Wipro, R3 Build Blockchain-Based Solution Prototype to Power Digital Currency in Thailand
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting, and business process services company, today announced that the company, in partnership with R3, the enterprise blockchain software firm, has developed a blockchain-based solution prototype to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand. Developed as part of the first phase of Project Inthanon, the solution will enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can perform key functionalities of payment and enhance efficiency.
Project Inthanon is an initiative led by the Bank of Thailand, in partnership with eight participating banks in a collaborative project that will use blockchain technology to build a proof-of-concept prototype which will enable domestic fund transfers within the country’s interbanking system by issuing CBDC tokens. The project seeks to enhance the technological preparedness of Thailand’s financial sector for embracing new technologies and digitalisation. Launched in August 2018, the first phase of the project focused on building the fundamental payment infrastructure, while the application of blockchain technology for other functionalities will be explored in the subsequent phases.
As part of the Phase I of Project Inthanon, Wipro and R3 have co-developed a blockchain solution prototype on Corda, R3’s open source blockchain platform, for the consortium. The solution automates the banks’ liquidity provision for resolving payment deadlocks through Liquidity Saving Mechanisms (LSM). The prototype has successfully demonstrated that DLT can significantly enhance payment efficiency by enabling 24/7 interbank settlements.
David E. Rutter, CEO of R3 said, “Blockchain development is in a truly exciting phase given how more and more financial institutions are recognizing its potential to enable national digital currencies or CBDCs. R3’s Corda was conceptualised to support CBDCs, which made it a perfect fit for Project Inthanon. Both Wipro’s expertise in blockchain technology and understanding of the financial sector as well as excellent advisory and implementation services have played an integral role in co-developing the solution prototype.”
Krishnakumar N Menon , Vice President and Blockchain Theme Leader, Wipro Limited said, “We are delighted to have worked on Project Inthanon with R3 and be a part of a national-level fintech initiative. The DLT-powered solution prototype has demonstrated the merits of blockchain technology adoption for making interbank payments more efficient. Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain.”
Wipro is a recognized leader in implementing blockchain technology for its clients, providing strategic advisory and consulting services combined with an extensive portfolio of industry solutions, developed in its Centres of Excellence. Wipro is committed to creating strong blockchain communities while developing talent for building extensive technology expertise across multiple leading blockchain platforms such as Corda, Ethereum, Fabric, Indy, Multichain, Quorum and Sawtooth. Wipro is a part of a number of DLT consortia and alliances including R3, the Hyperledger project, the Ethereum Enterprise Alliance, the Energy Web Foundation and the Blockchain in Transport Alliance. To learn more, click here.
Please click here to view the complete findings from Phase I of Project Inthanon report.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 170,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage. R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. Learn more at www.r3.com.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
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