Bank of Thailand Announces Success in Developing Blockchain-enabled Projects

Asia Blockchain Review
June 19, 2019

The Bank of Thailand (BoT) has expressed confidence in its projects to utilize DLT for domestic and international transfers, as well as for the issuance of scripless bonds. The initiatives have been under development in cooperation with government agencies and commercial banks.

Developing Blockchain-powered Interbank Payment Systems

Dej Titivanich, Assistant Governor of Information Technology Group at the Bank of Thailand, revealed that the central bank has been developing use cases for decentralized ledger technology (DLT) that will benefit the public. The announcement was made at the third “Blockchain the Series @ BOT” conference held on May 29th, 2019 in Bangkok.

“With billions of baht in circulation between banks every day, the BoT saw an opportunity to implement blockchain as a way to offset risks in the interbanking system,” Dej said.

The BoT’s Project Inthanon is focused on developing a prototype Central Bank Digital Currency (CBDC) with eight commercial banks in the country. It aims to decentralize interbank settlements which traditionally have a centralized architecture.

In its first phase, the project established a fundamental payment infrastructure, while the second phase saw the implementation of DLT. Dej revealed that the BoT’s blockchain project is in its third phase, which is focused on seeking ways to carry out cross-border payments.

Investing in DLT Scripless Bonds

The BoT Assistant Governor disclosed that the second project is the development of DLT scripless bonds. According to him, the government typically required 15 days from registering to depositing bonds for investors, making for a complicated process overall.

Therefore, the BoT has been working with the Public Debt Management Office, the SET’s Thailand Securities Depository, and the Thai Bond Market Association by conducting proofs of concept using blockchain technology.


“Currently, the proofs of concept are already successful, and the BoT expects to finish developing the platform by the end of 2019,” Dej said.


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
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 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