Thailand Finance Ministry Eyes Blockchain Technology to Revamp Service Delivery

Uttama Savanayana, Thailand’s Finance Minister, has stipulated that his ministry intends to use blockchain technology in upgrading the system infrastructure. The decision comes from the knowledge that blockchain technology will ensure optimal service delivery to the nation’s citizens. 

Uttama views blockchain as part of the technological innovations that will maximize efficiency and productivity in the modern age. Therefore he believes that the blockchain project will be instrumental in strengthening Thailand’s economy, as well as enhancing the quality of life among the citizens. 

The minister also acknowledged that the Memorandum of Understanding (MoU) needed when utilizing the blockchain technology would be signed by nine departments under Krungthai Bank and the Ministry of Finance. 

Uttama seeks to make infrastructural changes in the ministry as he has asserted that he does not have any intentions of interfering with the country’s central bank monetary policy choices. 

Thailand joins other nations across the globe that seeks to change their systems through blockchain. For instance, the Sierra Leone administration recently announced its objective of altering its national ID infrastructure with blockchain. This project is expected to be completed by the end of 2019, and citizens will be advantaged as they will have more access to credit and financial services. The Sierra Leone government has stipulated that the blockchain project will be pivotal in making its citizenry financially resilient and informed. 

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