Thailand's Kasikornbank Public Company Limited (KBank), has enlisted IBM to help it build a blockchain network designed to reduce complexity in its corporate credit business.
Using IBM's Bluemix cloud platform, the bank plans to create a blockchain business network which will allow credit requestors, credit beneficiaries and KBank to fast-track traditionally lengthy procedures such as Letters of Guarantee for clients.
Working with IBM's Bluemix Garage team in Singapore, KBank is aiming to provide a system that collects customer information and associated credit application data in the cloud for posting on an immutable network, replacing the manual process of posting records and validating applications.
The plan is to start using the technology in the first half of next year, while KBank is also talking to its Thai counterparts about the possibility of sharing the blockchain network.
Somkid Jiranuntarat, vice chairman, Kasikornbank Business Technology Group, says: "The new technology is used for an original document certification service as part of the bank’s pilot project using the blockchain infrastructure built on the Hyperledger Fabric. It has been designed for applications in diverse organisations with a common standard, swift service and the unique features of private blockchain."