Bank of Thailand Researches Applications of Blockchain

Asia Blockchain Review
July 26, 2019

The Bank of Thailand’s (BoT) Project Inthanon is a collaboration between the central bank and commercial banks, with the objective of exploring the potential uses of distributed ledger technology (DLT) and developing an ecosystem that supports blockchain

The BoT recently issued a report on the project’s progress, revealing that it has matured from the proof-of-concept phase to pursuing international collaborations on cross-chain, cross-border transfers. 

BoT Collaborates with R3, Develops PoC RTGS System

According to a BoT statement, the second phase of Project Inthanon was carried out from February to June 2019 in cooperation with eight leading financial institutions and R3, the project’s technology partner.

During this phase, partners from the bank and R3 collaborated on designing, developing, and testing a proof-of-concept of a decentralized Real-Time Gross Settlement system using a wholesale Central Bank Digital Currency (CBDC). 

According to the central bank, this phase of the project was driven by commercial use cases to solve current business pain points and improve efficiency in the settlement system. 

“The scope of Phase II included 2 key areas: Delivery-versus-Payment (DvP) for interbank bond trading and repurchase transactions, and regulatory compliance and data reconciliation for third party funds transfer,” says the BoT statement.

HKMA Joins Project Inthanon to Explore Cross-border Transfer

According to its findings, the BoT concluded that blockchain can help to enhance the efficiency of bond trading and repurchasing activities through the bonds’ life cycles, which include coupon payments, interbank outright trading, and repurchase transactions. 

For Phase III of Project Inthanon, the central bank will collaborate with the Hong Kong Monetary Authority to explore interoperability among ledgers to achieve cross-border transfers, in a bid to reduce associated costs and enhance efficiency. This will involve various business modalities and the implementation of relevant foreign exchange regulations. 

Source: https://www.bot.or.th


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