Bitkub Blockchain Technology on Monday (April 25) introduced BKC Oracle as an official project for blockchain developer on Bitkub Chain, a network that connects the data from off-chain to smart contract and provides a secure information to support advanced smart contracts on blockchain.
BKC Oracle is an important tool for developing smart contracts or dApps that bridges the data from off-chain to on-chain via smart contracts. This allows blockchain developers to connect the secure and up-to-date data on Bitkub Chain infrastructure more easily. Furthermore, BKC Oracle is a project developed by Loremboard team via the support from Bitkub Venture, a venture capital company under Bitkub Capital Group Holdings Co., Ltd.
BKC Oracle will be the main infrastructure on Bitkub Chain connected the data from the real world to blockchain that supports blockchain developers to use the tools and platform more efficiently. The prominent usage example is “Data Feeds”, the leading feature on BKC Oracle that can extract cryptocurrency price data from off-chain in a real time within a couple minutes.
In addition, BKC Oracle has a highly secure and flexible infrastructure to facilitate blockchain developers on Bitkub Chain’s ecosystem with the following features:
Reliable and secure – BKC Oracle can securely connect the data from Bitkub Exchange to smart contract by trusted nodes, data and cryptographic proofs
High speed transaction – BKC Oracle provides high data extraction throughput rate (an update for only per 1 to 2 minutes)
Stability and safeguard backup – BKC Oracle can provide the steadiness of data extraction on the system with supporting backup
Top int’l expert group is here to make Thailand a leading regional player in the field
Thailand has all it takes to evolve into Asia’s leading hemp centre to tap into the US$15.8 billion in global hemp-related businesses estimated over the next five years.
At least five nascent supply chains are being spurred by the hemp and cannabis legalisation in Thailand, namely, beverages, food, medicines and supplements, apparel, and personal care products.
The plant also presents the kingdom with a significant opportunity to add new impetus to its medical tourism drive, with foreigners and locals seeking out affordable, hemp-cannabis related healthcare treatments.
But the route to realise the full potential remains bumpy as the country still face hurdles including the needs to developing new strains of hemp that better meet market demands and overcoming challenges surrounding the legality of some business activities.
The ultimate challenge for Thailand to put its hemp-related industries to the global scale is to earn an international global recognition of the entire product development process that must be based on scientific principles, research and development by means of prioritising safety and effectiveness.
For that reason, the Global Hemp Innovation Collaboration Centre has been established in Thailand to help guiding the country towards achieving that aspiration.
More specifically, the centre’s mission is to bring science-based know how and experience from abroad to spur short-cut and fast-track development in Thailand, explained Dr. Aimon Kopera, founder and CEO of the US-based Geneomics Global.
The Thai scientist has teamed up world’s leading researchers in the field to incubate Thai entrepreneurs and their products to gain excellence, and ultimately establishing Thailand as Asia’s hemp and cannabis hub.
“Geneomics Global provides end-to-end solutions by collaborating with local and global partners,” she noted.
The centre, located in Chiang Mai and operating under the name Geneomics Global Co Ltd, is the first facility of its kind in Thailand to offer vertical integration on the hemp-cannabis ecosystem.
It is the first Geneomics centre outside the US where there are three sites in Oregon, Hawaii and California.
The Thai centre will be able to research and develop formulations for a diverse range of products, including food and beverages, dietary supplements, hemp fibre-based materials, and even animal feed.
Dr. Aimon, pronounced Aim On, said once Thailand has gained global recognition, its four hemp-cannabis-related industries combined, namely agriculture and food, energy and bio-chemicals, medicine and health, and tourism, would be able to contribute 21% of its GDP and creating more than 16.5 million jobs, citing projections from the National Food Institute, Ministry of Industry.
When compared with countries with a well-developed hemp industry, Thailand has been slow to the game given its high quality natural hemp.
“It is imperative for all parties concerned in Thailand to focus on using science-based knowledge for development,” she said, noting that the country has had fundamentals required to catapult to become Asia’s prime hemp and cannabis centre.
Dr. Aimon called on leaders in Thailand to provide supports to the endeavour.
She recently led a team of world-class hemp and cannabis experts to the Cannabis International Conference 2022 Thailand to drive home the country’s ability to expedite its industry to regional importance.
The team has also conducted field research at sites in Northern, North-Eastern, Eastern and Central parts recently.
At the forum, the team exchanged knowledge and experience with partners in the government and private sectors to drive Thailand’s national hemp and cannabis strategies.
It also announced the success of research projects conducted in collaboration with four hemp and cannabis experts from various fields.
