Thailand’s largest commercial and oldest bank, Siam Commercial Bank, has released a blog post that indicates their interest in blockchain technology and digital assets, and which explicitly mentions assets and projects like Bitcoin, Ripple, and VeChain.
— bsc44 (@bsc44_x) May 20, 2019
The blog post covers the application of blockchain in various industries and the benefits to be gained from it, including finance, supply chains, fashion retail, voting, and music. It is a sign of growing interest in established entities that a bank such as the SCB has acknowledged the application of Distributed Ledger Technologies (DLTs) in these fields, which are only a handful of the many industries that DLTs have the potential to transform.
Of course, Bitcoin (BTC) and Ripple (XRP) are both well known for their use in financial transactions, making cross-border payments faster, cheaper and more advantageous for all stakeholders involved. Notable, however, is the acknowledgment of a project that is not quite as well known as Bitcoin and Ripple – VeChain, which SCB mentions in its description of blockchain application in the fashion industry. The post reads,
VeChain is one of the example for Blockchain based technology platform company which revolutionizing product management with a comprehensive product supply chain information. This technology made safe and easy for manufacturer to sort, manage and share product information for both supplier and buyer…VeChain is aiming at developing product quality assurance system and allows information access to enhance consumer trust in product authenticity. The essential role of Blockchain in the fashion industry is to record source of material, service history and spare parts information for product owners.
The SCB has tested Ripple’s cross border solutions, reducing transaction time from 2 days to 1 minute.
With both public and private banks acknowledging the benefits of blockchain technology, 2019 is shaping up to be a year where the market may permanently move beyond its current levels.