Insta
Along With R3, IT Major Wipro Develops Blockchain Product To Process Digital Transactions In Thailand
Akshay Surana
May 07, 2019, 05:34 PM | Updated 05:34 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Indian IT major Wipro on Tuesday (7 May) said that it had developed a blockchain-based software prototype to process digital currency transactions in Thailand, reports Economic Times (ET).
The software product, developed in partnership with enterprise software firm R3, will help the consortium of Bank of Thailand and eight commercial banks in Thailand to enable digital currency for interbank settlements.
This product is part of Project Inthanon, an initiative of the banking consortium in the country to enhance the technological preparedness of Thailand's financial sector for embracing new technologies and digitalisation.
"Developed as part of the first phase of Project lnthanon, the solution will enable de-centralised interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency to prove that the technology can perform key functionalities of payment and enhance efficiency," said the company in a statement.
"Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain," said Wipro Vice-President and Blockchain Theme Leader Krishnakumar N Menon.
Also recently, Reliance Industries used blockchain to conduct export with an American client, making it a first such transaction for an Indian company. British multinational banking and financial services company-HSBC executed the financial transaction.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.