Soramitsu Co., the Japanese Blockchain identity company, has indicated that they are partnering with the National Bank of Cambodia to test distributed ledger technology in creating new and innovative payment methodologies.

Soramitsu is a Fintech company and the initial creator and co-maintainer of Hyperledger Iroha, the distributed ledger platform.

The joint venture is focused on applying the Linux Foundation’s Hyperledger Iroha in giving currencies logic through smart contracts to create “smart money,” providing secure settlement infrastructure for the National Bank.

Kazumasa Miyazawa, COO of Soramitsu, said: “Through our work with the National Bank of Cambodia, we will be able to take the first step toward creating a more efficient payment infrastructure, which we hope to expand globally in the future.”

The National Bank of Cambodia is following closely on the heels of other national and state banks seeking to create a hybridized system of fiat and digital Blockchain currencies. While the principle is sound, many in the industry claim that the very nature of decentralized currencies prohibits this union.