Thailand's Kasikornbank and IBM develop blockchain for authenticating official documents, cutting record-keeping costs

Kasikornbank, Thailand’s third-largest bank , is working with IBM to develop blockchain technology for authenticating official documents.

According to Reuters, the commercial lender is seeking to cut operational costs related to record keeping. Kasikornbank, one of Thailand’s largest banks, hopes to formally integrate the document certification service sometime next year.

According to reports, Kasikornbank’s blockchain work will not be limited to internal work. The bank is said to be in discussion with other banks in Thailand, hoping to establish collaborative efforts so that other members of the country’s financial system can be connected to each other through blockchain. According to current plans, other banks and Kasikornbank will also be able to use a blockchain network to authenticate documents in the future.

The bank has expressed interest in exploring blockchain applications in the past.

In April, Kasikornbank announced plans to research and apply new technologies, including machine learning and blockchain, to its business processes. At the time, the bank argued that blockchain could offer many other benefits, such as reducing costs and increasing efficiency in cross-border settlements. The bank may represent a U-turn for Thailand, as the country’s bitcoin ban two years ago directly led to a disruption in local bitcoin activity.

Ultimately, the Thai government chose not to ban Bitcoin, but instead issued a warning to local consumers about using Bitcoin.