Cambodia central bank taps Hyperledger Iroha for blockchain settlement

It was just announced that the central bank of Cambodia (National Bank of Cambodia) has agreed to undertake joint development of distributed ledger technology through “Hyperledger Iroha”.

The development agreement will see to it that the National Bank of Cambodia study utilization of blockchain in order to start developing a new bank settlement infrastructure in Cambodia.

Hyperledger Iroha is the third largest registered software framework in the Linux Foundation’s Hyperledger Project. Hyperledger Iroha’s greatest feature is that it makes it possible to build applications that realize high-speed response and performance for users, such as mobile and web applications.

With Unix-style privilege management functions to control transactions on the ledger and a highly optimized database model, Hyperledger Iroha can process data safely and quickly. With these functions, it is possible to respond to various use cases such as digital payment, contract management, identity management, and supply chain management.

With Hyperledger Iroha, programmable money with built-in logic can be created by the so-called “Smart Contract”, and it is possible to decide transaction terms by computer program. By doing so, you can realize “smart money” that creates an efficient and secure settlement infrastructure.

Kazumasa Miyazawa, COO of Soramitsu Co., Ltd, the Japanese blockchain startup and joint developer of Iroha stated:

“Now is the inflection point of IT technology in history, nurturing domestic blockchains as global standards, The purpose of this joint development with the National Bank of Cambodia is to develop innovative settlement infrastructure that can be applied to the world that I could not achieve as founder of electronic money. It is the first step in realization. “

Soramitsu is a member of the Hyperledger project operated by the Linux Foundation. The Japanese firm creates services to help governments and financial institutions manage digital identities, assets, and contracts.