The ministry of finance in Thailand has begun to explore feasibility studies on the ust]e of the blockchain in copyright, agriculture, trade finance, according to a Thai newspaper post posted on the 9th of October. An official from the Thailand trade policy and strategy office (TPSO), Pimchanok Vonkoporn, told the Bangkok Post that the study at hand was being done with the backing of the British embassy in Bangkok. A careful analysis of the post on the Bangkok press shows that the ministry has a real interest in finding out whether blockchain solutions can help boost the competitiveness and of the country. According to Vonkorpon, blockchain feasibility studies will also be referring to IP registration management, security, processing digital IDs along with smart contracts.
The Thailand trade policy and strategy office (TPSO) wants to come up with sandboxes to apply in the industry of rice exportation. According to the news daily, farmers have communicated to the ministry that the procedure of sending products over the borders might take between 15 to 20 days. The procedure would involve at least seven government agencies, which might be expensive. A decentralized solution will definitely cut down the duration of export from 15-20 days to only three days. A blockchain solution would also involve the boosting of trust on all levels of the food chain. The blockchain has been gaining momentum as a popular solution for tracking foods. IBM just recently launched its blockchain-powered food trust and was joined by giant companies such as Carrefour from France, as well as Walmart from the united states
The solution helps in tracking food produce from the farmer to store shelves and has also made it easier for us to recall products from customers after the customer has complained about them. The blockchain has been explored extensively not only by crypto enthusiasts but also by those in the finance industry such as the Thai finance ministry. On top of the interest shown by the Thai finance industry, the Thai Bond market association (TBMA) has also expressed interest in using the blockchain. The Thai bond market association also expressed interest in using the blockchain, so much so that it created a new registrar service platform to provide a faster bond of certificate issuance. The faster and could go along way in slashing the bond issuance time from a duration of 7 to 15 days to 3 to 4 days.
