Blockchain

Thailand mulls ethereum blockchain for KYC program

Etherscan hacked - consequences could have been grave

Thailand government has partnered with a ethereum blockchain startup to look at the possibility of implementing the technology for KYC.

The country’s Ministry of Digital Affairs has signed a MoU with Omise (the company behind the OmiseGO project) to collaborate on a nation-wide digital identity verification and online payment system. Under the MoU, the Thailand government will use Omise infrastructure to provide its citizens with a National Digital ID, which it is hoped will reduce fraudulent behavior online and protect consumers.

The announcement was made by OmiseGO founder Jun Hasegawa who said that the collaboration will have a positive impact on Thai citizens. If the project does indeed reach the implementation phase nationally, it would be one of the first public projects in the world to be based on ethereum blockchain.

The news is definitely positive for the blockchain scene, but there are questions regarding the scalability of the technology. Currently , very action on the Ethereum blockchain must undergo a confirmation process, and the system cannot process the amount of work that a nation-wide platform would demand.

OmiseGo has been working with Ethereum developers tackling exactly this problem, aiming to approach the issue with solutions such as Plasma.

Just last week OmiseGO was also involved in the launch of the Ethereum Community Fund. The Fund, a collaborative effort between projects building on the Ethereum network, is aiming to streamline research and development tackling the scalability issue. It’s a sign that development is ramping up, with the prospect of mainstream adoption becoming more tangible as blockchain technology grows increasingly popular. Whether the Ethereum network can match the high expectations blockchain-enthusiasts have set remains to be seen, but it’s likely we’ll find out this year.

About the author

Bryan White

Bryan White

Bryan has been a contributor in a number of online news publishing houses as a freelancer. He is a seasoned contributor with extensive experience in covering technology.

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