World Bank makes first transaction based on blockchain
The World Bank and the Commonwealth Bank of Australia (CommBank) came together to allow the registration of bond operations using blockchain technology
The bond called bond-i uses the chain of blocks ethereum and was the first to take advantage of the technology when it entered the ecosystem in August of last year. The measure helped the World Bank raise $81 million at that time.
It is worth emphasizing that the distributed technology was developed by the Blockchain Excellence Center of CommBank and the structure was reviewed by Microsoft. The bond-i project is part of a broader strategic approach of the World Bank to take advantage of the potential of new technologies for development.
For its part, Sophie Gilder who is the head of experimentation and marketing of CommBank Innovation Labs said: “Blockchain has the potential to simplify processes to obtain capital and trading values, improve operational efficiency and improve regulatory oversight.”
In addition, the financial institution affirms that bond-i continues to expand and improve. This proposal benefits from the contributions and comments of the investors of the foundation and other partners in the capital market.
Undoubtedly, the idea of bonds issued in block chains is becoming widespread and will probably become the norm in some years.
L.Sáenz
Source: Coincrispy
