Wipro is working with the Bank of Thailand and eight of the nation's largest banks to develop a blockchain-based interbank payment system using digital tokens.
Developed as part of the first phase of the country's Project Inthanon, the prototype has been built to prove the concept of de-centralised interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC).
Launched in August 2018, the first phase of the project focused on building the fundamental payment infrastructure, while the application of blockchain technology for other functionalities is to be explored further in the subsequent phases.
Working in collaboration with R3, Wipro has demonstrated the capability to automate the banks’ liquidity provision for resolving payment deadlocks through Liquidity Saving Mechanisms (LSM).
Krishnakumar N Menon, VP and blockchain theme leader, Wipro, comments: “ The DLT-powered solution prototype has demonstrated the merits of blockchain technology adoption for making interbank payments more efficient. Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain.”
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