BANGKOK–(THAI BUSINESS NEWS ON BEHALF OF KBANKPR)–Nov. 09, 2020
Bridgestone Sales (Thailand) Co., Ltd. (BRIDGESTONE) has teamed with BCI (Thailand) Co., Ltd. in bolstering the capabilities of the tire trading business with the use of “Electronic Letter of Guarantee on Blockchain Technology: Common Node Type (Website)” which is available via web application. This initiative is the first of its kind in Thailand and for the tire industry.
Mr. Taisuke Meguro, the Corporate Group Director of BRIDGESTONE, said that the company has employed blockchain technology to enhance its capabilities in tire trading process management. BRIDGESTONE is Thailand’s first company to apply the “Electronic Letter of Guarantee on Blockchain Technology: Common Node Type (Website)” with its business and customers. The company which accepts a letter of guarantee (LG) can log in to the system to view data and check the LG status of its customers from different banks under a shared digital platform. This helps save documentation and data management costs, allowing the company to operate with greater convenience and speed. This initiative is under the cooperation of BCI (Thailand) Co., Ltd. – the first eLG service provider in Thailand.
Blockchain technology can process all data and transactions via BRIDGESTONE’s decentralized system at a faster pace and more efficiently, allowing the company to examine data any day and any time. It has the highest security together with a transparent process, which meets BRIDGESTONE’s business vision and commitment to always deliver quality management services and convenience to customers of the company. The eLG on blockchain, which is convenient and has world-class security standards, can help save document processing time and ensure business continuity regardless of events such as the COVID-19 pandemic. Its reliability also allows users to check eLG status more efficiently at any time of day.
Mr. Siriwat Keatcharoensin, President of BCI (Thailand) Co. Ltd., said that BCI is the first service provider of eLG on blockchain in Thailand since 2019. Since its debut, eLG has garnered interest and widespread use among Thai and international banks, plus state enterprises and leading companies. BCI is committed to improving eLG so that it is more practical and affordable to all businesses. To cope with disruptive technology, the company is planning to use blockchain technology to develop other services and to support other businesses in the drive to reduce pain points for users in all sectors. With the highly secure blockchain technology, which can be used as evidence as required by law, while there are over 500,000 letters of guarantee in the country, worth more than THB1.35 trillion, BCI aims to cover 50 percent of that total within three years as part of our preparations to steer the country towards the fully digital economy of the future.
Bridgestone Sales (Thailand) Co., Ltd.
Bridgestone Sales (Thailand) Co., Ltd. was established in 1990. We exclusively import, distribute and supervise marketing strategy of tires branded “BRIDGESTONE”, “FIRESTONE” and “DAYTON” in Thailand. Presently, in Thailand, Bridgestone has 15 subsidiaries with a fully integrated business ranging from upstream, midstream, and downstream operations. Bridgestone has managed to achieve sustainable growth and success in Thailand. We have shown great determination to research, invent, create excellent products and services and deliver to end-users, dealers, and automotive manufacturers. Additionally, together with well-selected raw materials, state-of-the-art production facilities and machines, and the highest standard of quality control. Bridgestone as a “Solutions for your journey” which sets forth a forward-looking vision offering beyond tires and diversified products, to become a leader in Sustainable Mobility and Advanced Solutions.
About BCI (Thailand) Company Limited
BCI (Thailand) Co., Ltd. was formed through the cooperative effort of six Thai banks – namely Bank of Ayudhya, Bangkok Bank, KASIKORNBANK, Krungthai Bank, Siam Commercial Bank, and Thai Military Bank (TMB) – to provide electronic letter of guarantee (eLG) via blockchain technology under the supervision of the Bank of Thailand (BOT). This initiative combines the technological capacity of participating banks to develop a basic infrastructure to support and provide a driving force for both the public and private sector, and operations both small and large. It is designed to enhance the efficiency of operations, reduce costs involved in conducting business activities, and advance business competitiveness in the digital era.
The letter of guarantee on blockchain service helps reduce documentation and data management costs, as well as streamlining the work process under international security standards. This service offers an end-to-end verification process for LG via cloud technology, which is more flexible, secure and accountable. It also prevents forgery of LG documents while accommodating transactions and status checks around-the-clock. Therefore, relevant processes are significantly shortened, thus enhancing service efficiency on the digital platform.