Krungsri, Thailand-based Bank of Ayudhya and IBM have announced the successful development of the blockchain-based pilot project to streamline the Bank’s contract management process across its offerings. The blockchain-based digitized paperwork process has made information secured, transaction transparent, with increased operation efficiency and reduction of operation duration.
With thousands of agreements exchanged daily between the Banks and its subsidiaries, Krungsri, Thailand’s fifth largest universal bank in terms of assets, decides to improve Related Party Transaction (RPT) process efficiency between the transacting parties by automating contract management processes using blockchain technology.
Mrs. Voranuch Dejakaisaya, Krungsri, Chief Information and Operations Officer, said “We started conducting test runs of the pilot project last year and the results have been satisfactory. The goal is to digitize the paperwork process, store document contents with authentication and approval information in the blockchain-based database, and expand this service platform across the Bank and our subsidiaries.”
Working with the IBM Cloud Garage team, the Bank could turn the initial concepts into reality within three months using the Hyperledger Fabric and blockchain services on IBM Cloud.