Major music festival in Thailand is adopting blockchain for safer and smoother payments.
Despite the ongoing COVID-19 pandemic, some global events have chosen to move forward as planned. Instead of canceling, they are working to limit close contact between attendees through the introduction of new technologies. One such solution involves a cashless payment system powered by blockchain.
Mystic Valley, one the largest music festivals in Thailand, will be issuing its own token for cashless payments during its upcoming three-day event.
According to a Nov. 19 announcement, Mystic Valley organizers partnered with local cryptocurrency exchange Bitazza and blockchain startup Fuse.io to mint its own crypto token, MYST.
The new token is designed to provide all financial transactions at the festival including payments made to food and drinks vendors and merchandisers. The event is scheduled to run from Nov. 27 to Nov. 29 at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.
According to the announcement, MYST token is intended to