Wipro, R3 build blockchain based solution for digital currency

Wipro announced that the company has partnered with enterprise blockchain software firm R3 and has developed a blockchain-based solution prototype to enable digital currency for inter-bank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand.

Developed as a part of the first phase of Project Inthanon, the solution will enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can perform key functionalities of payment and enhance efficiency.

Project Inthanon is an initiative led by Bank of Thailand, in partnership with eight participating banks in a collaborative project that will use blockchain technology to build a proof-of-concept prototype through which domestic fund transfers can be made within the country’s inter-banking system through the issue of CBDC tokens. The project will enhance the technological preparedness of Thailand’s financial sector for embracing new technologies and digitalization.

As a part of Phase I of Project Inthanon, Wipro and R3 have co-developed a blockchain solution prototype on Corda, R3’s open source blockchain platform for the consortium. The solution automates the banks’ liquidity provision for resolving payment deadlocks through Liquidity Saving Mechanisms (LSM).

On Tuesday, the stock of Wipro was trading at Rs. 293.25 per share, up 1,03 per cent.