Along With R3, IT Major Wipro Develops Blockchain Product To Process Digital Transactions In Thailand

Indian IT major Wipro on Tuesday (7 May) said that it had developed a blockchain-based software prototype to process digital currency transactions in Thailand, reports Economic Times (ET).

The software product, developed in partnership with enterprise software firm R3, will help the consortium of Bank of Thailand and eight commercial banks in Thailand to enable digital currency for interbank settlements.

This product is part of Project Inthanon, an initiative of the banking consortium in the country to enhance the technological preparedness of Thailand's financial sector for embracing new technologies and digitalisation.

"Developed as part of the first phase of Project lnthanon, the solution will enable de-centralised interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency to prove that the technology can perform key functionalities of payment and enhance efficiency," said the company in a statement.

"Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain," said Wipro Vice-President and Blockchain Theme Leader Krishnakumar N Menon.

Also recently, Reliance Industries used blockchain to conduct export with an American client, making it a first such transaction for an Indian company. British multinational banking and financial services company-HSBC executed the financial transaction.