Wipro said it has jointly with R3 developed a blockchain-based solution prototype to power digital currency in Thailand. R3 is an enterprise blockchain software firm.

Wipro said the blockchain-based solution, aimed to enable digital currency for interbank settlements for a consortium consisting the Bank of Thailand and eight commercial banks in Thailand, would facilitate de-centralized inter-bank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC).

This is a part of the first phase of Project lnthanon, an initiative led by the Bank of Thailand and eight participating banks and will use blockchain technology to build a proof-of-concept prototype for domestic fund transfer within the country's interbanking system by issuing CBDC tokens.

Wipro and R3 have co-developed a blockchain solution prototype on Corda, R3's open source blockchain platform, for the consortium, said the company in a press release.

The solution automates the banks' liquidity provision for resolving payment deadlocks.

“We are delighted to have worked on Project lnthanon with R3 and be a part of a national-level fintech initiative. Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain,” Krishnakumar N Menon, vice president and Blockchain Theme Leader, Wipro, was quoted in the press release.