The National Bank of Cambodia is working toward a blockchain payment system for its citizens in partnership with Japanese industry startup Soramitsu. The startup is notably affiliated with the Linux Foundation’s open-source Hyperledger project.
The central bank and Soramitsu have entered a co-development agreement to study and contribute toward the open-source development of Hyperledger Iroha, a blockchain project originally developed by the Japanese company. Iroha creates reusable components in C++, enabling web, mobile developers and programmers to contribute to the Hyperledger project. Iroha was accepted into incubation status by Hyperledger in November last year.
The National Bank of Cambodia, the country’s central bank and financial regulator, is notably looking at ‘new payment infrastructures’, according to a press release. A report by prominent Jappublicationcaiton Nikkei confirms that the endeavor is to ultimately offer Cambodian citizens a secure and inexpensive way to transmit money.
The central bank has reportedly chosen the Japanese company after examining multiple options, picking the Iroha platform specifically. Soramitsu’s Iroha, unlike bitcoin, allows permissioned parties to take part in monitoring the blockchain. This