Thailand Blockchain
Thailand Completes Blockchain Trial For Its National Trade Platform
November 22, 2019
Thailand Blockchain
Thailand Completes Blockchain Trial For Its National Trade Platform
November 22, 2019

Thailand has completed a blockchain trial for its national trade platform, conducted by the Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) in collaboration with NTT Data, a Japanese tech firm.

It has been analyzed that the B2B platform is part of Thailand’s National Digital Trade Platform project headed by the JSCCIB. The blockchain platform will be linked with other trade platforms in ASEAN to share digitized trade documents in the region.

However, the National Digital Trade Platform project was launched after the government called for collaboration from all Thai sectors to develop a digital platform. 24 companies, including banks, exporters, insurers and freight forwarders participated in the trial for exchanging trade documents such as export permits, purchase orders, invoices, insurance policies and invoices using AI and blockchain.

ALSO READ :  Crypto.com Adds Chainlink’s Price Feeds To Its DeFi Wallet

The trial results showed the platform reduced document processing time by 60% and prevented fraud as well as double financing.

Nattapon Dejvitak, the Head of a working group under the standing committee, stated:

“We found it is a single integrated digital platform that connects all parties and enables the exchange of trade-related data and document digitally. The time and cost of export and import will be reduced dramatically, the risk of financial fraud will be mitigated, and the process of logistic and insurance arrangement will be streamlined through the platform.”

Nattapon Dejvitak

Once completed, the Thai blockchain trade platform will be connected with Singapore’s Networked Trade Platform (NTP), which is backed by the Singaporean government.

Likewise, the NTP digitizes the trade process and brings the entire trade ecosystem together.

Thus, The NTP recently launched Trade Finance Compliance to address trade finance obstacles in Asia, such as a lack of reliable data and trade fraud risks.

ALSO READ :  Minecraft To Make Its Debut In The Non-Fungible Token Business

Source: asiablockchainreview.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ultra-Rare “Alien” CryptoPunk Sells For 605 Ether

Ultra-Rare “Alien” CryptoPunk Sells For 605 Ether

An ultra-rare “alien” CryptoPunk has sold for 605 Ether on January 23, worth over $750,000 at today’s prices. It has been reported that CryptoPunks are widely considered to be the original NFT project, released even...

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.