Wipro, R3 develop blockchain-based solution prototype for digital currency in Thailand

Wipro Tuesday said it has developed a blockchain-based solution prototype, in partnership with enterprise software firm R3, that will power digital currency transactions for banks in Thailand.

The prototype aims to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand, Wipro said in a regulatory filing.

"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," it added.

Project lnthanon is an initiative led by the Bank of Thailand, in partnership with eight participating banks. The project seeks to enhance the technological preparedness of Thailand's financial sector for embracing new technologies and digitalisation.

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 will be explored in the subsequent phases.

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