CAMBODIA adopting Blockchain Technology

[mynhpark]

The National Bank of Cambodia has reportedly inked an agreement with distributed ledger technology (DLT) startup Soramitsu, that will find the central bank contributing to its development projects.

Announced today, the goal of the effort is to begin joint work on new payment infrastructure prototypes using DLT systems. But while a host of central banks are studying the technology globally, Soramitsu co-CEO Makoto Takemiya framed the news as unique in that he asserted the central bank has agreed to go beyond "just studying" applications.

In detail, Soramitsu Co., Ltd. and the National Bank of Cambodia will be working to co-develop the open source DLT project called Hyperledger Iroha. Through a co-development agreement, the National Bank of Cambodia will study the implications of DLT, while contributing to the open source development of Hyperledger Iroha and developing new payment infrastructures.

Which national bank do you think comes next adopting DLT?

[Kprawn]

Hyperledger is not Bitcoin, so do not even confuse the two technologies. Hyperledger is an open source collaborative effort created

to advance cross-industry blockchain technologies. Bitcoin is the original "Coca-Cola" and these copy cat Blockchain based tech

is the cheap fake brands of the original version. 

[clickerz]

Another positive news for the cryptos I think since Cambodia are adopting the blockchain technology. They are also being updated and do not want to be left behind with technology.In today's fast changing world, it is better to be vigilant on what is something new and quick to study and adopt it for the benefits of all.

[sportis]

Banks are not social institutions helping people. The purpose of the national bank of Cambodia because is not a modern one article claims is that she wants to use the blockchain technology only because its goal is to decrease their cost using a cheap and already trustful process. Read the article here.

[Hazir]

Banks are not social institutions helping people. The purpose of the national bank of Cambodia because is not a modern one article claims is that she wants to use the blockchain technology only because its goal is to decrease their cost using a cheap and already trustful process. Read the article here.

You are pretty much on point here.

End users of banking services won't receive any benefits from blockchain tech,
they still would pay the same fees and they still will pay for the premium features (faster money transfers, better support or banking advisers etc.)
Banks fueled by hyperledgers will be better, but users will be treated the same way they are now. Nothing will change.

[Taki]

I think the next one is going to be Switzerland or it's going to be one of the next countries adopted Blockchain technology. Switzerland is known with it's interest in bitcoin and there are a lot of shops which accept bitcoin there.
Generally I have few variants about next country which would follow Cambodia. Russia, Brazil or Venezuela all this countries are showing big interest to bitcoin and I'm sure that one of this countries will adopt bitcoin soon.

[bartolo]

The adoption of blockchain technology by the banks is unstoppable. It has been shown that it will bring benefits in terms of cost savings and transaction speed. When they are sure to be able to implement it safely, it will expand throughout the banking system.

[btcdevil]

I think the next one is going to be Switzerland or it's going to be one of the next countries adopted Blockchain technology. Switzerland is known with it's interest in bitcoin and there are a lot of shops which accept bitcoin there.
Generally I have few variants about next country which would follow Cambodia. Russia, Brazil or Venezuela all this countries are showing big interest to bitcoin and I'm sure that one of this countries will adopt bitcoin soon.

Adopting Bitcoin and adopting Bitcoin technology as blockchain is both different things, But it is good to know that third world country are moving more fast to accept the technology to improve their financial situation. and i think that switzerland have adopted bitcoin long back and their are lot of local shops where you can buy products or other services for bitcoin

[joshy23]

I think the next one is going to be Switzerland or it's going to be one of the next countries adopted Blockchain technology. Switzerland is known with it's interest in bitcoin and there are a lot of shops which accept bitcoin there.
Generally I have few variants about next country which would follow Cambodia. Russia, Brazil or Venezuela all this countries are showing big interest to bitcoin and I'm sure that one of this countries will adopt bitcoin soon.

Adopting Bitcoin and adopting Bitcoin technology as blockchain is both different things, But it is good to know that third world country are moving more fast to accept the technology to improve their financial situation. and i think that switzerland have adopted bitcoin long back and their are lot of local shops where you can buy products or other services for bitcoin

Exactly. Banks are the first industry to test using blockchain technology application. Yes, Its good to know that Cambodia, a third world country initiate this kind of technology in their country. But seeing Soramitsu which is a Japanese block chain startup company, whom the National Bank of Cambodia has partnered, doesn't surprise me at all because we all know that bitcoin is already legal in Japan.

