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.”
The Electricity Generating Authority of Thailand, a state-owned energy company, and Siam Cement Group, the second largest company in Thailand, are both poised to participate as well.
Write: Sara Bauer