BchainTalk Forum - Community for Blockchain Believers

Join like-minded people in a collaborative culture to share & learn.

Latest topics
» ICO Problems: Double-check Where You Are Sending Your Money To
Yesterday at 10:00 pm by Vladdirescu

» Russia To Legalize and Regulate ICOs
Yesterday at 1:28 am by Vladdirescu

» Social Media and Blockchain: Where Everyone Has Voice and Freedom
Fri Jul 14, 2017 11:14 pm by Vladdirescu

» The Chinese Exhibition Market is Starting to Implement a Blockchain
Thu Jul 13, 2017 2:36 am by Vladdirescu

» Billion-dollar Unregulated Gaming Industry to Embrace Blockchain
Sat Jul 08, 2017 1:55 am by Vladdirescu

» Blockchain Crowdfunding Is Attracting Hundreds Of Millions Of Dollars – And It’s Growing Fast
Fri Jun 23, 2017 8:57 pm by Vladdirescu

» Is Blockchain Really the Future of Energy?
Thu Jun 22, 2017 11:54 pm by Vladdirescu

» Global Commodity Exchange To Use Blockchain For Trading Diamonds
Fri Jun 16, 2017 10:18 pm by Vladdirescu

» How to buy Bitcoin in India ?
Tue Jun 13, 2017 2:53 pm by blockchainboy

» Coinbase Scam
Tue Jun 13, 2017 9:26 am by theepicbonus

» Poland is Moving Towards Embracing Bitcoin and Blockchain Technologies
Tue Jun 13, 2017 3:44 am by Vladdirescu

» The First Islamic Bank to Use Blockchain Technology
Tue Jun 13, 2017 12:14 am by Vladdirescu

» The Number of Blockchain-related Vacancies on LinkedIn Has Tripled
Fri Jun 09, 2017 2:30 am by Vladdirescu

» Sberbank Conducts the First Letter of Credit Transaction on the Blockchain
Tue Jun 06, 2017 2:36 am by Vladdirescu

» Blockchain Startup TrueFlip Banned in Russia
Mon Jun 05, 2017 11:26 pm by Vladdirescu

» Energy Sector Welcomes Blockchain Worldwide
Fri Jun 02, 2017 2:11 am by Vladdirescu

» Dubai is Leading the Way for Blockchain Implemenation
Tue May 30, 2017 10:26 pm by Vladdirescu

» The Next Generation of Blockchain Tech - ‘Quantum-Secured Blockchain
Sat May 27, 2017 12:20 am by Vladdirescu

» Blockchain-Based Cryptocurrency Travacoin Used as Compensation for Flight Delays
Thu May 25, 2017 3:15 am by Vladdirescu

» Indian IT Firms to Focus on Bitcoin’s Blockchain Technology
Wed May 24, 2017 5:44 pm by learnwithalan


Cambodia’s Central Bank Taps Blockchain for Public Payment System

View previous topic View next topic Go down

Cambodia’s Central Bank Taps Blockchain for Public Payment System

Post by John Nash on Sun Apr 23, 2017 7:30 pm

The National Bank of Cambodia is working toward a blockchain payment system for its citizens in partnership with Japanese industry startup Soramitsu. The startup is notably affiliated with the Linux Foundation’s open-source Hyperledger project.

The central bank and Soramitsu have entered a co-development agreement to study and contribute toward the open-source development of Hyperledger Iroha, a blockchain project originally developed by the Japanese company. Iroha creates reusable components in C++, enabling web, mobile developers and programmers to contribute to the Hyperledger project. Iroha was accepted into incubation status by Hyperledger in November last year.

The National Bank of Cambodia, the country’s central bank and financial regulator, is notably looking at ‘new payment infrastructures’, according to a press release. A report by prominent Jappublicationcaiton Nikkei confirms that the endeavor is to ultimately offer Cambodian citizens a secure and inexpensive way to transmit money.


// Get exclusive analysis of bitcoin and learn from our tutorials. Join Hacked.com for just $39 now. //

The central bank has reportedly chosen the Japanese company after examining multiple options, picking the Iroha platform specifically. Soramitsu’s Iroha, unlike bitcoin, allows permissioned parties to take part in monitoring the blockchain. This enables an Iroha-based payment system to scale transactions around 1000x to that of bitcoin, Soraamitsu claims.


Application of Hyperledger Iroha to Central Bank and Regulatory Uses of Blockchain (PRNewsfoto/Soramitsu Co., Ltd.)
Iroha is also enabled with smart-contracts, which Soramitsu says will help create programmable “smart money” that will enable more efficient and secure payment and settlement systems.

Cambodia does not see a modern financial infrastructure for commercial banking. ATMs, as an example, are not easily accessible. However, a 2016 study showed that 48% percent of Cambodians owned at least one smartphone, a 21% increase from 2015. The rise of connectivity coupled with affordable technology sees the Cambodian central bank looking at low-cost payment infrastructure and seems to have found its core platform using blockchain technology.

“The application of information technology to finance is at a historical turning point,” stated Kazumasa Miyazawa, operating chief at Soramitsu.

The executive added:

Through our work with the National Bank of Cambodia, we will be able to take the first step toward creating a more efficient payment infrastructure, which we hope to expand globally in the future.

Cambodia joins a growing list of central banks actively exploring blockchain technology for commercial applications and even probing the possibility of central-bank issued digital currencies underpinned by blockchain technology. The central banks of China, England, Australia, Singapore, Sweden, are some of the notable efforts taking shape around the world.

Source:https://www.cryptocoinsnews.com/104482-2/

John Nash

Posts : 9
Reputation : 0
Join date : 2017-04-15

View user profile

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum