A Thai bank and IBM partner to launch the first blockchain-based government savings bond
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Answer A Thai bank and IBM partner to launch the first blockchain-based government savings bond
Thailand’s central bank has leveraged IBM’s blockchain technology to launch the world’s first blockchain-based platform for government savings bonds.
Within the first two weeks of starting operations, the blockchain-based platform issued a total of $1.6 billion of these bonds.
On the other hand it came Advertising Issued by IBM, the platform enables investors to benefit from the rapid issuance of bonds, which reduces the time of the process, which previously took from two to 15 days, and the technology also contributes to reducing the operational complexity and cost of the process as a whole.
The new government bond blockchain platform reduces the workload of issuers, insurers, registrars, investors, and key participants in the ecosystem.
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The new platform now provides immutable data and information and a single source of truth in real time to its participants.
In addition to the Bank of Thailand, seven other institutions have collaborated to develop infrastructure to match the new platform.
Among them were the Public Debt Management Office, the Securities Depository Corporation of Thailand, the Thai Bond Market Association, Bangkok Bank, Krugthai Bank, Kasikorn Bank and Siam Commercial Bank.
IBM served as a technology and platform partner for the platform.
Data from the Thai Bond Market Association indicates that the entire Thai bond market reached $421 billion as of December 2019.
Government bonds were responsible for an outstanding value of $157 billion last year, or 37% of the total amount.
American multinational technology company IBM has been involved in blockchain development for years.
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Recently, the company became a shareholder in a blockchain-based international trading platform.
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