LucidPay, the providers of a settlement platform designed for the hospitality industry and smart cities, announced plans to launch a stablecoin for the hospitality industry, built on the Tezos blockchain network.
Full integration
LucidPay’s blockchain-based, smart settlement system can be fully integrated with a hotel’s existing payment and point-of-sale systems and participating venues outside the hotel. LucidPay’s blockchain solution is currently being used by hotels located in UAE and KSA such as Atlantis, Sofitel on the Palm, Turtle Bay Hotel, Caesar’s Palace.
“One of the main challenges of blockchain technology is performance. We have full confidence in the new enterprise-grade high-performance blockchain built by the Tezos sidechain team which is crucial to our growth,” said Jawad Riachi, founder of LucidPay.
Wide-ranging applications
The Tezos-based stablecoin solution will further enhance the benefits of integrating LucidPay’s solution by enabling secure, fast, and private transactions. The implementation of Tezos on the LucidPay platform will reduce transaction times to sub-two seconds and create an extraordinary opportunity for scalability as a technology enabler. The LucidPay platform allows hotel guests to pay for services, activities, and amenities at a hotel using a wristband or digital wallet. The system leverages blockchain networks to securely record information, reducing the risk of fraud and the time it takes to resolve disputed payments.
Speaking on the stablecoin, Waleed Rassuli, Head of Tezos Gulf said, “This announcement marks a transformational moment for LucidPay and the hospitality industry. By building on Tezos, LucidPay will have the opportunity to deliver on scalability and speed of transaction which is absolutely crucial in the payment sector.”
Sustainability
Tezos is one of the original Proof of Stake layer one blockchain networks and is among the most sustainable and environmentally-friendly blockchains. The technology allows developers to create powerful decentralized applications and products. Projects and brands such as Red Bull Racing Honda, McLaren Racing, OneOf, Ubisoft, Interpop, Hic-Et-Nunc, and more have chosen to build on the Tezos blockchain.
Tezos uses a proven, on-chain governance system, where improvements are continuously proposed by participants on the network, voted on, adopted, and deployed — all without the need to rely on hard forks. So far, Tezos has undergone seven network upgrades, with the eighth soon to come, that have reduced gas fees by 70%, improved token standards, increased transaction speed, and more. With over 4.4 million contract calls and counting in September, Tezos is one of the fastest-growing blockchain ecosystems.
While the initial stablecoin launch focuses on the traditional hotel sector, Tezos will give LucidPay the ability to broadly expand its applications to support more vertical sectors including tourist attractions, food and beverage service outlets, retail, and others.
Earlier this year, Mahindra launched a stablecoin-as-a-service system to serve the finance industry.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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