Pubinno, a San Francisco-based technology company that created the “Internet of Beer,” has now integrated a Bitcoin (BTC) payment infrastructure into its system.
Pubinno used the Lightning Network to accept BTC payments at the #LightningHackdaysIST, which took place from February 25 to 27. Participants who use wallets that support the Lightning Network could get their own beer poured in seconds after scanning a QR code to finalize the transaction.
The Smart Tap system, according to Pubinno CEO Can Algul, was built in 2016 and uses blockchain technology to connect the future of draft beer with the future of transactions.
The Internet of Beer and the lightning Network
Algul discussed how blockchain technology affected his decision to use the Lightning Network for payments, stating:
“We worked on Lightning Network because it is dependent upon the underlying technology of blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants, which are able to transact at high volume and high speed with low gas fees.”
In 2015, the Lightning Network was presented as a solution to the Bitcoin scalability issue. It permits nodes to conduct off-chain transactions that are ultimately settled on the blockchain.
This allows for more transactions to be executed without putting more strain on the blockchain, enabling microtransactions and immediate payments.
Advantages of the Lightning Network
According to Algul, the “advantages of the Lightning Network” allow bar owners to get paid in seconds with little or no commissions, and they may save a lot of money on personnel expenditures thanks to the smart tap system’s self-serve capacity
When asked if they plan to accept additional cryptocurrencies as payment on the Smart Tap system, Algul said it would depend on a variety of factors including scalability, frequency of use, transaction cost, and speed. He went on to say:
“We will determine our direction according to the adaptation of the industry and continue to develop our infrastructure on a blockchain adaptive basis. We also conduct feasibility studies on developing Pubinno tokens.”
“The world is in the midst of a deep digitization era,” he stated, “and the fastest development is shaped around blockchain.”
The first cryptocurrency that sprang to mind for Algul was Bitcoin, but he also mentioned that stablecoins would be added to the payment system in the future.
