IBM AND KRUNGSRI ANNOUNCED THE SUCCESS OF THE PILOT PROJECT USING BLOCKCHAIN

Krungsri (Bank of Ayudhya PCL) and IBM made public the information on the successful completion of the development of a pilot project on the basis of a block of flats, which was created to optimize the processing of bank contracts. Block-technology has improved this process by making information more secure, and transactions transparent. In addition, the efficiency of work was increased and its duration was reduced.

TESTS BLOCKAGE IN ONE OF THE THAI BANKS

Krungsri is now the fifth-largest universal bank in Thailand in terms of assets, loans and deposits. The institution provides a wide range of financial services, including state management, credit card issuance, insurance (not life-related), asset management, securities trading, etc.

Voranouch Deykayisaya, one of the main managers of Krungsri, stated the following:

"A pilot contract management project is a test of the use of the power of block-technology in the system of internal processes and back-office; its purpose is to increase the efficiency of internal operations and the convenience of users. We started testing the pilot project last year - the results satisfied us. The current task is to digitize the processing of documents, store the documents themselves with information about authentication and approval in the database on the block, as well as the distribution of this platform throughout the network of branches of our bank. "

Together with the team IBM Cloud Garage, the bank Krungsri can translate the initial plans into reality in three months, using Hyperledger Fabric and blocking services on the IBM Cloud. As a toolkit and framework for development, Hyperledger Composer was used to accelerate the development of a blocking application.