Many financial institutions around the world want to venture into blockchain technology. Some banks form their own consortia, whereas others will use existing service providers. Krungsri, a bank in Thailand, will use Ripple technology to introduce real-time global funds transfers. This is another major validation for Ripple. This particular venture will make use of the Interledger protocol, which was invented at Ripple.
This news is quite interesting, as it heralds a major change in the financial sector. The Interledger protocol can help institutions achieve real-time global money transfers. It can do so at a fraction of the costs banks pay today.Having a cheaper and better solution available is always something worth checking out. It appears Krungsri wants to use this technology for both business and consumer payments moving forward.
Krungsri Will Embrace the Interledger Protocol
It is worth noting Krungsri obtained approval by the bank of Thailand to go ahead with this venture. This venture is part of the new Regulatory Sandbox guidelines active in the country. The Krungsri Consumer Group feels now is the time to focus on digital banking. Blockchain technology will play an integral
Read more ... source: LiveBitcoinNews
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