Technology giant Wipro has announced that it has developed a blockchain-based solution prototype, which will power digital currency for banks in Thailand, in partnership with enterprise software firm R3.
Wipro said in a regulatory filing that the prototype aims to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand.
“Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain,” Wipro Vice-President and Blockchain Theme leader Krishnakumar N Menon said.
Developed as part of the first phase of Project Inthanon, the solution will enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can perform key functionalities of payment and enhance efficiency, it said.
Project Inthanon was launched in August 2018 by Bank of Thailand in partnership with eight participating banks. For embracing new technologies and digitalisation, the project aims to improve the technological preparedness of Thailand’s financial status.