The World Bank is betting big on blockchain-based bonds

12 Août, 2018, 09:30 | Auteur: Auguste Feret
  • The World Bank is betting big on blockchain-based bonds

The technology, already developed by CommBank's in-house blockchain lab, aims to have key parties in a bond issuance process such as investors and banks to be participating nodes in a distributed network.

Moreover, the officials will be calling the bond "bond-i" [acronym standing for Blockchain Offered New Debt Instrument] named after Australia's iconic Bondi beach in Sydney, cites the report.

The International Bank for Reconstruction and Development (IBRD), or the World Bank, has selected Commonwealth Bank of Australia (CBA) to issue a bond using distributed ledger technology (DLT). On 10th August, 2018 in a press release it is informed that by leveraging the Ethereum platform, a bond would be created for the first time with its exclusive responsibility given to CBA. The team at CommBank has carried out intensive research and analysis to ensure that the bond issuance is carried out smoothly.

"We are delighted to have partnered with the World Bank, and fully support its vision of making innovative use of technology such as blockchain to increase the efficiency of financing solutions to better achieve their goal to end extreme poverty", Wall said.

Other participants involved in the development of the blockchain bond will include the Victoria state's Treasury, asset manager giant Northern Trust and QBE, Australia's largest global insurer.

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World Bank Treasurer Arunma Oteh said in a statement that the bank is continuing to "prudently seek opportunities for us to meet investor needs as well as the needs of our clients".

Australia's largest bank says it's latest blockchain foray will substantially streamline capital raising processes in the debt capital markets which are now made up of a complex web of interconnected agents and intermediaries. CBA said Microsoft conducted an independent review of the CBA blockchain platform's architecture, security and resilience.

It noted that it issues anywhere from $50 billion to $60 billion in bonds annually and prides itself on being an innovator in the capital markets. Now that the World Bank Group has given CommBank this mandate, it's all systems go.

The transaction is the brainchild of the World Bank's innovation lab, which has been working on the issue for almost a year, together with the Commonwealth Bank of Australia.

Today, we have grown to become one of the world's leading financial institutions.

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