Thailand has won praise from many quarters for the adoption of crypto friendly policies in the country. The latest admiration has come from IBM which said that the country is among the top 10% nations in the world which have widely embraced blockchain technology in a variety of disciplines, ranging from businesses to governance and social security measures to poverty alleviation.
Jerry Cuomo who is the vice-president at the blockchain initiatives of IBM said that it is indeed heartening to witness the range of industries and businesses in the Thailand which have adopted the blockchain technology for enhancing business efficiency and effectiveness. He counted on the number of initiatives taken by the government in order to encourage widespread adoption of blockchain among its citizens. For instance, the decision of the Bank of Thailand to introduce its own Central Bank Digital Currency (CBDC) is seen as one of the historic steps taken by the government to encourage blockchain adoption. This digital currency will be utilized in various fund-transferring operations between the banks and expected to enhance efficiency while reducing the time and cost associated with the process. The project has been rolled out in different phases with results suggesting quite positives gains for all the stakeholders involved in the process.
Blockchain Application Domain
In addition to the banking sector, other government bodies are also embracing blockchain. Revenue Department is experimenting with blockchain in order to use the technology to track transactions and enhance tax collection efficiencies. The transportation sector is not behind either as many businesses in the shipping domain are implementing smart contracts or tracking the shipment using the blockchain. The opportunity to enhance food safety and security by tracking its source of origin and movement through the supply chain is also on the radar of many companies and here also, blockchain is getting its fair due of its implementation.
Jerry Cuomo also discussed future possibilities in terms of blockchain implementation in Thailand. The top executive is hopeful that the field of medical administration is also going to get immensely benefited from blockchain as this open ledger technology can help to secure the patients’ records. This, in turn, will help the organizations to maintain various statutory compliances related to customer data. Some other potential areas where the country is thinking to apply blockchain include the making of the voter ID cards, land registrations, and issuing driving license among others.
Challenges in Blockchain Field
Despite the frantic pace of blockchain adoption, some challenges continue to remain on the business horizon. Finding the good crop of engineers and developers having expertise in the field of digital payments and blockchain technology is one of the most important challenges that the organizations are facing not only in Thailand but all across the globe. Probably this problem will get resolved with the passage of time as we have witnessed more efforts in the field of talent development related to blockchain technology. Ethereum and Ripple are leading these efforts with many universities and institutions rallying their resources to produce quality professionals in this nascent field of technology.