The World’s First Ever Blockchain Bond To Be Introduced In The Near Future
Last Thursday the World Bank Treasury announced its plans for the introduction of the first ever bond that will be created, allocated, transferred and managed with blockchain technology. For this purpose, the World Bank has hired one of the biggest banks in Australia. According to the opinion of James Wall, a senior institutional banking executive at Commonwealth Bank, the introduction of blockchain could result in a significant reduction of the time spent on physical paperwork necessary for issuing bonds.⠀⠀⠀⠀⠀⠀⠀⠀⠀
On August 10th, the official page of the World Bank Treasury announced, “Today we make history by creating the first global blockchain bond. The World Bank has mandated the Commonwealth Bank of Australia as the sole arranger for bond-i, the first global bond to use distributed ledger technology.”
Bond-i is both the acronym for “Blockchain Offered New Debt Instrument” and a reference to a famous Australian Bondi Beach located in Sydney. It was developed by the CBA Blockchain Center of Excellence. Unlike bitcoin, bond-i will use a private version of Ethereum blockchain and require a permission before allowing to verify any transactions. The bond is expected to raise $73 million and revolutionize the way the global investment field operates.⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
“We know blockchain has the potential to revolutionize financial services and markets, and this transaction is a significant step towards that future state. By working collaboratively with the World Bank, we were able to find solutions to technical and legal considerations to make this ground-breaking transaction a reality. This project further solidifies CBA’s position at the forefront of blockchain technology and we are excited to build on this, in partnership with our clients.”, said Sophie Gilder, the Head of Blockchain Innovation Labs at CBA.
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