in line with this new payment system as it is compatible with most, if not all major digital wallets in the market. QR code, provided by merchants upon checkout, will be the game-changer for this payment method. The process is less complicated as it won't take much of your time because it will take only five to ten seconds and you are good to go!
The global pandemic excuses no country and knows no boundary when it hit the world. The hospitality and tourism sector fought back on these challenges as they adapt cryptocurrency and blockchain-based system to keep the industry going. Resiliency is part of innovation, and the beach’s management team answers the call to help tourists who want to experience Haeundae Beach again.
Cointelegraph shared that on June 20, a private-public consortium in Busan, South Korea announced its plan to build a blockchain-powered medical tourism platform. As of press time, there has been no update on the launch date of the said initiative but according to Gyeongnam Ilbo, Busan Bank will be in charge of it.