Indian IT company, Wipro and enterprise blockchain software firm, R3, have developed a blockchain or distributed ledger (DLT) based solution that enables the usage of digital currency for interbank settlements. The proof-of-concept prototype is meant for a consortium comprised of Bank of Thailand and eight other commercial banks in Thailand.
The prototype was developed as part of the first phase for project Inthanon, a collaborative project led by Bank of Thailand. The solution prototype was developed on Corda, R3’s open source blockchain platform. After phase 1 which will focus on the fundamental payment Infrastructure, blockchain technology applications for other functionalities will be studied in the next phases.
The solution will use blockchain technology to build a proof-of-concept prototype enabling domestic fund transfers within the country’s interbanking system by issuing Central Bank Digital Currency (CBDC) tokens.
The prototype will ‘enable de-centralized, interbank real-time gross settlement (RTGS) using wholesale CBDC to prove that the technology can perform key functionalities of payment and enhance efficiency, according to a Wipro press release.
(Sources: Wipro.com; cointelegraph.com)