Thailand to Adopt Blockchain Technology

by Admin on February 1, 2017

Launch  will necessitate legal amendments to support its use


Bangkok Post reports that Thailand is on its way to national distribution of blockchain- “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”

According to the report, the distribution will be ready within the next two years and will require legal changes to support its use.

Bhume Bhumiratana, a blockchain specialist said to Bangkok Post, “The adoption of blockchain technology is expected to be widely seen here by 2018, thanks to its capability of transferring valued assets with trustworthiness, transparency and security.”

Blockchain is the technology that underpins bitcoin digital currency and serves “to create a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority,” according to Wall Street Journal.

Once data is recorded on the blockchain ledger, it’s extremely difficult to change or remove. Blockchain has been adopted globally by the finance, healthcare and government sectors.

Read more here

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