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.
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.
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.
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