The Bank of Ayudha in Thailand has completed a Blockchain pilot project, typing the l '; one of the biggest names in the technology industry: IBM. The test aims to simplify the contract management process with the help of distributed register technology (DLT).
Transactions with Enhanced Related Parties
The bank is currently the fifth largest in Thailand. comes to assets, deposits and loans. They provide a wide range of financial services, including credit cards, insurance, securities trading, as well as asset and asset management.
They make thousands of agreements and day-to-day transactions. improve the efficiency of its processes through a modern and faster approach. After months of collaboration, the bank and IBM are satisfied with the results. They agreed that the capacity of the RPT has improved in terms of transparency, data security and general operations.
In a press release, Voranuch Dejakaisaya, the bank's operations and information manager, declared
"We began testing the pilot project last year and the results were satisfactory: scan the documents, store the contents of the document with the information of authentication and approval in the database Blockchain and extend this platform "
Fewer Errors and More Security
Through this Blockchain pilot project, the bank tested the potential benefits of technology by improving the efficiency of the They found that the permanence of the encryption ensures a "rapid sharing of the necessary information by the participants in the transactions." Apart from that, they also recognize that the Blockchain technology can greatly help to improve transparency by giving control to the parties responsible for auditing and supervision and allowing quick access to information.
Parnsiree Amatayakul, General Manager, IBM Thailand Co., Ltd. added,
"The Success of the Contracts Management Pilot Project [Bank of Ayudha’s] demonstrates that technology can have a significant impact on the financial industry." IBM is honored to collaborate with [the Bank of Ayudha] to bring efficiency and transparency to the contract management process and to jointly achieve this new stage of financial innovation in Thailand. "