ConsenSys Selected as Technology Partner by the Bank of Thailand for CBDC Project
ConsenSys has joined the Bank of Thailand to explore the potential of blockchain technology in the development of a proof-of-concept prototype for a Central Bank Digital Currency (CBDC) project, alongside SCG and Digital Ventures (DV).
ConsenSys joined the project as a technology partner to develop and test a prototype for CBDC. The private-permissioned network on Hyperledger Besu will be designed to meet both the functional and non-functional requirements of a retail CBDC. One of the business cases will test the use of a CBDC to simulate daily commerce, automate payments, and support procurement and financial management system called Procure-to-Pay (B2P) developed by DV. In the exploration, CBDC will be tested and issued using ERC20 smart contracts, which is the most adopted token standard worldwide, enabling digital asset issuance and transfers between network participants. In partnership with Thailand partner Atato, ConsenSys will architect a solution using its Enterprise Ethereum stack, including Codefi and MetaMask.
“A retail blockchain-based CBDC represents a new technology for the issuance of central bank money, where tokenized central bank money is accessible to the general public, and in this case businesses piloting the solution. ConsenSys is thrilled to be a part of this ambitious project to explore a retail CBDC that will allow financial institutions and merchants throughout Thailand to enhance the speed and security of their daily payments infrastructure,” stated Charles d’Haussy, Director of Hong Kong at ConsenSys.
It is expected that the Bank of Thailand and its partners will deliver a report after project completion.
Please visit consensys.net for more information on blockchain-based CBDC architectures.