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

Wipro on 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.
TRENDING NOW

EPFO extends deadline to upload details by employers for higher pension option by 3-month till Dec 31

Guaranteed Pension System (GPS) vs Old Pension Scheme (OPS): Which pension scheme offers maximum retirement benefits?
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

Small savings schemes: Five-year recurring deposit will make more money for you in December quarter; this is the new interest rate

Plaza Wires IPO hits Street: Issue price, subscription status, listing date, other key details to know

Kerala Weather Update: Heavy rain lashes parts of Thiruvananthapuram, IMD sounds yellow alert in all districts

Flipkart Big Billion Days Sale 2023: iPhone, Google Pixel, Samsung Galaxy, and Motorola; best phones under Rs 60K-Rs 1.5 lakh category
06:03 pm