Kbank rolls out blockchain document-verification service

The new service will focus on accuracy under a common standard, risk mitigation, swift verification and security enhancement, with the aim of creating an exemplary platform for business data connection among diverse organisations. Other organisations and commercial banks are welcome to join the programme for customer benefits in the future.
Somkid Jiranuntarat, vice chairman of Kasikorn Business-Technology Group, or KBTG, said that KBank recognises the importance of blockchain technology and has built a model for an original document certification service, suitable for both corporate and retail customers.
Placing emphasis on data storage security and authorisation to access data for related parties (private blockchain), the new service helps reduce operational procedures of organisations and related parties. The blockchain technology is able to verify data with transparency, security and auditability.
A turning point for future business concept and models, the new technology is used for an original  certification service, as part of the bank's pilot project, which uses the blockchain infrastructure, or so-called Hyperledger fabric. It has been designed for applications in diverse organisations, with a common standard, swift service and the unique features of private blockchain.
At the initial stage, a system called OriginCert API is used to certify letters of guarantee (LG), which helps simplify and speed up the LG issuance process for customers. Related parties are authorised to access and use electronic LG in a swift, accurate and secure manner. The OriginCert API service can also be used by other participating commercial banks and organisations that need speedy, accurate and secure LG issuance.
Parnsiree Amatayakul, managing director of IBM Thailand, said that blockchain and the cloud have the potential to play a critical role in improving business transactions. This project demonstrates considerable benefits for the financial industry and beyond.
"KBank is a leading financial institution known for continuously adopting advanced technologies to enhance customer experience. We are delighted to continue supporting KBank’s important initiatives in blockchain and the significant value these projects will bring to the bank,” said Parnsiree.
Built in the Singapore location of IBM’s Bluemix Garage network, this first-of-a-kind project in Thailand will be built on the Linux Foundation's Hyperledger fabric using the IBM Blockchain service on Bluemix.
"With four locations globally, IBM Bluemix Garages serve as a hub where developers, designers and product managers can come together to build on Bluemix,” said Parnsiree.