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.