Blockchain bonds will now win the markets after the World Bank and the Commonwealth Bank of Australia officially partnered. Both of the banks according to the joint press release, aim to enable blockchain-based secondary market bond recording so we are about to find out more in our latest cryptocurrency news.
According to the press release, the project was performed on the Blockchain Operated New Debt Instrument which is an Ethereum-based blockchain platform. The platform was initially developed by CommBank’s Blockchain Centre of Excellence in Sydney’s Innovation Lab. The goal was to explore and build on the distributed ledger technology.
Just last year, the World Bank issued the bond-i which was created with the help of the blockchain technology. At the time CommBank was the only arranger of the bong. The project ended up providing a massive $81 million for the World Bank thanks to the contribution of the investors. Some of the investors include the Northern trust bank and the New South Wales Treasury Corporation.
The World Bank made about $50 billion during that time in yearly bond issuances each year to improve the global market sustainability. The blockchain bond was also further described as a milestone that can bring disrupting technologies into countries that have low development goals.
Per the coming altcoin news, the World Bank declared that the blockchain bond was launched and since then the bank got a lot of support from major financial players and also from the technology sector. Sophie Gilder who is the Head of Experimentation and Commercialization at the CommBank’s Innovation Labs pointed out:
“There is a growing recognition that blockchain technology can deliver a superior digital market for raising capital and then managing and trading securities, so we are working with our strategic partners to realize that vision. Blockchain has the potential to streamline processes for raising capital and trading securities, improve operational efficiencies, and enhance regulatory oversight.”
The World Bank is aiming to find a deeper understanding of blockchain technology. At the start of this year, a report by the Financial Times revealed that the World Bank and the IMF will launch a private blockchain network in order to study the technology.
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“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
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“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.
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