Banks launch ‘Thailand Blockchain Community Initiative’

[snoop1130]

Banks launch ‘Thailand Blockchain Community Initiative’

By The Nation

 

 

Fourteen banks have jointly launched the “Thailand Blockchain Community Initiative”, under which the country’s first project for blockchain-based letters of guarantee (LGs) will initially be implemented, aimed at reducing costs and increasing productivity for both banks and their clients.

 

In collaboration with three state enterprises and four large business corporations, the 14 banks announced the establishment of the initiative on Monday.

 

They aim to upgrade businesses efficiency and competitiveness by adopting blockchain technology, with the initiative initially implemented via the LG project.

 

This will lead to fully integrating the LG system worth Bt1.35 trillion into the era of electronic documentation, whereby their operating costs will be cut by half, the banks announced in a statement.

 

The system is currently being tested in the Bank of Thailand’s regulatory sandbox.

 

It is expected to have an interoperability launch in the third quarter of this year, according to the press statement.

 

Source: http://www.nationmultimedia.com/detail/Economy/30341264

 

-- © Copyright The Nation 2018-3-19

[Krataiboy]

Is blockchain really as great as it's cracked up to be - and what are its downsides? Here's an excellent, easy-to-understand critique from an industry specialist. Well worth a read.

https://www.kaspersky.com/blog/bitcoin-blockchain-issues/18019/ 

[connda]

Translated:  "Blockchain technology is Ok as long as the central bank is controlling it."

[connda]

2 hours ago, Krataiboy said:

Is blockchain really as great as it's cracked up to be - and what are its downsides? Here's an excellent, easy-to-understand critique from an industry specialist. Well worth a read.

https://www.kaspersky.com/blog/bitcoin-blockchain-issues/18019/ 

I like this one.

Myth #5: The blockchain is decentralized, therefore it is indestructible.

Actually, I like this statement not only for blockchain based technology, but for the hubris built into all electronic forms of currency that are being pushed onto the public.  Why?  Well, exactly how 'indestructible' are electronic currencies  whether centralized or decentralized?
The world will find out during the first X-class coronal mass ejections (CME) from the Sun that takes out the grid.  Suddenly, cigarettes, water, and food become worth their weight in gold; electronic ledger entries become so much dust in the wind (or electrons in the solar wind). 

The Earth is wayyyyy  overdue for a Carrington X-Class CME.  It's not a matter 'if' it will happen, it's a matter of when. 

Edited March 20, 2018 by connda

[Shiny25]

8 hours ago, Krataiboy said:

Is blockchain really as great as it's cracked up to be - and what are its downsides? Here's an excellent, easy-to-understand critique from an industry specialist. Well worth a read.

https://www.kaspersky.com/blog/bitcoin-blockchain-issues/18019/ 

I recommend you read this article: https://bitcoinbestbuy.com/quick-guide/ . It will answer all your questions that relate to Bitcoin. There's still a lot of other interesting, helped me a lot.