The National Bank of Cambodia is teaming up with distributed ledger technology specialist Soramitsu to develop the use of the Hyperledger Iroha software framework for a possible new payment infrastructure.
Created by Soramitsu, Hyperledger Iroha is a software framework administered as part of the Linux Foundation's Hyperledger Project that specialises in creating highly responsive mobile and web applications.
Japan's Soramitsu says that Iroha is able to securely and quickly process data, making it ideal for digital payments, contract administration, identity management and supply chain management.
Details of the new deal are scarce but Cambodia's central bank will "study the implications of distributed ledger technology, while contributing to the open source development of Hyperledger Iroha and developing new payment infrastructures," says a statement.
Kazumasa Miyazawa, COO, Soramitsu, adds: "Through our work with the National Bank of Cambodia, we will be able to take the first step toward creating a more efficient payment infrastructure, which we hope to expand globally in the future."