IBM Corporation says Thailand is among the 90th percentile of countries actively embracing blockchain technologies in business.
"Organisations in Thailand across diverse industries such as the banking and retail sectors are looking to adopt blockchain technologies in business," said Jerry Cuomo, vice-president for blockchain technologies at IBM.
Mr Cuomo told the Bangkok Post that there are several initiatives to make Thailand a blockchain-conducive country. One is the Bank of Thailand's wholesale central bank digital currency (CBDC), which will be used for interbank fund transfers.
The first phase started last year, and leading commercial banks have collaborated under Project Inthanon (Phase 1). The second phase started in February for interbank trading and repurchase transactions, to reduce delivery and settlement time for financial transactions related to central-bank-issued debt instruments on a distributed ledger system.
Government agencies are also on the bandwagon. The Revenue Department, for instance, is testing blockchain to track value-added tax payments in its innovation lab.
Businesses in shipping are also testing blockchain for smart contracts or letters of guarantee in the shipping sector.
"In general, shipping businesses heavily reliant on documentation will become more efficient from blockchain," Mr Cuomo said. "Supply chain management can also benefit with blockchain, which could connect different suppliers and increase efficiency. As blockchain is dependent on the network effect, distribution across a wider network increases value to members."
Thailand also has the opportunity to use blockchain and Internet of Things in agriculture for food traceability and safety.
"In healthcare, we might create medical advisers from AI to ensure a trusted source of medical data. This can be for compliance and regulations," Mr Cuomo said.
For political or public use, blockchain can even increase transparency by combined use of digital identity. Blockchain can be used as voting card, for containing valuable and important data such as in a driving licence, and for land registration.
"By connecting these emerging technologies, we can create new business models as well as premium products and services," Mr Cuomo said.
He said skilled engineers and developers are needed to attract more members to blockchain.
Patama Chantaruck, managing director of IBM Thailand and vice-president for Indochina, said the company has introduced IBM Blockchain World Wire, a real-time global payments network for regulated financial institutions. It is accessible in a growing number of markets.
Designed to optimise and accelerate foreign exchange, cross-border payments and remittances, World Wire is billed as the first blockchain network to integrate payment messaging, clearing and settlement in a single unified network.