Prof. Dr. Jay Noller, a hemp- cannabis expert from the Oregon State University who is a team member, also revealed that studies have found compounds from hemp can work against coronavirus.
At a meeting with officials of Thailand’s Ministry of Public Health, he noted that he pointed out three opportunities related to hemp for Thailand.
First, Thailand can be the first country to pioneer integrated hemp-cannabis production.
Secondly, Thailand can leverage hemp-cannabis for its medical tourism.
Third, the country can produce hemp-cannabis effectively to increase trade opportunities.
Meanwhile, Dr. Gerard Rosse, an expert of cannabinoid extraction and purification, stated that the herbal medicine, which is popular among many Thai people, provides a basis for Geneomics Global to enhance the potential of hemp and cannabis as a source of herbal treatment.
“I believe that the use of technology, the right knowledge and knowledge of Thai herbal application will surely make Thailand a leader in this regard,” he added.
Dr. Billy Morrison, an expert on cultivation and product development technology, said he found that Thai people are very creative, able to learn to use technology quickly and making adjustments to fit the context that occurs in different situations.
“Therefore, we are confident that we will be able to make Thailand a leader for sure,” he concluded.
The baht opened at 34.07 to the US dollar on Tuesday, weakening further after breaching the key 34/dollar level to close at 34.04 on Monday.
The currency is expected to move between 33.95 and 34.15 on Tuesday, Krungthai market strategist Poon Panichpibool said.
Poon said the risk-averse market and Covid-19 situation in China could add more downward pressure on the baht.
He projected a key resistance level at 34.15 to 34.20 per dollar. If the baht weakens past 34.20, importers might scramble to buy dollars which would trigger significant further weakening of the Thai currency, he added.
Poon advised close monitoring of foreign investors amid a lull in foreign outflows after sell-offs of Thai assets were triggered by heavy increases in the US and Thai 10-year bond yields.
He advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.
The Land Transport Association of Thailand is threatening to hold rallies outside soon if the government lifts the 30-baht price cap on diesel.
Apichart Prairungruang, the association’s president, said on Monday that truck operators who are part of the group will show up at Government House to submit a letter to PM Prayut Chan-o-cha demanding that the 30-baht price cap continues beyond April 30.
The Energy Ministry has said the Oil Fund, which is used to subsidise retail diesel prices, is running out so the subsidy must be lifted at the end of this month.
Apichart, however, pointed out that if the price of diesel were to rise beyond 30-baht per litre, then it would affect all sectors and the public would end up bearing the burden of rising prices. Also, he said, a rise in diesel prices would push up transportation costs.
“Transportation fees will rise by 3 per cent for every baht that is added to the price of diesel,” he said.
He added that truck operators actually want diesel to cost no more than 25 baht per litre, but are willing to accept the 30-baht price tag due to the fallout of the Russia-Ukraine war.
“But we will not be able to tolerate it if the government lets the price go above 30 baht. The government must think twice because the price of oil affects the cost of manufacturing, and subsequently the entire economy,” Apichart added.
Apart from calling on Prayut to delay the lifting of the price cap, the association will also urge him to fire the energy minister and cut the excise tax on diesel to 0.20 baht per litre.
The association will also urge the government to temporarily suspend the use of bio-diesel, as it pushes up the price of normal diesel by 1.5 to 2 baht per litre. Also, he said, the government will be urged to not add the cost of transportation when it sets the price of fuel.
Apichart did not say when the association will stage the planned rally.
Finance Minister Arkhom Termpittayapaisith on Monday denied reports on Thai websites that the government would lower the cost-of-living subsidy in a Covid-linked scheme from 50 per cent to 25 per cent.
Several websites reported on Monday morning that the Finance Ministry would alter the Khon La Khrueng (half-half) scheme to Khon La Siew (75:25) scheme after the “Rao Chana” (We win) Facebook page of the ministry made a post on Sunday that the Khon La Khrueng scheme would end soon.
“Get ready to say goodbye to Khon La Khrueng and meet ‘Khon La Siew’. The government will pay 25 per cent and the people will pay 75 per cent,” the post states. The post remained on Monday afternoon even after Arkhom denied such a plan.
Under the Khon La Khrueng scheme, which has been launched in four phases so far, the government transfers a sum of money to the G Wallet account of a recipient. The provided sum can be used to subsidise half the price of goods and services the recipient pays for, with the subsidy which is limited to THB150 a day. This means when a subsidy recipient pays THB300 for goods or services, the amount in the G Wallet will be deducted by THB150 and the money of the buyer will be deducted by THB150.
