Thai Bank Tests Blockchain For Recordkeeping
One of Thailand’s leading commercial banks is working with IBM on applying blockchain to certify official documents. Kasikornbank is seeking to cut operational costs related to recordkeeping, according to Reuters. The bank, one of the largest in Thailand, is reportedly looking to officially integrate the document certification service sometime next year. The work reportedly won’t stop with internal applications, however. Kasikornbank is said to be in discussions with other banks in Thailand, with the hope of establishing collaborative efforts that could see members of the country’s....
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Kasikornbank, a prominent bank in Thailand has partnered technology giant IBM’s Thai arm to develop a blockchain platform that aims to cut costs and increase transaction efficiency in the banking industry. More specifically, the collaboration will see blockchain technology used to certify original documents, equipped with storage and retrieval service systems. An excerpt from a press release adds: This new service will focus on accuracy under a common standard, risk mitigation, swift verification and security enhancement. The collaborative effort could also see participation from other....
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![Bank Run In Thailand - Luckily Bitcoin Was Just Confirmed As Legal There [Local View Update]](minthumb/wider1.jpg)
The Bangkok Post today carries disturbing news out of Thailand: Deposit flight hits state-run bank. Panicked by rumours of rice scheme lending, GSB customers are pulling out their money in droves. The Government Savings Bank (GSB) is a bank under the management of the Thai government since 1929, when it was known as the Savings Office. It has 930 branches across Thailand. Customers outside Thailand's GSB. Bank Run in Progress. Accoding to the bank's president, GSB customers have withdrawn 30 billion Baht (around 1612903 BTC or 1 billion USD) in a single day. These mass withdrawals are due....