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• 18 Mar 21
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ETDA together with IBM aim to develop national e-transaction standard on Blockchain

Electronic Transactions Development Agency (ETDA) and IBM have agreed to cooperate on using Blockchain to develop a new standard of using a digital signature identifying and verifying digital identity. The cooperation also consists of expertise and experience sharing and the secured use of technologies in both the public and private sector.



ETDA has proceeded its works on building readiness and interoperability, by drawing the landscape of critical digital services and standards for service providers. The cooperation of ETDA and IBM will focus on developing the Decentralized Key Management System (DKMS) which is the application of Blockchain technology to identifying and verifying Digital identity (DID) and Digital Signature, as well as, to support, assist, and exchange knowledge and experiences on applying Blockchain technology into use. The process of developing standards will open for interested private companies and organizations to make sure that the standards are interoperable, secured, trustful, and inclusive.

Dr Chaichana Mitrpant, the executive director of ETDA, under the ministry of digital economy and society, said that “ETDA’s missions are to regulate and recommend the standard related to e-transactions. The purpose of the missions is for a secured, concordant, and trustful environment for all stakeholders. IBM is renown as one of the biggest leading companies, which is sophisticated in building Blockchain infrastructure and system. They are an expert in this technology and the digital industry, including Decentralized key management system. This will assist ETDA to develop the framework of Public Key Infrastructure (PKI), as well as the recommendation on the standards of e-transactions. And that standards and frameworks will be national soft infrastructure, for both public and private agencies, to leverage Thailand’s digital economy. ETDA is very keen to cooperate with any organizations that are as ready and sophisticated as IBM.”

“Thailand is an active adopter of blockchain technology, with a dynamic ecosystem extending to both public and private spheres,” said Patama Chantaruck, VP for Indochina Expansion and MD of IBM Thailand. “IBM is delighted to have such opportunity to work with ETDA to bring our expertise, technology and experience in developing blockchain-based digital ID infrastructure in large scale, to help support the development of electronic transactions standards and digital ID mechanisms. This is a key milestone in Thailand’s drive towards becoming a digital economy.”

Thailand’s electronic payment businesses have expanded over these 3 recent years, particularly the spread of COVID-19 has pushed the transaction number to 61.3 billion per day or 53% increase from the same period of prior year [1], similarly to the upward trend in 2019 of the payment via mobile banking that has reached more than 4,925 million transactions and more than 569 million transactions through internet banking that were 173.46% and 199.93% to 2018 respectively [2]. Thus, the increment of the transactions shows the popularity of electronic payment. Furthermore, this partnership among the public and private sector will assure the consumers that Thailand's standard of electronic transactions will be included with personal data protection, security, comply with the law, and international practice alignment, also lead to Thailand's digital economy.