Banking infrastructure in Asian emerging markets could be about to move into the future at speed and without the operational baggage its more established peers.
Japanese distributed ledger specialists Soramitsu and the National Bank of Cambodia are working to co-develop the open source distributed ledger project, Hyperledger Iroha.
Through a co-development agreement, the National Bank of Cambodia will study the implications of distributed ledger technology, while contributing to the open source development of Hyperledger Iroha and developing new payment infrastructures.
Historical Turning Point
Created by Soramitsu, Hyperledger Iroha is a software framework administered as part of the Linux Foundation's Hyperledger Project that specialises in creating highly responsive mobile and web applications.
«The application of information technology to finance is at a historical turning point. It is our goal to make Japanese blockchain technology the global standard and to use our technology to change the world for the better,» said Kazumasa Miyazawa, the Chief Operating Officer of Soramitsu.
Perfect Storm
Emerging markets across Asia tend to have a younger more tech savvy populous and smart phone penetration is also rapidly increasing as the middle class expands.
This combined with the use of distributed ledger applications for everyday payments, banking and insurance services, could see the emerging market banks leap ahead quicker and with less cost, in their own markets, than there more established competition.