Arkhom told reporters on Monday afternoon that the Finance Ministry had not yet decided on whether to launch another phase of the subsidy scheme.
He said the ministry has budget constraints and the country’s economic indicators are improving.
“It has to be considered whether those who have regular income and those with daily income will have more income after the economy has improved. This is because when the economy has improved, this kind of stimulus measure will be reduced,” Arkhom said.
“It will be Khon La Khrueng Phase 5. I didn’t say Khon La Siew. But It has to be first considered whether there should be a Phase 5.”
The finance minister affirmed that the fourth phase of the Khon La Khrueng will end as scheduled on April 30 and there will be no new measure starting on May 1 because the government will have to assess the situation and whether the subsidy measure was required.
Thailand exported 93,840 cars in March, down by 10.21 per cent year on year due to a shortage of parts and semiconductors for some car models, the Federation of Thai Industries (FTI) said on Monday.
“However, car export in March rose 18.11 per cent compared to February,” FTI vice president and spokesman Surapong Paisitpattanapong said.
In the first quarter of 2022, Thailand exported 243,124 cars, down 5.81 per cent year on year. However, the value of cars and components exported in the first quarter came in at 217.60 billion baht, up 2.82 per cent year on year, he added.
A shortage of parts and semiconductors had triggered a global decline in the manufacturing and export of cars, he said.
Surapong also said it is necessary to monitor the Russia-Ukraine war as it will intensify a shortage of parts and semiconductors.
Surapong explained that if the war is prolonged, then the global production of cars will drop by about 2.8 million vehicles.
Meanwhile, some automakers have also stopped taking reservations for electric vehicles due to the Covid-19 lockdown in Shanghai, where many large semiconductor manufacturers are located, he added.
Thailand manufactured 172,671 cars in March alone, up 6.25 per cent year on year. Of them, 87,133 were produced for the local market, up 32.16 per cent year on year.
He added that 480,078 cars were manufactured in the first quarter, up 3.06 per cent year on year, while 87,245 were sold locally in March, up 9.1 per cent year on year. Local first-quarter sales came in at 231,189 cars, up 19.09 per cent year on year, and 448,147 motorcycles, up 2.92 per cent year on year.
He put the surge in local sales down to the easing of lockdown and the launching of government measures to relieve the Covid-19 fallout. He said these government schemes resulted in more cash going into circulation and a boost in people’s purchasing power.
However, he added, it was necessary to monitor the Covid-19 crisis and surging product prices as well as household debts as they will make the economy slow down, he added.
“Cannabis” is regarded as among Thailand’s potential economic crops, with the goal of increasing revenues and income distribution for both organizations and small households, thereby elevating the country’s economy to a greater level.
The government is working on ways to help the “cannabis” industry generate more revenue for the “grassroots economy” while reducing national costs, Deputy Public Health Minister Satit Pitutacha said at Cannabis Wealth, a forum organised by Thansettakij.
The forum, held on on April 22 at The Grand Hyatt Erawan Hotel in Bangkok, brought together experts to discuss the growing economic potential of cannabis for Thailand’s economy. The experts discussed three different topics: Thailand’s readiness for this new opportunity, Thai cannabis’ competitive edge, while industry entrepreneurs offered advice on how to successfully engage in cannabis business.
Speaking at the first forum on Thailand’s readiness for this “new economic opportunity”, Satit laid out the work done by the government to support the Thai cannabis industry and outlined plans for future. The key point of his speech was the opportunity the industry offered, now that the new law allows “cannabis” plantation, research and development, and their usage for health and wellness, food and beverages, and cosmetics.
The next legalisation phase is expected to allow households to be able to plant their own cannabis, and send the plant over to the Department of Traditional and Alternative Medicine for extraction, he said. “With further research and development Thailand can come up with more of our own medicines, reducing the import of medicines, which is an efficient way to reduce cost while generating our own revenue,” Satit said.
Speaking at the forum on “Thai Cannabis’ Competitive Edge”, Dr Kwanchai Wisitthanon, deputy director-general of the Thai Traditional and Alternative Medicine, said cannabis has many health-providing qualities that can support today’s medicinal industry and can also expand the products into many more goods and services.
“Cannabis has the ability to cure symptoms in palliative care as it functions as a painkiller, stimulates appetite and alleviates nausea from chemotherapy radiation,” Kwanchai said.
He suggested that in order to build “Thailand’s grassroots economy,” the district and provincial authority should support households in the sprouting phrase by providing cannabis seedlings to them at an affordable price, as this would be a foundation for the industry to foster.
