Thailand’s Siam Commercial Bank Issues Blog Post on Crypto & Blockchain

Asia Blockchain Review
June 7, 2019

A recent blog post from Thailand’s Siam Commercial Bank (SCB) talked about the various use cases of blockchain technology and cryptocurrency, highlighting its characteristics of enhancing transparency and accountability for stakeholders.

Blockchain Revolution Spreads to Banking, Fashion, and Politics

The blog post from the oldest commercial bank in the country mentions the uses of cryptocurrencies such as Bitcoin and Ripple, signaling the bank’s interest in their potential. SCB also cited VeChain as an example of a blockchain-based platform that has revolutionized product management with comprehensive supply chain data.

According to the bank, distributed ledger technology can be used to increase the transparency of financial transactions and supply chains, screen counterfeit goods in the fashion industry, and even ensure fair voting results in elections, a timely remark given that the country recently held its first election in eight years in March 2019.

The blog post stated that in the near future, blockchain technology could become the new standard for election voting in every country. SCB noted that a distributed ledger could ensure the anonymity of all votes while promoting transparency in electoral proceedings.

Major Banks Show Interest in Crypto

SCB also talked about how financial institutions around the world are working toward the adoption of blockchain and cryptocurrency, such as IBM’s project to develop a blockchain-based platform for major European banks such as Deutsche Bank, HSBC, and UniCredit.

For its part, SCB disclosed that it has experimented with remittances in a collaboration between Siam Commercial Bank Ripple and SBI Remit to carry out a real-time international remittance service using blockchain technology.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korea’s Postal Service to Adopt Blockchain for Billing
South Korea’s national postal service is partnering with Coinplug to apply the technology to its bil...

June 19, 2019

Relex Crypto Platform Endorsed by Over $600M Vietnam Seaport Project
The investment platform has been endorsed by a seaport development project in its request for invest...

June 18, 2019

South Korean Power Providers to Set up Blockchain System for Energy Certificates
The agreement will establish a blockchain-powered system to improve transparency and efficiency of t...

June 18, 2019

‘F1 Delta Time’ Offers In-Game Items Stored on Blockchain
A Hong Kong-based game developer is integrating blockchain into its titles to allow permanent owners...

June 18, 2019

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