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.
Hong Kong and Thai central banks award cross-border CBDC payment project Contract to @ConsenSys https://t.co/fA1xqHXB5M — Cointelegraph (@Cointelegraph) September 28, 2020
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.
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.