Thailand to Apply Blockchain For Management

October 12, 2018

The Thai Ministry of Commerce in cooperation with representatives of the British embassy in the country has announced holding joint studies of applying blockchain in the field of copyright and intellectual property (IP).

According to the local Bangkok Post, the first stage of research conducted by the Thai Trade Policy and Strategy Office (TPSO) will be focused on ultimate transparency, process optimization and reduction on operational costs. It was also noted that special attention will be given here to digital identifiers, company registration management and intellectual property as well as trade financing.

The study will scrutinize all existing IP-related laws and management mechanisms within the country and include several interviews with stakeholders.

In addition, the TPSO is studying the possibility of creating test sandbox for blockchain solution developers to apply them in agriculture. In particular, the officials have voiced their plans to investigate ways to reduce rice export terms. Usually, the process takes from 15 to 20 days during which exporters have to be approved by 7 governmental institutions. The TPSO is convinced, blockchain will help to reduce it to 3 days by removing all the mediators from the process.

The results of all researches will be ready by the next February.

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