World bank made an additional 50 Million AUD or $33.8 million with the help of the blockchain-based bond named Bond-I and we are reading more about it in the latest cryptocurrency news today.
The blockchain technology proved once again to be very helpful for the financial institutions at all levels. The new blockchain bond or more specifically the reopening of the bond initially issued in 2018, was handled on the distributed ledger technology and the World bank debt instrument has not become the first bond issued, sold, allocated and managed on the blockchain. The bond was sold via the Bond-I platform which is a blockchain-based bond infrastructure developed by the World Bank and Commonwealth Bank of Australia. Last year, the World Bank commissioned CBA to handle blockchain-based bonds after it consulted with the market for about two weeks. The bond with a two-year maturity managed to raise about 100 million AUD at the time. This year, the CBA and the World Bank added a new feature to the platform- the Secondary bond trading which opened the door to the last week tap.
The new platform is a part of the broader vision of the World Bank to leverage the benefits of innovative technologies such as the blockchain. The international financial institution even launched a blockchain innovation lab back in 2017 with a goal to implement DLT in multiple areas such as supply chain management, land administration, education, health, and cross-border payments. The head of funding at the World Bank Andrea Dore commented:
‘’We are happy to see the continued, strong support and collaboration from investors and partners. The World Bank’s innovation and experience in the capital markets is key to working with our member countries to increase digitization to boost productivity in their economies and accelerate progress towards the Sustainable Development Goals.’’
According to the joint statement that we read in the altcoin news by the World Bank and CBA, Microsoft did a review on the bond-I platform and analyzed that the platform’s architecture, security, and resilience are on a good point. The Hong Kong-based law firm was a counsel on the bond as well and came with legal advice during the implementation. As per the CBA, the platform relies on the blockchain technology for all the main procedures including allocation and management but also electronic bid capture, live updates, auditable and immutable transaction recover, permissioned network of authorized participants and automated bond auctions.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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