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Phuket signs MOU to integrate blockchain into city development plan

Flickr/Jorge Franganillo

Phuket Town has signed a memorandum of understanding with Bitkub Blockchain Technology and Finstable to integrate blockchain into the development plan for the city. Finstable is the developer behind a centralised and decentralised financial services platform, according to a Bangkok Post report. The MOU aims to have blockchain play a key role in Phuket’s physical and digital economy, as the technology continues to gain a following across all age groups.

Passakorn Pannok from Bitkub Blockchain Technology says blockchain technology has revolutionised business and finance and can equally be used in government processes. Blockchain is a financial service associated with cyptocurrencies, which, according to Investopedia, maintains “a secure and decentralised record of transactions.”

According to Passakorn, both his organisation and Finstable will work together to improve the efficiency and utilisation of blockchain, with the goal of expanding use of the technology. The recently-signed MOU means blockchain technology can be used to help the local economy, improve Phuket Town’s international administration, and to encourage residents to become more involved with the technology.

The Bangkok Post reports that Passakorn recently addressed the Huawei APAC Digital Innovation Congress forum on May 19, during which he shared his company’s vision of making opportunities available for all. According to Passakorn, Bitkub Chain sits at number 12 among global blockchains, when it comes to transaction numbers.

SOURCE: Bangkok Post

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