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Blockchain and IoT Trends Driving Thailand’s Digital Transformation

Last Updated March 4, 2021 4:54 PM
Rebecca Campbell
Last Updated March 4, 2021 4:54 PM

Microsoft (Thailand) has said that 2017 will see five digital technology trends – that includes blockchain tech – driving the country’s digital transformation, pushing organization’s capabilities to the next level.

The five digital technology trends include cloud computing, the Internet of Things (IoT), big data analytics, blockchain and artificial intelligence, according to a report from Bangkok Post .

According to Orapong Thien-Ngern, general manager of Microsoft (Thailand), the country has Asia-Pacific’s second-highest growth rate for Microsoft cloud service adoption. He said this is due to ‘the country’s digital infrastructure readiness and companies driving towards digital transformation.’

When it comes to embracing the technology, Thailand certainly has the means of doing so. A report in December reported that Alex Tapscott, chief executive of Northwest Passage Ventures, a blockchain business consulting firm, said that Thailand should embrace blockchain.

With a nation that has around 40 percent of the population with Internet access through smartphones and 60 percent among the general population Thailand has the potential to channel the disruptive technology like other countries such as London, Singapore and New York.

However, to build on the adoption of cloud-based services, the Bangkok Post reported that Microsoft has teamed up with Advanced Info Service (AIS), a mobile leader, to create an international Internet link connecting Singapore’s Microsoft data center and Thailand’s AIS’s data center. It is hoped that by doing so this will build on the adoption of cloud-based services within the country.

Risk of Falling Behind

To avoid falling behind the advances the technology is producing at a rapid pace, Thailand faces big challenges with the digital technology. As a result, companies are finding themselves forced to look at what the technology is doing and find ways in which they can embrace it to help push companies forward.

Failing to do so means that Thailand could end up being left behind as its competitors find innovative ways to stay ahead.

Ramping Up Efforts

Thailand, however, has no plans on doing this.

So much so, that it was recently reported that Thailand’s largest bank by revenue, Kasikornbank Pcl, announced that it is planning on introducing a new FinTech platform by the end of 2017 to stay ahead of its rival banks.

Even though Thailand may have been late to the digital party, it is quickly making up for lost time by implementing digital trends within the retail, finance and telecom industries. By doing so, it is providing the country with the best opportunities that will facilitate its advances in what is an expanding market that is showing no signs of slowing down.

Featured image from Shutterstock.