It seems that Indian IT companies have found a new tryst with blockchain technology. After TCS now Wipro is also working on blockchain-based projects that can help in generating new income streams for it. Announcing such a project the company said today that it has developed a blockchain-based solution in partnership with R3 that can be used for digital currency transactions between the banks of Thailand. The solution is currently in prototype stage, and that prototype is aimed at enabling interbank settlements between the Bank of Thailand and 8 other commercial banks operating in the country. A regulatory filing submitted by the company said:
“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.”
Project Inthanon had been started by Bank of Thailand itself along with 8 other commercial banks to increase the technological preparedness of country’s financial sector for the future. What this means is that Thailand Government is well aware of the important role that blockchain technology will play in the field of finance as we move into future. The project was launched in August 2018, and its first phase focused on developing the fundamental payment infrastructure. The application and deployment of blockchain to support that infrastructure is something that will be developed in the subsequent phases. Wipro Vice President and Blockchain team leader Krishnakumar N Menon said:
“Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain.”
A few days ago TCS had also announced that it’s developing not one or two but 5 different blockchain platforms. Then last month company also performed world’s first cross-border securities settlement on blockchain. In short, the blockchain technology has found its place in the R&D teams of Indian IT firms. Let’s see what comes next from here!
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