Thailand has launched studies on Blockchain technology in the registration of intellectual property and trade finance. The country’s Ministry of Commerce will use the two feasibility studies to explore its application. The British Embassy has already shown support for the project. The country has recently emerged as a pro-Blockchain and Cryptocurrency.
Blockchain Technology Can Enhance Efficiency And Trust
Thailand’s Ministry of Commerce has launched two feasibility studies on the application of Blockchain technology. The two studies, which are expected to be accomplished in February next year, will look into how the technology can be used in the registration of intellectual property and trade finance. The director of Thailand’s Trade Policy and Strategy Office (TPSO) has said that the British Embassy is already in support of the project.
Pimchanok Vonkorpon, the director of TPSO which is under the ministry in charge of this project said that the use of Blockchain technology in trade financing can enhance transparency. Moreover, it can shorten the entire process and reduce the cost of doing business. In the intellectual property, the technology can be used in its management and in the registration of a company. Besides it can play a vital role in traceability.
The feasibility studies will also involve other things such as the registration of intellectual property and the security offered. They will also cover the use of smart contracts and the use of Blockchain technology in the commercialization opportunities in IP. The research will also include the review of the law and the management process of the intellectual property. Stakeholders will also be interviewed. TPOS plans to roll out the technology on small scale.
The Use Of Blockchain Technology In Rice Exports
TPOS will also look at how Blockchain technology could be used in the process of rice exports, specifically in reducing costs and delays. Currently, the process of exporting rice from the Southeast Asian country is lengthy taking between 15 – 20 days. The involvement of a lot of bureaucracy in the process also ends up adding the expenses.
TPOS is hopeful that the use of Blockchain technology in rice export process will significantly reduce the time taken from two to three weeks to three days. Furthermore, the technology will bring transparency, which will boost the confidence and trust in the entire process. Pimchanok said that Thai farmers stand to benefit from the use of Blockchain technology in the sector.
Thailand Policy Favors Blockchain And Cryptocurrencies
Whereas some countries have remained undecided on how they will respond to Blockchain technology and Cryptocurrencies, Thailand is among those that have embraced the innovation. Consequently, the feasibility studies by the country are not a surprise and demonstrate its progressive stand on the technology. Various developments in the country in the last few years demonstrate that the government is in full support of the technology.
The latest move by Thailand is a challenge to other countries wishing to establish how Blockchain technology could be used to enhance efficiency. If the outcomes of these studies will support the various benefits of the technology, it will be a major challenge to those pessimistic about it. Moreover, such results will encourage the adoption of the innovation worldwide.