Banks are notorious for the complexity of their data and record keeping, particularly because of the need for privacy and identity verification.
Nearly everything that’s done at a bank requires official records, and all those official records must be validated, confirmed and stored for up to seven years.
This sort of complexity requires massive amounts of time and labor to provide accuracy and transparency.
The system would also provide a means of trustworthy data protection in an age filled with confusion and fraud. The Thai banking industry has long been flirting with Blockchain technology, and now seems to have embraced it.
Baoquan also indicated that the technology would be made available for free to clients who are seeking socialized application.
The nature of a distributed ledger system would allow Baoquan to add participants for document attestation, while not requiring a particularly large initial investment.
The company seems to be focusing on adding users, rather than charging a premium for their service.
Whether this is simply a marketing ploy or not, the offer shows that the banking world is beginning to genuinely understand the power of the Blockchain technology for financial applications.