Bank of Thailand (BOT) announced on Wednesday that 22 Thai and foreign-bank branches have joined hands to build a network on blockchain, via Thailand Blockchain Community Initiative (BCI) with support from the central bank, BOT Governor Veerathai Santiprabhob said.

The initiative aims to achieve a 50 percent increase in the use of blockchain-based technology to maximize efficiency and help slash operating costs.

Veerathai said that the effort is to bolster competitiveness for both businesses and the nation as a whole, adding that the cooperation under Thailand BCI is a positive sign to embrace new technology in the financial and business sectors.

BCI (Thailand) Co. Ltd. was set up in March 2018 to drive blockchain collaboration that will cover a growing number of services and stakeholders.

"We need to stay competitive in terms of technology and innovation in all business segments," said Veerathai. "Blockchain platform will definitely bolster the Thai business sector and the economy for sustainable growth."