After having emerged as a leading economy in blockchain, Thailand is progressing further with the technology and integrating it into various other sectors. The Thai Ministry of Commerce singled out copyright, agriculture, and trade finance as the three sectors which could use a blockchain boost. Feasibility tests have already begun with respect to this new development.
Thailand has begun studying use of blockchain in intellectual property which could revolutionize the sector, since intellectual property thefts are frequently reported. These studies are expected to be wrapped up by February 2019. This news first came out in Bangkok Post. Pimchanok Vonkorpon, an official from the Trade Policy and Strategy Office (TPSO), informed media that the tests are being conducted in collaboration with the British Embassy and it is taking place in Bangkok.
The country is currently focusing on developing small businesses. To that end, the government is studying whether integration of decentralized solutions could increase the efficiency and standard of the small businesses in the country.
These tests will be looking into smart contracts, intellectual property registration management, security issues and processing digital IDs.
When it comes to agriculture, blockchain could smoothen the entire process of trade with other countries. Farmers in Thailand have informed the ministry that their products take atleast 15-20 days to be shipped abroad and it involves the complicated process of including multiple government agencies. This makes the process more costly and time consuming. A blockchain solution could potentially reduce the time taken for shipment delivery to three days and resolve any existing security issues. Pimanchok said,
“Using blockchain for the process could reduce processing time to less than three days, improving transparency and increasing confidence and trust for exporters and foreign importers, benefiting Thai farmers.”
The Thai Bond Market Association (TBMA) is also exploring the use of blockchain technology. They came up with a new registrar service platform to fasten the process of bond issuance. All in all, a lot of sectors in Thailand are looking into the integration of blockchain.