The Bank of Thailand has launched the first state savings bond platform on the IBM Blockchain. We tell you everything!
Bonds on the IBM Blockchain
Today the Bank of Thailand announced the issuance of the first government savings bond on a Blockchain developed by IBM; becoming the first in the world.
Basically the bank successfully launched the world’s first Blockchain platform aimed at issuing a total of $ 1.6 billion USD in two weeks in government bonds.
The IBM press release explains that the platform makes use of the IBM Cloud Blockchain, thereby reducing the broadcast time in half.
In fact, previously issuing bonds was a process that could take up to 15 days. The Blockchain managed to take it to 2. Incredible!
So now Thai investors can purchase all their bonds through a single platform and therefore represents a reduction in operating costs.
“The success of the Bank of Thailand … is the latest example of how blockchain technology can redefine the way businesses operate by simplifying complex processes that result in fast, transparent, secure and efficient multi-party collaboration,” Patama Chantaruck, Indochina Vice President of Expansion said, according to the press release.
Expanding the use of technology
Following this success, the Bank of Thailand will most likely expand the use of the Blockchain. In fact, the press release noted that the plans are to extend it to all other bonds issued by the government.
Additionally, fast processing times are currently only available to institutional investors. However, plans are to extend it to the retail sector.
Without a doubt, the Central Bank of Thailand is one of those that has shown the most interest in new technologies.
In fact, in June, it launched a pilot test of its central bank digital currency. A short time later, they reported that they wanted to use their digital currency to transact with the Hong Kong Monetary Authority.
There is no doubt that this is very positive news for the crypto community. Especially because it represents a successful case where the potential of the Blockchain shines by itself.
Will other banks dare to launch similar solutions based on the Blockchain? We want to know your opinion!