Thai Musical Festival Adopt Blockchain for Cashless Payment
November 20, 2020 11:28 am
Even though Covid-19 is an ongoing pandemic, some global events have decided to move forward as planned. Instead of canceling, they are planning to work on limited contact between attendees and management using new technologies. One such solution involves a cashless payment system supported by blockchain.
Mystic Valley, one of the major music festivals in Thailand is going to issue its own token using blockchain technology for cashless payments. The event will be taking place for three days. According to the announcement, the organizers partnered with a local cryptocurrency exchange Bitazza and blockchain startup Fuse.io to launch their own crypto token, MYST.
The new token is designed to provide all financial transactions at the festival including payments to food and drink vendors and merchandisers. The event will run from Nov 27 to Nov 29 at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.
The announcement also stated that MYST aims to eliminate the need for paper money, resulting in a smoother, safer experience for attendees and vendors. The new system also plans to reduce costly fees charged by major point-of-sale systems. The users can exchange the unused amount of MYST tokens for fiat. They can also avail themselves of cash or wire transfer refund.
The announcement added:
“Network’s $0.01 transaction makes the implementation of cashless payments accessible to any kind of event organizer at [a] fraction of the cost.”