Bank of Thailand builds blockchain solution to make real-time settlement between banks possible

According to Coindesk's May 8 report, the Bank of Thailand (BoT) has advanced its digital currency project by building a blockchain-based solution.

OLYMPUS DIGITAL CAMERA (Source: Wikipedia )

Thailand's central bank's technology partner Wipro announced the news on Wednesday and said the blockchain solution will facilitate the Bank of Thailand and eight other commercial bank partners to use the digital currency for inter-bank transaction settlement.

As part of the Bank of Thailand’s digital currency project lnthanon, the Bank of Thailand and Wipro have jointly built the above blockchain model. Wipro and blockchain enterprise software company R3 provide related development services on the Corda platform.

The solution will enable faster payments through the use of central bank digital currency (CBDC) and enable decentralized interbank real-time settlement (RTGS).

Wipro said:

The prototype has successfully demonstrated that distributed ledger technology (DLT) enables uninterrupted (24/7) interbank settlement and significantly increases payment efficiency.

The Bank of Thailand first disclosed the project in June last year when it said it was trying to create a blockchain-based cryptocurrency to make interbank transactions faster and cheaper.

At the same time, in August last year, the Bank of Thailand further stated that the ultimate goal of this effort is to “improve the efficiency of the infrastructure of the Thai financial market”.

Bank partners for the project include Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand) and HSBC.

In addition, the Bank of Thailand also revealed that it is conducting a proof of concept for another distributed ledger technology, which is designed to improve the efficiency of government bond sales.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

FTX Crypto Exchange: The Bidding Bonanza!

Some of the available options include selling the exchange, which previously had 9 million users but went bankrupt.

Blockchain

Gu Yanxi: The Governance Mechanism of the Future Encrypted Digital Asset Trading Industry

More and more encrypted digital asset exchanges have emerged in the US market recently. In addition to existing encry...

Blockchain

Exchange Real Volume Report (on) | TokenInsight

Summary of points: 1. According to the report, 36% of the exchanges (11) have a real trading volume ratio higher than...

Blockchain

Derivatives track has become an industry consensus. Bitcoin will be up to 20,000 US dollars in the year?

2020 cryptocurrency market welcomes a good start: BTC rose more than 29% in January, and regained the 10,000 yuan mar...

Blockchain

Sun Yuchen used capital hegemony to control Steem, causing controversy, the integrity of stolen users' voting rights was questioned

Recently, in order to prevent capital power on the chain, Steem witness nodes jointly launched a soft fork. God V des...

Blockchain

Ieo, which used to be ten times easier, is there anyone else involved?

At the beginning of the new year, the coin opened the curtain of the IEO "issuing the first exchange" stage...