• Wed, 21 Aug 2019, 12:26 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Thai banks join hands to create blockchain network via country's Blockchain Community Initiative

Photo: Reuters

Thu, 30 May 2019, 03:57 am UTC

The Bank of Thailand (BOT) announced that 22 Thai and foreign-bank branches have joined forces to create a blockchain network through the Thailand Blockchain Community Initiative (BCI), media news outlet Xinhua reported.

Veerathai Santiprabhob, the Governor of the BOT, said that the initiative aims to encourage competitiveness and maintain sustainable economic growth not only in the business sector but also in the entire country.

As per the report, the move aims to attain a 50% increase in the use of blockchain-based technology within 3 years to help cut down operating expenses and enhance efficiencies.

The Nation noted this is the first time in which Thailand and international banks collaborate to integrate blockchain on the same operating system.

Thailand’s central bank first announced BCI in March last year, revealing that 14 local banks have teamed up to develop a shared trade finance platform using blockchain technology, according to a press release cited by Nikkei.

Under the collaboration, the banks, which include the big four, Bangkok Bank, Krung Thai Bank, Siam Commerical Bank, and Kasikornbank, will use a shared blockchain platform to launch electronic letters of guarantee. These are contracts issued by banks on behalf of their clients to assure any payment obligations the client has made to trade partners.

The initiative aims to lessen the complexity of normal bank process, simplify data verification on the same network, reduce the potential of fraud information, and enhance business efficiencies.

With this infrastructure sharing, banks do not need to invest on their own,” Santiprabhob said.

Thailand’s leading Kasikornbank was the first to launch the platform with IBM in July 2017. It is built on a distributed ledger framework called Hyperledger Fabric, which was provided by the Linux Foundation.

Earlier this month, the BOT has also made progress with its digital currency project through developing a blockchain-based prototype platform, the central bank’s tech partner Wipro revealed.

The new prototype has been developed under Project Inthanon and will allow BOT to use a digital currency to settle interbank transactions among its commercial partners, which include HSBC and Standard Chartered Bank (Thailand).

It will enable decentralized interbank real-time gross settlement (RTGS) using a wholesale Central Bank Digital Currency (CBDC) for faster payments.

The prototype has successfully demonstrated that DLT [distributed ledger technology] can significantly enhance payment efficiency by enabling 24/7 interbank settlements,” Wipro, which developed the blockchain solution prototype together with blockchain consortium R3, said.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • OrlanSilva
  • 2019.06.04 22:28:43
Such initiatives will be implementing all over eventually. Let’s bring up an example of https://www.mintme.com/ a platform where users (as entrepreneurs) can tokenize their ideas to then invite supporters to join such projects in exchange of their created tokens, thus creating an environment of mutual growth.
  • 1
  • ·
  • 0
More
  • Bitcoin (BTC) $10,792.20 (-0.83%)
  • Ethereum (ETH) $196.95 (-2.56%)
  • XRP (XRP) $0.275100 (-2.26%)
  • Bitcoin Cash (BCH) $315.57 (-2.53%)
  • Litecoin (LTC) $75.29 (-2.16%)
  • Bitcoin (BTC) $10,792.20 (-0.83%)
Aug 20, 2019 (Tuesday)
14:02
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:14
HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’
11:59
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:29
Crypto Technicals: XRP/USD fails at 21-EMA, resumes weakness with 'Doji' formation
10:29
Israeli regulator seeks to expedite licensing procedures for fintech and blockchain firms
10:26
Crypto Technicals: Litecoin treads water below 200-DMA, bias bearish
09:26
bitFlyer teams up with Tpoint Japan to rollout bitcoin rewards program
09:03
Crypto exchange startup INX Limited eyes $129.5M IPO, marking the first SEC-registered security token sale
08:00
New York court denies Bitfinex, Tether's lack of jurisdiction claim
07:16
Crypto Technicals: BTG/USD recovery lacks traction, weakness likely to continue
07:15
Ethereum Foundation launches Korean version of its website, announces large-scale translation program
06:39
Crypto exchange BitMEX to block users in from Seychelles, Hong Kong, Bermuda
06:35
Cybersecurity veteran David Damato joins crypto exchange Gemini
05:42
Deloitte unveils demonstrational platform for blockchain solutions
05:36
Crypto Technicals: ETH/USD consolidates break above 200H SMA, potential 'Golden Cross' raises scope for upside
04:36
Crypto custodian BitGo poaches new Chief Revenue Officer from rival Xapo
03:50
97% of South Korean crypto exchanges on the verge of bankruptcy; blockchain startups now want to go overseas: Report
03:41
Philippines' central bank approves 2 new cryptocurrency exchanges
03:38
Association of Cryptocurrency Enterprises and Startups, Singapore rolls out new Code of Practice
Aug 19, 2019 (Monday)
13:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft