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ConsenSys > Case Studies > Consensys and Bank of Thailand Collaborate on Central Bank Digital Currency Project

Consensys and Bank of Thailand Collaborate on Central Bank Digital Currency Project

Technology Category

Application Infrastructure & Middleware - Blockchain

Applicable Industries

Finance & Insurance
Retail

Applicable Functions

Procurement

Use Cases

Retail Store Automation
Smart Contracts

Services

Testing & Certification

The Challenge

The Bank of Thailand, in collaboration with SCG and Digital Ventures (DV), was exploring the potential of blockchain technology for the development of a Central Bank Digital Currency (CBDC). The challenge was to develop a proof-of-concept prototype for a CBDC project that could meet both the functional and non-functional requirements of a retail CBDC. The bank aimed to test the use of a CBDC to simulate daily commerce, automate payments, and support a procurement and financial management system called Procure-to-Pay (B2P) developed by DV. However, the bank needed a technology partner to develop and test this prototype.

About The Customer

The customer in this case is the Bank of Thailand, a central bank that oversees all monetary and financial policies in the country. The bank was interested in exploring the potential of blockchain technology for the development of a Central Bank Digital Currency (CBDC). The bank was working in collaboration with SCG and Digital Ventures (DV) on this project. The Bank of Thailand was looking for a technology partner to help develop and test a prototype for the CBDC, which would be designed to meet both the functional and non-functional requirements of a retail CBDC.

The Solution

Consensys was selected as the technology partner for this project. The company was tasked with developing and testing a prototype for the CBDC on a private-permissioned network on Hyperledger Besu. The CBDC was to be tested and issued using ERC20 smart contracts, which is the most adopted token standard worldwide, enabling digital asset issuance and transfers between network participants. Consensys, in partnership with Thailand partner Atato, was to architect a solution using its Enterprise Ethereum stack, including Codefi and MetaMask. The project was expected to deliver a report upon completion, detailing the findings and potential applications of the CBDC.

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