14 Thai Banks Back Blockchain Platform to Digitize Contracts

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14 Thai Banks Back Blockchain Platform to Digitize Contracts

Mon Mar 19, 2018 9:56 pm

"Fourteen Thai banks have joined forces to create the Thailand Blockchain Community Initiative, which will digitize letters of guarantee on a shared blockchain platform, Thailand's central bank announced on Monday.

The country's top banks - Bangkok Bank, Krung Thai Bank, Siam Commercial Bank and Kasikornbank - will all participate in the initiative, which utilizes the Linux Foundation's Hyperledger Fabric as a technology platform.

"With this infrastructure sharing, banks do not need to invest on their own," Veerathai Santiprabhob, the governor of the Bank of Thailand, said at a press conference according to Nikkei. "Interoperability enhances efficiency, reduces costs in our financial sector and addresses the needs of the consumer and the business sector.""

https://www.coindesk.com/14-thai-banks- ... contracts/
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