Thailand’s Oldest Bank Officially Discloses Interest in Blockchain; Mentions BTC, XRP and VET
Adoption of cryptocurrency is increasing quite steadily and is still expected to do better numbers in the new future. Many big firms are considering cryptocurrency and blockchain projects and more are expected to follow.
In a new and interesting turn for adoption, Thailand’s oldest bank, Siam Commercial Bank, recently published a blog post on its official website, showing its interest and use of blockchain technology and digital assets. Siam, which is also the largest commercial bank in Thailand, specifically points to Bitcoin, Ripple and VeChain.
Amongst other things, the blogpost delves into the use of blockchain technology by various sectors to proffer all kinds of solutions for better effectiveness and efficiency.
Music streaming apps using blockchain to connect artistes to listeners and fans without any need for middlemen is touched on in the publication.
It mentions Musicoin, a platform which is used for the creation and distribution of music. Now running on blockchain, Musicoin has its own digital currency known as “Musicoin (MC)” which allows listeners have “access to smart contracts to exchange value with artists directly and instantly.”
In the food sector, the Siam Commercial Bank (SCB) touches on the use of blockchain by some food production and distribution giants. According to the post, IBM has already partnered with giants like Kruger, Nestle, Dole, Walmart and Unilever, to deliver blockchain technology solutions for the purpose of strengthening the food supply chain.
With this solution, food supply can be better because the origin, process of transportation, food condition and risk of contamination can be specifically measured. Traditionally, the process of ensuring all these things are done (especially tracing production and location of certain products) could take weeks or even months, costing the companies a little too much.
For fashion, the use of a large public database is important. With blockchain technology solutions, middlemen can be circumvented in the fashion industry.
This database will be a fantastic way for fashion stakeholders to verify brand name, production, origins of certain materials and also ensure that the manufacturing process is easy on the environment. Because the blockchain cannot be altered there will be more trust in this industry.
In the financial Sector, the publication notes that the application of blockchain technology would also be a good idea for traditional currencies and not just cryptocurrency alone. The post notes that the first Blockchain oversea remittance transfer in Thailand was birthed from a collaboration between the SCB, Ripple and SBI Remit. This means that:
“for the first time in Thailand, real-time international remittance service has been elevated to the next level with Blockchain technology.”
In addition to this, the Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit are all financial institutions in collaboration with IBM for the development of Blockchain solutions for their services.
The SCB notes that blockchain technology would significantly help the process of election. The system would help political parties:
“keep track of the voting process from beginning till the end to ensure vote results are not unfairly altered.”
The post notes that all the loopholes that traditional voting sites are vulnerable to, can easily be eliminated using blockchain. Also, blockchain could help the voting process ensuring that all standards are kept and adhered to and also, ensure anonymity for all eligible voters.
Apart from the more popular “Bitcoin” and “Ripple” mentioned, the SCB also recognises VeChain.
“VeChain is one of the examples for a Blockchain based technology platform company which is revolutionizing product management with a comprehensive product supply chain information. This technology makes it safe and easy for manufacturers to sort, manage and share product information for both supplier and buyer.”