[staceyoh]

That's Great!
A lot of countries are now
seeing the good benefits of bitcoin.

[dihari]

More news about utilization of blockchain technology by any countries​ will help bitcoin it self growing popularity. Although they not admit bitcoin as a legal payment, at least they're all start to admit bitcoin excistence. It's can't be denied, that bitcoin (blockchain) can help the government economic system to be modern and transparent.

[TastyChillySauce00]

More news about utilization of blockchain technology by any countries will help bitcoin it self growing popularity. Although they not admit bitcoin as a legal payment, at least they're all start to admit bitcoin excistence. It's can't be denied, that bitcoin (blockchain) can help the government economic system to be modern and transparent.

The blockchain is used widely by many altcoins and not only bitcoin, by the adoption of blockchain technology, it doesn't mean that people will know bitcoin or admit its existence, they just adopt the blockchain and not the coin, and supposedly, their citizens will don't know shit about bitcoin, just care about how it's beneficial for them.

[OROBTC]

Banks are not social institutions helping people. The purpose of the national bank of Cambodia because is not a modern one article claims is that she wants to use the blockchain technology only because its goal is to decrease their cost using a cheap and already trustful process. Read the article here.

You are pretty much on point here.

End users of banking services won't receive any benefits from blockchain tech,
they still would pay the same fees and they still will pay for the premium features (faster money transfers, better support or banking advisers etc.)
Banks fueled by hyperledgers will be better, but users will be treated the same way they are now. Nothing will change.

Agreed.  In general it takes a long time (if ever) when a company is able to lower its prices to consumers if they are able to lower their own company's costs.  "Nothing will change."  Sad but true.

Still there is an argument for efficiency.  Perhaps we can all observe to see if Cambodia's proposed experiment will actually BE more efficient.

[bartolo]

More news about utilization of blockchain technology by any countries will help bitcoin it self growing popularity. Although they not admit bitcoin as a legal payment, at least they're all start to admit bitcoin excistence. It's can't be denied, that bitcoin (blockchain) can help the government economic system to be modern and transparent.

The blockchain is used widely by many altcoins and not only bitcoin, by the adoption of blockchain technology, it doesn't mean that people will know bitcoin or admit its existence, they just adopt the blockchain and not the coin, and supposedly, their citizens will don't know shit about bitcoin, just care about how it's beneficial for them.

In fact, the next step that banks and goverments will take after blockchain is fully implemented will be to create and develop their own e-currencies. I don´t think they will be interested in adopt a coin that is not under their control but to create their own national cryptocoins.

[TravelMug]

More news about utilization of blockchain technology by any countries will help bitcoin it self growing popularity. Although they not admit bitcoin as a legal payment, at least they're all start to admit bitcoin excistence. It's can't be denied, that bitcoin (blockchain) can help the government economic system to be modern and transparent.

The blockchain is used widely by many altcoins and not only bitcoin, by the adoption of blockchain technology, it doesn't mean that people will know bitcoin or admit its existence, they just adopt the blockchain and not the coin, and supposedly, their citizens will don't know shit about bitcoin, just care about how it's beneficial for them.

In fact, the next step that banks and goverments will take after blockchain is fully implemented will be to create and develop their own e-currencies. I don´t think they will be interested in adopt a coin that is not under their control but to create their own national cryptocoins.

I agree. Banks can create their own cheaper coins to be used for funds transfers between their branches globally. Participating banks will play the role of miners by validating and storing transactions on a blockchain. Once a transaction is confirmed on the blockchain, the same will reflect on the statement of associated fiat accounts.

[bartolo]

More news about utilization of blockchain technology by any countries will help bitcoin it self growing popularity. Although they not admit bitcoin as a legal payment, at least they're all start to admit bitcoin excistence. It's can't be denied, that bitcoin (blockchain) can help the government economic system to be modern and transparent.

The blockchain is used widely by many altcoins and not only bitcoin, by the adoption of blockchain technology, it doesn't mean that people will know bitcoin or admit its existence, they just adopt the blockchain and not the coin, and supposedly, their citizens will don't know shit about bitcoin, just care about how it's beneficial for them.

