In partnership with enterprise software firm R3, Wipro Ltd has developed a blockchain-based solution prototype, that will power digital currency transactions for banks in Thailand, the company said on Tuesday.

In a regulatory filing, Wipro said that the prototype aims to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand.

"Developed as part of the first phase of Project lnthanon, the solution will enable de-centralised interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency to prove that the technology can perform key functionalities of payment and enhance efficiency," it added.

Project lnthanon is an initiative led by the Bank of Thailand, in partnership with eight participating banks that seeks to enhance the technological preparedness of Thailand's financial sector for embracing new technologies and digitalisation.

The the first phase of the project that was launched in August 2018, was focused on building the fundamental payment infrastructure. The application of blockchain technology for other functionalities will be explored in the subsequent phases.