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“Thanachart” Offers Blockchain-enabled LGs to 2 Biggest Thai Oil Firms

Thanachart Bank, one of the 14 Thai banks from Thailand Blockchain Community Initiative (BCI), is issuing Letters of Guarantee (LGs) that is using blockchain to two more oil companies — Thai Oil and PTT. 

LG issuance on blockchain started in June 2019. The bank started issuing blockchain-enabled LGs to their clients in October. After the announcement, Thanachart issued LGs to four organizations. They are IRPC, GC Marketing Solutions, and two subsidiaries of PTT Global Chemical.

According to the bank, the blockchain-enabled letters of guarantee are electronic documents that are highly secured, easy for inspection and difficult to forge. With support from the Bank of Thailand, commercial banks in Thailand signed an agreement in early 2019 to establish BCI, a blockchain platform that offers blockchain-enabled electronic letters of guarantee.

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