The Bank of Thailand has reportedly finalized the launching of the first blockchain-powered government savings bond platform across the globe.
Specifically, the platform – which employed IBM-developed tech – reportedly finalized the selling of $1.6 billion equivalent of saving bonds, within a fortnight of the release.
Blockchain was reportedly involved with an expected goal to bring down the bond issuance time from 15 days to just two days. The enhanced level of efficiency will reportedly contribute to cutting down operational cost, as well as unnecessary extra validation of documents associated with bond issuance.
IBM, together with the central bank, has reportedly teamed up with 7 big names, including Public Debt Management Office, Thailand Securities Depository Co., Thai Bond Market Association and four other banks, to work on the project.
The Bank of Thailand may reportedly authorize the extension of blockchain use throughout every government-issued bond for retail and wholesale investors soon.
The Thai central bank has reportedly been displaying an active involvement in the blockchain and crypto sector. In June this year, the bank reportedly initiated a pilot program for its CBDC – the digital baht – to run testing for big corporations.