Project Bakong: Blockchain Solutions in Developing Economies

James Loperfido, VP of Business Development at Soramitsu, will provide an overview and case study of the company's project with the Central Bank of Cambodia. Soramitsu leveraged its Hyperledger Iroha …

James Loperfido, VP of Business Development at Soramitsu, will provide an overview and case study of the company’s project with the Central Bank of Cambodia. Soramitsu leveraged its Hyperledger Iroha framework alongside its mobile applications for digital identity, payments, and digital assets to create a retail payment system for the general populous. In a country where 80% of the population is unbanked, widespread adoption of this technology allows for digital representations of the US dollar and Cambodian Riel to enable internet commerce. In addition to being able to purchase products and services through the internet, consumers and local merchants can leverage mobile only technology to exchange value peer-to-peer with very little cost. Application of a digital payments network like project Bakong is estimated to save 1% of GDP annually for developing countries according to research published by the Central Bank of Malaysia. This represents a potential $200 million annual savings. Moreover, a single system tracking the financial transactions within the economy will allow for automated record keeping, embedded audits, and thus allow for a massive shift in tax planning and monetary policy. The application of short-term consumer micro-loans will bring the Cambodian economic infrastructure in line with other developing nations while creating a bridge to the global economy on a grand scale.The presentation will cover how Soramitsu has leveraged its technology with respect to digital onboarding, payments, and blockchain utility. It will also cover a potential roadmap for growth and continued development of technology and services to create economic efficiency.