R3, the innovative enterprise blockchain technology firm, is the company which brought to Thailand the world’s largest blockchain ecosystem, Corda Network. Corda is an open source blockchain platform that enables businesses to transact directly and in strict privacy using smart contracts to reduce transaction and record-keeping costs and streamlining business operations.
R3 supports a thriving ecosystem of over 350 diverse businesses and thousands of developers across multiple sectors who help drive industry-wide collaboration on Corda to develop innovative apps, known as CorDapps. In partnership with multiple institutions the company explores and embraces blockchain/Distributed Ledger Technology to solve real-world problems such as issues of cost, expediency, efficiency, and profitability. Since its launch in 2014, the platform has been used by entities like Intel, Marco Polo, Mastercard, Microsoft, Nasdaq and many more.
With R3’s Corda, organizations will be able to gain a competitive advantage by offering new ways of doing business, grow revenue by creating and monetizing new networks, and deliver unprecedented levels of trust between parties. In Thailand, R3 is looking forward to leveraging Corda to simplify processes, increase levels of automation and create new business opportunities.
Currently, R3 is involved in Project Inthanon which is a collaborative project between the Bank of Thailand (BOT) and leading financial institutions to explore the potential benefits of Central Bank Digital Currencies (CBDCs). The project, which has just completed its third phase, is a major milestone which brings together eight other participating banks. R3 has also been disrupting the trade finance and supply chain industries in Thailand, with Siam Commercial Bank building their supply chain management platform on R3’s Corda
“Thailand has outpaced their peers in the region and has been paving its way to become the Digital Innovation Hub of Southeast Asia” said Amit Ghosh, Head of APAC at R3. “We are looking forward to continuing our work with Bank of Thailand on the development of digital tokens and payments, as well as business leaders (like Bangkok Bank, Siam Commercial Bank, Siam Cement Group) in different industries (like Trade, Supply Chain, Insurance and Capital Markets & Payments) to leverage the power of blockchain,” he added.
