The Bank of Thailand (BoT) has been cooperating with several organizations in the private and public sector to develop decentralized ledger technology (DLT) that will transform the way companies do business in the country.
Among the BoT-supported initiatives being carried out to digitalize the banking and finance sector is the introduction of electronic letters of guarantee (e-LGs).
According to local media outlet The Nation, commercial banks have signed an agreement to develop a blockchain platform to digitalize the process of LG issuances. With blockchain, which offers more transparency and efficiency compared to traditional platforms, LG issuances can be completed more quickly and at a lower cost to stakeholders.
The central bank has announced its support for the Blockchain Community Initiative (Thailand), or BCI, which is driving the adoption of the technology.
The e-LGs are expected to be implemented on a trial basis, with full adoption scheduled to start in the third quarter of 2019.
Meanwhile, Thailand’s Ministry of Commerce has stated that it will implement blockchain in issuing certificates of origin as well as in other government services, from registering intellectual property to certifying agricultural products.
Similarly, the Thai Food and Drug Administration has announced that plans to develop a blockchain platform for the application for FDA certificates and auditing.
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