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Wipro builds blockchain based system for Thailand banks

Indian software company Wipro has built a settlements protocol for 8 banks in Thailand based on blockchain technology. Wipro said in a statement the solution is developed as part of the first phase of Project Inthanon and it will enable de-centralized 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. In August 2018, Thailand’s central bank, the Bank of Thailand had launched Project Inthanon with the aim of developing and testing a proof-of-concept for domestic wholesale fund transfer using wholesale Central Bank Digital Currency (CBDC). If successful, the system will allow participating banks to form an interbank network that will allow payment settlements using the CBDC. The first phase which lasted until January 2019 involved R3, an enterprise blockchain software company. The eight banks that participated in the project are Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, Thanachart Bank, Standard Chartered Bank (Thai), and the Hongkong and Shanghai Bank.

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