Thailand’s Ministry of Commerce has unveiled a feasibility study on the applications of Blockchain Technology.
Opportunities Created By Blockchain Technology
The unveiled feasibility studies have been announced as majorly focusing on the applications of Blockchain technology in registering the intellectual property as well as in trade finance. According to the Bangkok Post, the studies have been slated as being complete by early next year.
Pimchanok Vonkorpon, who is the director of the country’s TPSO (Trade Policy and Strategy Office), which is under the Ministry of Commerce, the project has been majorly supported by the British Embassy.
When it comes to trade financing the director of the TPSO said that through Blockchain technology it will be possible to improve transparency while at the same time decreasing the overall cost of doing business as well as significantly reducing the time taken for the whole process to be complete.
With regards to intellectual property, he said that Blockchain technology will be of great help with managing IP and registration of companies as well as with the ability to trace. Through this, it will be possible to cover a wide variety of topics including the opportunities available on the Blockchain to commercialize intellectual property, utilization of smart contracts, the registration of intellectual property as well as the protections available.
Projects To Be Rolled Out In Small Scale
In addition to these, the feasibility study will also include reviewing the intellectual property law, interviewing stakeholders and also reviewing the process used in the management of intellectual property.
For a start, the Trade Policy and Strategy Office will be rolling out the Blockchain projects on small scale in Thailand.
Possible Adoption Of Blockchain Technology In Various Sectors
Other than being used in trade finance and intellectual property, the TPSO is also looking into utilizing Blockchain technology to remove the delays experienced in the processing of rice exports and to cut the costs incurred in the process. In the current process, it takes between fifteen and twenty days to process exports in organic rice from the country, with most of the expenses being incurred in the various bureaucratic red tapes passed through in the process.
Pimchanok said that through the use of Blockchain technology in the export of organic rice, the country will be able to not only cut the current time spent to not more than three days but also boost the confidence of shareholders in the supply chain through the transparency that comes with the technology.
The move by the Trade Policy and Strategy Office to hold the feasibility study has not come as a surprise to many seeing that Thailand has been very receptive to the disruptive technology that is Blockchain and to the Crypto sector.
In recent past Thailand has been taking steps to apply Blockchain in the various sectors of the government. one such instance is the move by the Bank of Thailand to review the possible application of Blockchain technology in the completion of payments across borders, in the financing of the supply chain and in the authentication of documents.