In fact, the next step that banks and goverments will take after blockchain is fully implemented will be to create and develop their own e-currencies. I don´t think they will be interested in adopt a coin that is not under their control but to create their own national cryptocoins.

I agree. Banks can create their own cheaper coins to be used for funds transfers between their branches globally. Participating banks will play the role of miners by validating and storing transactions on a blockchain. Once a transaction is confirmed on the blockchain, the same will reflect on the statement of associated fiat accounts.

In fact it will be a big challenge for bitcoin. However bitcoin has one advantage that is the privacy. When goverments issue their coin they will know about all movements that everybody make with their money, bitcoin will still offer some privacy.

[TravelMug]

More news about utilization of blockchain technology by any countries will help bitcoin it self growing popularity. Although they not admit bitcoin as a legal payment, at least they're all start to admit bitcoin excistence. It's can't be denied, that bitcoin (blockchain) can help the government economic system to be modern and transparent.

The blockchain is used widely by many altcoins and not only bitcoin, by the adoption of blockchain technology, it doesn't mean that people will know bitcoin or admit its existence, they just adopt the blockchain and not the coin, and supposedly, their citizens will don't know shit about bitcoin, just care about how it's beneficial for them.

In fact, the next step that banks and goverments will take after blockchain is fully implemented will be to create and develop their own e-currencies. I don´t think they will be interested in adopt a coin that is not under their control but to create their own national cryptocoins.

I agree. Banks can create their own cheaper coins to be used for funds transfers between their branches globally. Participating banks will play the role of miners by validating and storing transactions on a blockchain. Once a transaction is confirmed on the blockchain, the same will reflect on the statement of associated fiat accounts.

In fact it will be a big challenge for bitcoin. However bitcoin has one advantage that is the privacy. When goverments issue their coin they will know about all movements that everybody make with their money, bitcoin will still offer some privacy.

I think you didn't understand. Government doesn't like bitcoin. Banks will not used bitcoin. Banks will only used Blockchain Technology. How can this be a big challenge for bitcoin? That's why I said that the banks will rather have their own crypto currency to track every transaction amongst their branches.

[bartolo]

More news about utilization of blockchain technology by any countries will help bitcoin it self growing popularity. Although they not admit bitcoin as a legal payment, at least they're all start to admit bitcoin excistence. It's can't be denied, that bitcoin (blockchain) can help the government economic system to be modern and transparent.

The blockchain is used widely by many altcoins and not only bitcoin, by the adoption of blockchain technology, it doesn't mean that people will know bitcoin or admit its existence, they just adopt the blockchain and not the coin, and supposedly, their citizens will don't know shit about bitcoin, just care about how it's beneficial for them.

In fact, the next step that banks and goverments will take after blockchain is fully implemented will be to create and develop their own e-currencies. I don´t think they will be interested in adopt a coin that is not under their control but to create their own national cryptocoins.

I agree. Banks can create their own cheaper coins to be used for funds transfers between their branches globally. Participating banks will play the role of miners by validating and storing transactions on a blockchain. Once a transaction is confirmed on the blockchain, the same will reflect on the statement of associated fiat accounts.

In fact it will be a big challenge for bitcoin. However bitcoin has one advantage that is the privacy. When goverments issue their coin they will know about all movements that everybody make with their money, bitcoin will still offer some privacy.

I think you didn't understand. Government doesn't like bitcoin. Banks will not used bitcoin. Banks will only used Blockchain Technology. How can this be a big challenge for bitcoin? That's why I said that the banks will rather have their own crypto currency to track every transaction amongst their branches.

I meant that it will be a big challenge for bitcoin in terms of adoption because people will tend to use the controlled coins that banks and goverments will create.

[Kemarit]

This is a big move by the Cambodian Government to adopt Blockchain Technology in its backyard. Although the country is considered as 3rd world, applying Blockchain will boost its financial industry and transaction. Though they are still skeptical about acceptance of bitcoin as a main stream digital currency. One thing that bother me though is how much cost developing and maintaining blockchain network? It is worth for a third world country like Cambodia to invest in such technology?