Reference-https://www.hyperledger.org/learn/publications/soramitsu-case-study                                                                 

Bakong Project developed by Japanese fintech firm SORAMITSU and was launched by National Bank of Cambodia in that they used blockchain technology which supports transactions in riel and dollars. To increase the number of internet users in the country, Bakong project was initially established in 2017 which extends some 9.7 million people and 14.8 million mobile internet users.

in the Kingdom of Cambodia in Southeast Asia,78% of natives have no bank account, yet more than half own a smartphone. The Goal of NBC to increase the use of the Cambodian Riel and reduce the dependency of Cambodians on the US dollar. Through the mobile app users make a payment by scanning QR code or inputting The phone number of the payee. In addition, to encourage small businesses in the country and reduce costs for banks and users, the Bakong project used blockchain technology.

Benefits

• Increasing digitization and decreasing cash use.
• Retail bandwidth up to 2,000 transactions per second.
• Interbank transfers better from twice-daily batches to 5 seconds or less.