The project, called Bakong, is a step that created a fiat-backed digital currency. Bakong is a retail payments system using blockchain technology. Individuals can now transfer money and buy from merchants with a mobile app.
The pilot project went live in July 2019 and ran with a network of 14 banks supporting more than 10.000 users, laying the groundwork for a large-scale rollout later in 2020. Hyperledger teamed up with Soramitsu on a detailed case study covering the planning and implementation of Bakong, including key goals, milestones, security considerations, and core technology requirements, as well as a preview of rollout plans and new features.
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