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

Wipro Tuesday said it has developed a blockchain-based solution prototype, in partnership with employer software program company R3, that will power digital currency transactions for banks in Thailand.
The prototype goals to allow 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 section of Project lnthanon, the solution will allow de-centralised interbank real-time gross settlement (RTGS) the usage of wholesale Central Bank Digital Currency to show that the technology can function key functionalities of charge and beautify efficiency,” it added.
Project lnthanon is an initiative led with the aid of the Bank of Thailand, in partnership with eight taking part banks. The mission seeks to decorate the technological preparedness of Thailand’s economic area for embracing new technologies and digitalisation.
Launched in August 2018, the first segment of the undertaking centered on building the fundamental price infrastructure, while the utility of blockchain technology for different functionalities will be explored in the subsequent phases .
“Building a blockchain prototype for issuing digital forex aligns with our imaginative and prescient of using enterprise transformation via real-world functions of blockchain,” Wipro Vice-President and Blockchain Theme Leader Krishnakumar N Menon said.