World Bank to collaborate with CommBank to create first Blockchain bond system

0
  • The system referred to as Bond-i and was incepted by the World Bank last August.
  • Bond-I would be “a blockchain-operated debt instrument, on a distributed ledger.”

An announcement on Wednesday said that The World Bank in collaboration with the Commonwealth Bank of Australia (CommBank) are joining hands to develop a system that will allow the recording of secondary market bond trading using a blockchain technology developed platform. Both of the institutions conformed the involvement in the project during in the announcement. According to CoinDesk, it would be “a blockchain-operated debt instrument, on a distributed ledger” and will expose the “vast potential” of the blockchain tech.

The system referred to as Bond-i and was incepted by the World Bank last year in August where the CommBank was the main sole arranger. The trial saw the World Bank raise $81 million towards the project.

“Enabling secondary trading recorded on the blockchain is a tremendous step forward towards enabling capital markets to leverage distributed ledger technologies for faster, more efficient, and more secure transactions.”

CommBank Innovation Labs’ head of experimentation & commercialization, Sophie Gilder:

“Blockchain has the potential to streamline processes for raising capital and trading securities, improve operational efficiencies, and enhance regulatory oversight.”

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.