Cambodia's Central Bank to Develop Blockchain Payment System

The National Bank of Cambodia, the country's central bank, is testing the development of a new Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term infrastructure based on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology, according to media reports from Phnom Penh.

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For this purpose, the Cambodian central bank has teamed up with Soramitsu - a blockchain technology company based in Japan. Soramitsu has contributed the initial codebase for Hyperledger Iroha to the Linux Foundation's Hyperledger Project on which the new system will be based.

Kazumasa Miyazawa, COO, Soramitsu, stated: "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."

Hyperledger Iroha is a distributed ledger project that was designed to be simple and easy to incorporate into infrastructural projects requiring distributed ledger technology. Hyperledger Iroha puts an emphasis on mobile application development based on blockchain technology.

Hyperledger Iroha is a project still officially in Incubation that was proposed by Makoto Takemiya (of Soramitsu), Toshiya Cho (of the Japanese electronics giant Hitachi), Takahiro Inaba (of Japanese communications giant NTT Data), and Mark Smargon (of the Israel-based local cryptocurrencies startup Colu).