Krungsri turns Related Party Transactions into smart contracts

Krungsri turns Related Party Transactions into smart contracts

Thailand's Krungsri plans to use a blockchain toolkit from IBM to streamline and secure the exchange of contracts between the bank and its subsidiaries.

The bank has conducted a successful trial run of the project for Related Party Transactions, improving processing efficiency and reducing the vulnerabilities of paper supporting documents including misplacement or incomplete information.

Voranuch Dejakaisaya, Krungsri chief information and operations officer, says: "We started conducting test runs of the pilot project last year and the results have been satisfactory. The goal is to digitise the paperwork process, store document contents with authentication and approval information in the blockchain-based database, and expand this service platform across the Bank and our subsidiaries.”

She says that working with the IBM Cloud Garage team, the Bank could turn the initial concepts into reality within three months using the Hyperledger Fabric and blockchain services on IBM Cloud.

“We expect the project to upgrade our back-office efficiency, while converting physical documents to electronic files. With the decentralised solutions, the process run on blockchain brings transparency, less errors and more security. Also the Bank can efficiently reduce operating cost and better deliver customer service,” Voranuch adds.

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