Why Thai Banks uses Blockchain for document verficiation ?

Thai Banks Consider Free Document Verification Via Blockchain
Introduction

Banks are known to keep their database as complex and obscure as possible. Indeed, this is a positive approach since in so doing; they prevent such databases from exploitation by unauthorized parties that may access it for the purpose of compromising their systems. With the worrying statistics on bank frauds and the ever-surging banking operational hiccups, it becomes necessary that even more stringent measures are taken to ensure such complexity is upheld, both in the interest of security and privacy.
Bank Bureaucratic Procedures

It is important to note that nearly all bank operations involve official records and once these records are availed, they need to be verified, confirmed and stored for a long period of time [usually 7 years]. Due to these bureaucratic procedures, a great deal of time as well as human and capital resources is wasted in order to ensure the data is accurate and transparent. However, all these could be a thing of the past, thanks to a recent announcement that will affect the way Thai banks conduct their business.
What’s The Announcement All About?

The announcement by the Baoquan Technology Group indicates this firm is now creating and distributing a data attestation system by use of the Blockchain technology. Once adopted by various banks, the technology will enable them to access and verify documents within seconds. This, as expected, will make Thai banks save much time and resources often deployed in achieving the same task, with effect that their productivity and efficiency will improve. Additionally, the system is also expected to provide a trustworthy means of data protection, thereby helping these banks overcome the nagging challenge of fraud and operational crises. Ever since the Blockchain technology was designed, the Thai banking industry has always been flirting with the idea of incorporating it into its system and with this grand announcement, it seems the idea was long overdue. Other major points in this announcement include the fact that the technology would also be availed for free clients that are seeking the socialized applications. Banks will take advantage of a new and refurbished distributed ledger system where the company would be able to add participants for document attestation without necessarily having to need a huge initial investment. One thing that stands out from this announcement is the company’s new approach of adding users to the system as opposed to charging premium fees for their services.
Will Banks Benefit?

The Blockchain technology has been hailed in various quarters as one of the few technologies that offer reliable efficiency monitoring tools and there is no doubt that banks will reap huge from this announcement. However, it is important to remember that like is the case with any such announcements, the success in the long-run will only be measured by the commitment and a strong willpower both on part of the Baoquan Technology Group as well as the Thai banks. Baoquan Technology should remain committed to this cause and ensure that it not only lives up to the hype but that it actually brings meaningful changes to the Thai banking industry. On the other hand, Thai banks must ensure they play their part in embracing this ingenuous technology.
Conclusion

Whether this is another carefully-choreographed PR stunt or a genuine desire to see a transformation in a sector that has been marred with mystery, all we can do now is take a wait-and-see attitude as and hopes that Baoquan Technology Group lives up to their word.