ConsenSys To Develop A Proof-of-Concept For Cross-Border Payments Project Between Thailand And Hong Kong
ConsenSys To Develop A Proof-of-Concept For Cross-Border Payments Project Between Thailand And Hong Kong
September 29, 2020
ConsenSys To Develop A Proof-of-Concept For Cross-Border Payments Project Between Thailand And Hong Kong
ConsenSys To Develop A Proof-of-Concept For Cross-Border Payments Project Between Thailand And Hong Kong
September 29, 2020

ConsenSys, the decentralized application development company, will develop a proof-of-concept for cross-border payments project between Thailand and Hong Kong.

It has been reported that the company will lead the second implementation phase of Project Ithanon-Lionrock, as the project is a joint initiative to create a cross-border central bank digital currency (CBDC) payment network between banks in the two countries.

However, initiated in May 2019 by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT), the project announced the results of its initial research phase back in January. This found that there was significant potential to use DLT technology to reduce intermediaries and settlement layers in the current cross-border transfer process.

The report said that the aim now is to build a proof-of-concept, setting up a cross-border corridor between Thailand’s Ithanon and Hong Kong’s Lionrock networks.

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This will also require a solution for seamless currency conversion between the Thai baht and Hong Kong dollar.

Thus, ConsenSys will use its enterprise Ethereum stack technologies, with a focus on prioritizing scalability, security, and interoperability.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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