14 banks of Thailand declared about the creation of the Thailand Blockchain Community Initiative organization which will be engaged in digitalization of letters of guarantee on the general blockchain platform.
The leading banks of the country, including Bangkok Bank, Krung Thai Bank, Siam Commercial Bank and Kasikornbank will join an initiative. As a technical base of the project it has been decided to use Hyperledger Fabric from Linux Foundation.
“At such general infrastructure banks don’t need to make investments independently. Interaction increases efficiency, reduces expenses in our financial sector and satisfies needs of consumers and the companies.”
— the head of Bank of Thailand noted.
The blockchain platform of the new organization was for the first time started by Kasikornbank in cooperation with IBM in July, 2017.
In Thailand the release of the letters of guarantee fixing payment obligations of clients can take several days. Digitizing of these documents and transfer them by blockchain can reduce this time to only 30 minutes.
The electrogeneration company of Thailand and Siam Cement Group will also participate in the project. Testing of the new system will take place in special “sandbox” of the Central Bank of the country.