Cambodia has recently announced its intentions to develop a Blockchain payment service with the aid of the Iroha platform developed by Soramitsu. Backed by the central bank of Cambodia, the project aims to create a programmable asset and payment system base on Blockchain technology while allowing monitoring of the platform by the state.
The application of information technology to finance is at a historical turning point, stated Kazumasa Miyazawa, operating chief at Soramitsu.
The central bank of Cambodia aims to make use of Blockchain technology to ultimately provide citizens with a cheap and speedy platform for remittances and financial management of assets. Complemented by an ever connected population, the system developed by Soramistu also boasts a faster service than Bitcoin claiming to be able to handle over 1000 times the transaction capacity of the Bitcoin ecosystem.
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.
To conclude, Cambodia is the latest country to join the ranks of Malta and Singapore as it aims to develop its very own payment processor based on the Blockchain technology with the aid of Soramitsu. While this has been the focus of many other countries, Cambodia aims to take it one step further as the development of their own hyper ledger is to be open source to allow integration of new services and developer applications. So while the state is encouraging the development of Blockchain adoption, it also leaves open the opportunities for civilian contributions for a holistic platform catering for the financial needs of the country.