Earlier this month, the National Bank of the Kingdom of Cambodia joined a Japanese company to explore and investigate distributed ledgger technology in order to implement a better payment system in the country. In addition, the entities will work together in the development of the Hyperledger Iroha project.
Through the co-development agreement with Soramitsu Co., the National Bank of Cambodia will study the implications of distributed ledger technology to develop new payment infrastructures in that country. In parallel, the bank will be contributing to the development of the open source project called Hyperledger Iroha, which was created by Soramitsu in the Hyperledger project.
Also, the main objective of this union is precisely to develop a new payment infrastructure based on distributed ledger technology in the Kingdom of Cambodia, an issue that is part of the plans of the Japanese startup. In other words, the chief operating officer of Soramitsu stated in the official statement that: "Our goal is to make blockchain Japanese technology the world standard and use our technology to change the world for the better (...) Through our work with the National Bank of Cambodia, we will be able to take the first step toward creating a more efficient payment system infrastructure, which we expect to expand globally in the future."
The union will be beneficial for both countries and for the company. This will be possible thanks to distributed ledger technology enabling decentralized and open source applications to be created and transmit digital assets. In this way, actions on the network are recorded in an accounting book that all members of the network can access.
Thus, based on this technology, Hyperledger Iroha is defined as "a software framework" and specializes in the creation of applications with high capacity of response and performance; And this, coupled with the fact that it can process data quickly and securely, Iroha becomes an extremely useful infrastructure for digital payments, contract management, identity management and supply chain management.