Most active topics
Latest topics
Cambodia’s Central Bank Taps Blockchain for Public Payment System
Page 1 of 1 • Share
Cambodia’s Central Bank Taps Blockchain for Public Payment System
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/
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
Similar topics
» Blockchain Technology Invades Polish Bank Management System
» The First Islamic Bank to Use Blockchain Technology
» Vaultbank - The Blockchain Bank Announces its ICO
» Central Bankers Have Their Eyes on Blockchain Technology
» Does a private blockchain network have all the benefits of a public one?
» The First Islamic Bank to Use Blockchain Technology
» Vaultbank - The Blockchain Bank Announces its ICO
» Central Bankers Have Their Eyes on Blockchain Technology
» Does a private blockchain network have all the benefits of a public one?
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Thu Nov 29, 2018 4:02 pm by Vladdirescu
» Smart Valor — The Future of Global Investments
Tue Nov 13, 2018 6:06 pm by Vladdirescu
» Jur — Resolving Legal Disputes with the Help of Smart Contracts
Tue Oct 30, 2018 7:08 pm by Vladdirescu
» CDRX — Blockchain Technology in the Traditional Securities Market
Thu Oct 18, 2018 3:48 pm by Vladdirescu
» NoahCoin as a Key to Borderless Facilities of Noah Project
Thu Oct 11, 2018 4:39 pm by Vladdirescu
» Iconiq Lab — New ICO Accelerator and Decentralized Investment Fund
Wed Oct 03, 2018 8:34 pm by Vladdirescu
» Raincheck — Global Bonus System and Loyalty Program on the Stellar Blockchain
Thu Sep 13, 2018 6:09 pm by Vladdirescu
» Clintex (Clinical Trials Intelligence) — Alternative Treatment of the Future
Mon Aug 27, 2018 12:47 am by Vladdirescu
» Mobu ICO— The Future of Security Tokenization
Thu Aug 16, 2018 1:26 am by Vladdirescu
» Codex Protocol — Blockchain-based Title Registry of Art and Collectibles
Wed Jul 11, 2018 6:32 pm by Vladdirescu
» INGOT Coin Develops An All-Inclusive Ecosystem to Bridge Markets, Revives Lost Demand
Tue Jul 10, 2018 6:50 pm by Vladdirescu
» Japan Has Announced New Five-Point Regulations for Cryptocurrency Exchanges
Tue Jul 10, 2018 3:16 am by Vladdirescu
» Trivver — Blockchain-Based Extended Reality Ad Exchange
Sat Jun 30, 2018 5:38 pm by Vladdirescu
» OEL Foundation — Unified Logistics Blockchain Infrastructure
Mon Jun 25, 2018 10:20 pm by Vladdirescu
» Quadrant Protocol — Data Ecosystem With Authenticity And Provenance
Sat Jun 09, 2018 6:59 pm by Vladdirescu
» Pumapay Brings Crypto Payments into Daily Life, Raises $117 mln in Private Token Sale
Mon Jun 04, 2018 6:47 pm by Vladdirescu
» FlipNpik — Social Media for Local and Small Businesses based on XLM
Thu May 24, 2018 3:34 pm by Vladdirescu
» Japanese Bank MUFG Is Planning to Issue a Trial of Its Own Digital Currency
Thu May 17, 2018 11:40 pm by Vladdirescu
» Blockchain Enters Poland’s Financial Market, Namely the Credit Office
Thu May 17, 2018 10:55 pm by Vladdirescu
» HSBC Claims it Performed the World’s First Trade Transaction via Blockchain
Thu May 17, 2018 10:26 pm by Vladdirescu