Thai Bank Tests Blockchain For Recordkeeping

One of Thailand’s leading commercial banks is working with IBM on applying blockchain to its transaction services.

AccessTimeIconNov 3, 2016 at 4:13 p.m. UTC
Updated Sep 11, 2021 at 12:35 p.m. UTC

One of Thailand’s leading commercial banks is working with IBM on applying blockchain to certify official documents.

is seeking to cut operational costs related to recordkeeping, according to Reuters. The bank, one of the largest in Thailand, is reportedly looking to officially integrate the document certification service sometime next year.

The work reportedly won’t stop with internal applications, however.

Kasikornbank is said to be in discussions with other banks in Thailand, with the hope of establishing collaborative efforts that could see members of the country’s financial system connecting with one another via blockchain. Under the current plan, other banks alongside Kasikornbank could also use the proposed network to certify documents.

The bank has indicated its interest in pursuing applications of blockchain in the past.

In a release from April, Kasikornbank declared its intention to research and apply new technologies to its business lines, including machine learning and blockchain. At the time, the bank argued that blockchain represents “a technology that offers other benefits, e.g., reducing costs and increasing cross-border settlement efficiency that can be verified”.

The announcement perhaps represents a sea change within Thailand, given that two years ago, the specter of a bitcoin ban in the country led to disruptions in local exchange activity.

Thailand ultimately opted not to ban the digital currency, but issued a warning to local consumers about its use.

Image Credit: Blanscape / Shutterstock.com

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