Cannabis can be transformed into many products and services, and there is no need to fear a red ocean, Kwanchai said.
In the final part of the forum, entrepreneurs who have their business in the upstream, middle stream and downstream supply chain of cannabis shared their insights on how to run a business successfully.
Aunarin Kitpaiboon, the owner of Cannabis Way, shared her experience of planting “cannabis”, managing the CBD Agro-Tech Center for CBD extraction, and the cannabis refreshment drink kiosk. One of the main challenges she faces is “quality control” in planting cannabis, which is the most important part since it is where tincture is controlled.
“Newcomers to the industry have to conduct in-depth studies before they start planting cannabis,” Aunarin said.
In March alone, some 53 investors brought 10.83 billion baht to Thailand, the Commerce Ministry said on Monday.
Of the investors, 17 hold business licences and 36 hold business certificates, Deputy Commerce Minister Sinit Lertkrai said.
He added that these investments created 447 jobs for locals and brought in advanced technology, such as oil well control, advanced solar panel design and installation of electric vehicle charging stations.
Most businesses given the go-ahead in March match the government’s policy to promote investment and support industry to boost the economy, he said.
He added that 29 of the investors were based in Bangkok and 10 in the Eastern Economic Corridor (EEC). The 10 foreigners invested 6.32 billion baht in EEC, accounting for 58 per cent of all foreign investment.
Of the 10 investors, three hail from China and have invested 3.18 billion baht, two come from Japan with 630 million baht, and one from the US with 637 million baht, he said.
The EEC investors are focusing on the telecommunications and mobile phone industry, international trading companies, raw materials and spare parts as well as the manufacturing of automobile parts, he added.
The baht opened at 33.96 to the US dollar on Monday, weakening slightly from Friday’s close of 33.94 and edging closer to the 34 level.
The Thai currency is expected to move between 33.85 and 34.05 during the day and between 33.60 and 34.15 during the week, Krungthai market strategist Poon Panichpibool said.
Poon predicted the baht could drop below the key level of 34 to the dollar due to the strengthening dollar and dividend payments. Breaching that closely watched level would invite further losses for the Thai currency.
Poon advised close monitoring of foreign investors, cautioning that the baht would face downward pressure if they sold a large quantity of stocks and bonds.
He said the baht’s key resistance level is 34, at which point exporters would sell the dollar.
He advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.
He added that the dollar could rise further supported by a risk-averse market and listed companies’ reports. It could also be supported by a weakening Yen if the Bank of Japan eases monetary policy following the US Federal Reserve’s move to raise its interest rate.
The operation of the Erawan and Bongkot gas fields in the Gulf of Thailand has been smoothly handed over to a new concessionaire, the Mineral Fuels Department said on Sunday.
Sarawut Kaewtatip, director-general of the Mineral Fuels Department, said the operation of Erawan (G1/61) and Bongkot (G2/61) gas fields continued uninterrupted during the transition period.
PTTEP Energy Development Co Ltd (PTTEP ED) won the bid for both fields in December 2018 and signed new product-sharing contracts with the government. PTTEP ED is a subsidiary of PTT Exploration and Production Plc.
Sarawut said this is the first time that a product-sharing contract has been signed in Thailand, heralding a change from concession contracts that have been in use for more than 50 years.
Under the new contract, the government will take 68 per cent of the production profits from Erawan and 70 per cent from Bongkot, an earlier report from Reuters said.
The two fields have a combined output of 2.1 billion cubic feet of gas daily.
Chevron Corp’s Thai unit operated the Erawan gas block earlier and the state-backed PTTEP ran the Bongkot bloc before PTTEP ED won production and development rights of both gas fields on December 13 2018.
Meanwhile, Sarawut said the Mineral Fuels Department had set up a war room to manage the smooth transition and coordinate between the new and old concessionaires as well as buyers of natural gas.
He said initially Chevron would not allow the new concessionaire to enter the G1/61 field during the transition period, but the department stepped in and negotiated an agreement on December 20. The new concessionaire was then allowed to enter the field to prepare for gas production.
During the transition period, the department set up eight teams to monitor the situation at the gas rigs closely.
A team was stationed at each of the five gas rigs and three others at the petroleum tankers. The team measured the volume of the last round of production and the amount of petroleum stored in the tankers before operations were officially handed over to the new contractor.
He said the department also checked the structure and safety of facilities for production at both fields before the handover.
He also applauded department officials for the handover going ahead without a glitch.
The Erawan field produced 399 million cubic feet of gas and Bongkot’s G2/61 938 million cubic on the day of the handover.
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