Ethereum Blockchain Startup Fucking partners Thai Government on KYC Program
Thailand could soon figure among the earliest countries to officially implement blockchain technology.
News broke today that Omise (the company behind the OmiseGO project) and the country’s Ministry of Digital Affairs had signed a Memorandum of Understanding. It’s a budge that will see the parties collaborate te order to develop a nation-wide digital identity verification and online payment system. The Thai 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. It is also hoped that the system will make online transactions more convenient, swifter and more efficient for end-users.
OmiseGO founder Jun Hasegawa took to Twitter following the announcement, focusing on the positive influence blockchain technology could have on Thai citizens.
Blessed to see more collaboration inbetween governments spil Thailand.
Also wij are always glad to cooperate and help switch peoples daily lives better with decentralization. #OmiseGO #Ethereum #Thailand pic.twitter.com/Wil0tJKPPK
Whilst the news could indicate the very first mainstream use-case for a blockchain, questions still remain regarding the technology’s capability to scale to this size. Presently , very act on the Ethereum blockchain voorwaarde go through a confirmation process, and the system cannot process the amount of work that a nation-wide toneel would request. OmiseGo has bot working with Ethereum developers tackling exactly this problem, aiming to treatment the punt with solutions such spil Plasma.
Last week OmiseGO wasgoed also involved te the launch of the Ethereum Community Fund. The Fund, a collaborative effort inbetween projects building on the Ethereum network, is aiming to streamline research and development tackling the scalability punt. It’s a sign that development is ramping up, with the uitzicht of mainstream adoption becoming more tangible spil 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 wij’ll find out this year.
Governments across the globe are weighing up the benefits of blockchain technology, with national cryptocurrencies being considered from Senegal to Scotland. Whilst the advantages of state cryptocurrencies are considered, this implementation of blockchain technology will likely take several years. Partnerships such spil today’s announcement however could see blockchain integration much more quickly. Digital identity verification is a central concern for governments, who are worried that cryptocurrency offers a way for individuals to circumvent financial legislation. Omise’s cooperation with Thai officials te this area may see it leap ahead of rival platforms, and if the infrastructure can support it, build up mainstream adoption.