Liverpool Launches Digital Currency Based On The Blockchain

Liverpool Launches Digital Currency Based On The Blockchain

Blockchain is the latest technology which is driving the world crazy. It helps to record a large number of transactions in a very secure way. Many lar

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Blockchain is the latest technology which is driving the world crazy. It helps to record a large number of transactions in a very secure way. Many large financial companies and governments are already trying to implement it. Liverpool is the latest city to launch a digital currency based on this technology. The name of the currency is Liverpool Local Pound, and they have linked this new cyptocurrency to the pound sterling. One unit of it is equal to one pound. It has been mainly launched to support the local and the small businesses. It will help them to compete against the larger businesses.

Like most other currencies of the similar nature, this one is also app based. It will help to record plenty of transactions in the Bitcoin network. Because of this, the small scale businesses persons will get a personalized service. It will be much easier for them to collect relevant data regarding customer preference and loyalty.

The group responsible behind this new currency is called Independent Liverpool. They have tied up with an Israel based tech company called Colu to come up with this service. Before this, Colu have already launched blockchain based currencies in many parts of Israel. They have already managed to get a big funding of around 9.6 million dollars, and are planning to launch a new currency in London soon Independent Liverpool have also successfully managed to keep the price very low. The service is available at just 25 pounds for every month.

As per Amos Meiri, the CEO of Colu, digital currencies are not really a new concept in UK. However, they failed to become much popular before, because the non profit companies were managing them. However, Colu is an ambitious company and they are also very well funded. With an user base of around 3000, the new currency has already become a hit in Liverpool.

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