Thai Ministry of Commerce Explores Blockchain Solutions for Copyright, Agriculture, Finance

The Thai Ministry of Commerce has begun to conduct feasibility studies on the use of blockchain in copyright, agriculture, and trade finance, English-language Thai newspaper Bangkok Post reports Tuesday, Oct. 9.

A Thai official from Thailand's Trade Policy and Strategy Office, Pimchanok Vonkorpon, told the Bangkok Post that the study is being conducted with the help of the British embassy in Bangkok.

As per the article, the ministry wants to find out whether decentralized solutions can boost the country's competitiveness and credibility, especially in relation to small business.

Vonkorpon added that blockchain feasibility studies will also refer to processing digital IDs, IP registration management, and security, along with smart contracts.

TPSO also wants to create sandboxes to apply blockchain in the industry of rice exports.

A blockchain solution is expected to reduce time spent on export down to three days and to boost trust on all levels of the food chain.

Cointelegraph earlier wrote that blockchain is becoming a popular solution for tracking food chains.

Thailand's finance industry is also actively exploring blockchain.

As Cointelegraph has previously reported, the Thai Bond Market Association has also expressed its interest in using blockchain.

In September, Thailand's fourth largest bank, Kasikornbank, partnered with Visa B2B Connect to provide its customers blockchain solutions for cross-border payments - a move that was expected to increase the security of its operations.