The National Bank of Cambodia has partnered with Japanese fintech startup Soramitsu to co-develop the open source distributed ledger (blockchain) project Hyperledger Iroha.
Hyperledger Iroha is a software framework administered as part of the Linux Foundation’s Hyperledger Project. It specializes in the creation of mobile and web applications.
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Under the partnership, the National Bank of Cambodia will study the implications of distributed ledger technology, and contribute to the development of Hyperledger Iroha and new payment infrastructures.
Soramitsu said that Hyperledger Iroha can securely and quickly process data, making the framework useful for digital payments, contract administration, identity management, and supply chain management.
With the help of Hyperledger Iroha, currencies can be given logic through ‘smart contracts’ to create programmable money, where the conditions of transacting can be enforced by computer programs, it added.
Soramitsu chief operating officer Kazumasa Miyazawa said: “The application of information technology to finance is at a historical turning point. It is our goal to make Japanese blockchain technology the global standard and to use our technology to change the world for the better.
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By GlobalData“Through our work with the National Bank of Cambodia, we will be able to take the first step toward creating a more efficient payment infrastructure, which we hope to expand globally in the future.”
