Wipro & R3’s blockchain solution to propel digital currency in Thailand

David E. Rutter, CEO of R3

Wipro Limited, in partnership with a blockchain software firm, R3, has developed a blockchain-based solution prototype in order to enable currency for interbank settlements for a Thai consortium consisting of the Bank of Thailand and eight commercial banks in Thailand.

The prototype was developed as the first phase of Project Inthanon. Project Inthanon is an initiative led by the Bank of Thailand, in partnership with eight participating banks in a collaborative project that will use blockchain technology to build a proof-of-concept prototype which will enable domestic fund transfers within the country’s interbank system by issuing Central Bank Digital Currency (CBDC) tokens.

David E. Rutter, CEO of R3 said, “Blockchain development is in a truly exciting phase given how more and more financial institutions are recognizing its potential to enable national digital currencies or CBDCs. R3’s Corda was conceptualised to support CBDCs, which made it a perfect fit for Project Inthanon. Both Wipro’s expertise in blockchain technology and understanding of the financial sector, as well as excellent advisory and implementation services, have played an integral role in co-developing the solution prototype.”

The solution (prototype) is expected to enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC).

Krishnakumar N Menon, Vice President and Blockchain Theme Leader, Wipro Limited said, “We are delighted to have worked on Project Inthanon with R3 and be a part of a national-level fintech initiative. The DLT-powered solution prototype has demonstrated the merits of blockchain technology adoption for making interbank payments more efficient. Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain.”

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