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PHNOM PENH – The Ministry of Economy and Finance has launched a hybrid permissioned blockchain network to drive the emerging technology in the financial technology (Fintech) industry, security and development.
The Cambodia Distributed Ledger (CamDL) network will be open for public use on Nov. 13 at the Financial Technology Forum of Cambodia Tech Expo 2022 (CTX 2022),
This CamDL is a platform for the public to test, understand, experience or develop applications in Web 3.0 or in Decentralized Application (DApp) and Decentralized Finance (DeFi) to solve daily challenges in the community and in the industry.
Web 3.0 is based on Blockchain which exhibit interoperability, automation by leveraging smart contract, seamless integration and P2P data files. Decentralized Finance (DeFi) opens for peer-to-peer financial technologies and provides potential to create more open, free and fair financial market access for the public.
Launching the CamDL is a new step in the financial technology sector in Cambodia to tap into the potential of new technologies to boost innovation in the sector and to promote financial integrity, as well as to contribute to building a digital economy.
The Economy Ministry says CamDL allows stakeholders to access, test and collaborate on new innovations using the “Test and Learn” model.
The public can experience first-hand and study the network thoroughly to benefit from it to the maximum, as well as to minimise risks from the latest technology using the network.
The CamDL combines the best of both permissionless network and permissioned network by opening for the public to use, yet with control to ensure consumers’ protection and regulatory compliance.
For account and identity, users within the network are required to perform the Know Your Customer (KYC) standards via CamDigiKey information which is kept off-chain securely where transactions on the network remain anonymous.
Regarding the sustainability of the ecosystem, CamDL is designed to strictly comply with the regulatory requirements such as Customer Due Diligence, Anti Money Laundering, Combating the Finance of Terrorism and User Privacy.
The stakeholders in the decentralized financial ecosystem, the public sector, the banking sector, the insurance sector, the securities sector, the accounting and general enterprise auditing sectors, as well as the public, can access and benefit from this key digital nursery.
Enterprise Blockchain provides low barrier of entry for enterprise to solve their issue by experiment with blockchain technology (DLT).
The launch of CamDL is part of the Cambodia Digital Economy and Society Policy Framework 2021-2035, including the setting up a blockchain infrastructure for data storage.
Originally written in Khmer for ThmeyThmey, this story was translated by Sam Sopich for Cambodianess.