Thailand’s Krungsri Bank (Bank of Ayudhya PCL) and Siam City Cement has entered into a partnership to develop Krungsri Supply Chain on a blockchain platform, as a way to help businesses better manage their supply chains.

Blockchain Solutions for Supply Chain Management

Krungsri has announced that, for the first time in Thailand, blockchain technology is being adopted in the supply chain sector. According to its official statement, the initiative will increase flow efficiency, while improving credibility and transparency of business-to-business transaction data. Moreover, the bank expects the technology to help SMEs gain greater access to capital.

The blockchain-powered project is currently being conducted under the Bank of Thailand’s regulatory sandbox guidelines.

Sayam Prasitsirigul, Krungsri Head of SME Banking Group, said he strongly believes the solution will significantly transform the supply chain ecosystem.

“With the Krungsri Supply Chain on blockchain solution, blockchain technology is deployed on the entire-network of corporates and business partners within their respective supply chain,” said Sayam.

Greater Security and Transparency with Blockchain

Siva Mahasandana, Director and CEO of Siam City Cement, affirmed the security and reliability of distributed ledger technology.

“Supply chain on blockchain is a cutting-edge technology with high security and reliability. We are glad to collaborate in this pilot experiment and then further develop the system to facilitate trading, billing, and transaction stability for our business partners,” said Siva.

Meanwhile, Thakorn Piyapan, Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division, said, “After our achievement in blockchain-based real-time funds transfers, Krungsri Supply Chain on Blockchain marks the first of its kind in Thailand that the blockchain technology innovation is used in the supply chain system.”

Source: techsauce.co

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