THE BANK OF THAILAND WILL USE BLOCKCHAIN FOR INTERNATIONAL TRANSFERS

The Bank of Thailand Siam Commercial Bank (SCB) and the state oil company PTTEP announced the successful testing of the use of blockchain for international transfers.

Last year, a large commercial Bank of Thailand launched a project aimed at optimizing operational efficiency between enterprises. According to representatives of the Bank, within the project payments are made within one minute, while usually their verification takes several days.

According to SCB international banking operations specialist Wasin Saiyawan, the bank is ready to establish a new standard for the industry.

Note that in September 2018, the Bank of Thailand for the first time applied RippleNet technology for international transfers.

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