According to Mr. Somkid Jiranuntarat, Vice Chairman of KASIKORN BUSINESS-TECHNOLOGY GROUP, KBTG – a K Company Group with IT expertise – recognizes the importance of blockchain technology and has built a model for an original document certification service, suitable for both corporate and retail customers. Placing emphasis on data storage security and authorization to access the data for related parties (private blockchain), the new service helps reduce operational procedures of organizations and related parties. The blockchain technology is able to verify data with transparency, security and auditability.
Being a turning point for future business concept and models, the new technology is used for an original document certification service, as part of the Bank's pilot project, using the blockchain infrastructure, or the so-called Hyperledger fabric, owned by IBM. It has been designed for applications in diverse organizations, with a common standard, swift service and the unique features of private blockchain.
At the initial stage, a system called OriginCert API is used to certify letters of guarantee (LG), which helps simplify and speed up the LG issuance process for customers. Related parties are authorized to access and use electronic LG in a swift, accurate and secure manner. The OriginCert API service can also be used by other participating commercial banks and organizations that need speedy, accurate and secure LG issuance.
"Blockchain and cloud have the potential to play a critical role in improving business transactions. This project demonstrates considerable benefits for the financial industry and beyond," said Ms. Parnsiree Amatayakul, Managing Director of IBM Thailand. "KBank is a leading financial institution known for continuously adopting advanced technologies to enhance customer experience. We are delighted to continue supporting KBank's important initiatives in blockchain and the significant value these projects will bring to the bank."
Built in the Singapore location of IBM's Bluemix Garage network, this first-of-a-kind project in Thailand will be built on the Linux Foundation's Hyperledger fabric using the IBM Blockchain service on Bluemix. With four locations globally, IBM Bluemix Garages serve as a hub where developers, designers and product managers can come together to build on Bluemix.
IBM is rapidly expanding its blockchain consulting services and capabilities, and actively working with clients to understand what it takes to make blockchain ready for business. Through its open source contributions to the Hyperledger fabric and its blockchain services on IBM Bluemix, developers can create applications rapidly and easily while testing security, availability, and performance of a permissioned blockchain network.
IBM is advancing the science of blockchain, helping to remove complexity, and making it more accessible and open. Financial services, supply chains, IoT, risk management, digital rights management and healthcare are some of the areas that are poised for dramatic change using blockchain networks.