Thai banks jointly established Thailand Blockchain Community Initiative

ABR
August 7, 2018

According to Thailand’s central bank’ disclosure on March 14, 14 Thai banks have altogether launched the Thailand Blockchain Community Initiative, which plan to develop a blockchain-based platform to digitize letters of guarantee and other documents.

Members of this initiative includes Thai’s top banks: Bangkok Bank, Krung Thai Bank, Siam Commercial Bank and Kasikornbank. And Linux Foundation’s Hyperledger Fabric is chosen to be the underlay technology for this project.

With this collaboration, these banks aim to reduce the complexity of the normal process, simplify data verification on a same network, lower the possibility of fraud information and enhance the efficiency for business.

This joint platform was first started by Kasikornbank using IBM blockchain services in July 2017.

This system is currently tested by Thai central bank within this country’s regulatory sandbox. The banks aim to use this platform to issue letters of guarantee – which issued by banks to guarantee their clients’ payment obligations,  for enterprise auctions and other domestic trading procedure.

The Electricity Generating Authority of Thailand, a state energy enterprise, and Siam Cement Group, the largest and oldest cement company in Thailand, are both poised to participate as well.

    Related Article
    2020: Managing the Expectations of Blockchain Related Hype
    As blockchain technology evolves, the ecosystem for a lot of things is advancing as time goes by. So...

    February 22, 2020

    Is Blockchain the Saviour that Healthcare Needs?
    2019 saw almost USD$4 billion worth of healthcare data breaches, but it's not all doom and gloom, as...

    February 19, 2020

    MESTECC Launches 130 Technology Initiatives for 2020
    In line with the “Own It. Do It. Ace It.” campaign, the Ministry of Energy, Science, Technology, Env...

    February 17, 2020

    Australian Government Unveils National Blockchain Roadmap
    The national blockchain roadmap is all about progressing the country towards a blockchain-empowered ...

    February 17, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us