Thai Officials Studying Blockchain Use for Registrar Platform
The TBMA aims to implement a newly developed "Bond Coin" to make the settlement network faster and more efficient.
The Thai commission in charge of exchange and securities allowed for the system to be implemented in the next 30 days as it found that the principle of the concept is agreeable. The platform is due to become the initial phase for implementing blockchain tech in a trading and info format, stated Tada Phutthitada, the organization’s president.
The platform’s potential services include a system for subscriptions, settlement info, and verification of transactions, stated TBMA’s president. It is also due to implement blockchain on the private sphere, be developed within a smart contract format, and allow only regulators, users/companies that are registered, as well as investors to utilize it.
It is expected that it will include a fact sheet for bonds that details information like interest costs and payments among others.
Second and Final Phases
The secondary phase of the platform’s construction and initiation includes the servicing of deposits, particularly bonds, which may last for 9 months. The final phase aims to implement Bond Coin, a new settlement and verification system due to be created within a year.
As soon as the 3 stages are finalized, settlement and clearing of bonds may occur almost right away, rather than the usual timing of around 2 days.
Financial entities that were previously a transitional step in between traders and the TSD are no longer going to have a role within the framework for settlement and clearing.
The Executivr VP of the TBMA stated that the new network aims to remove the previous legnthy process and replace it with one that takes only one day minimum, or three days at most. It will also provide for greater efficiency throughout the process and allow for easier information-sharing.
The secondary phase can also offer down payments on bonds, the VP said. Its last phase, where the coin will be created, will make the verification and settlement process much more efficient.