The largest banks in Thailand create a special Blockchain Community-a platform built on the basis of blockchain technology. The new organization will digitalize the financial letters of guarantee. Among the financial institutions that have joined the creation of the platform are the leading banks: Kasikornbank, Krung Thai Bank, Bangkok Bank and Siam Commercial Bank. “The advantage of creating a common infrastructure is that each Bank will not have to decide on its own the financing of a similar project. By interacting with other banks, we will increase efficiency and significantly reduce our costs. Platform make it more accessible financial services and simplify the verification procedure,” said Virata Santiprabhob, the head of the Bank of Thailand.
It should be noted that today for release of the letter of guarantee to which the payment obligation of the client is fixed, some days are required. After digitizing these documents and processing them on the blockchain platform, this procedure will take no more than half an hour. The intention to join the project was also announced in Siam Cement Group and the electricity generating company of Thailand. The test launch of the developed platform is planned to be held on the basis of the Central Bank’s sandbox.