World Bank Partners With Commonwealth Bank Of Australia To Issue A Bond On Blockchain
August 10, 2018 5:29 pm
Most of the big banks around the world are using Blockchain technology these days. Blockchain technology has become a trend as it can be used in different fields. According to the report, Australia’s largest bank, Commonwealth Bank of Australia (CommBank) has won a mandate from the World Bank to issue a bond that will be created, transferred and managed through a blockchain platform.
CommonBank has already developed the technology in their blockchain lab. The technology aims to have key parties in issuing a bond. The investors and banks are also participating in a distributed network. The fund for the bond needs to be raised and transacted more efficiently. The bond is named “bond-i.”
Arunma Oteh, treasurer at the World Bank, told that the technology is prepared for the launch after a year of development with CommBank. She did not reveal the issuance timeline and size of the bond.
The press release included that World Bank issues $50–$60 billion in bonds each year as a part of decreasing poverty and improving sustainability for worldwide markets.
Denis Robitaille, CIO at the World Bank stated that this pioneering bond is a milestone for their efforts for learning how they can advise their client countries on the opportunities and risk which troubles technologies’ offer as they try to achieve the Sustainable Development Goals.
Recently, The Commonwealth Bank of Australia (CBA) announced the completion of a cross-border shipment that uses blockchain for tracking goods in the supply chain. CBA is one of Australia’s ‘Big Four’ banks said in a statement on Monday that around 37,000 pounds of almonds were shipped from Australia to Germany and were tracked via a private blockchain platform which was developed by the bank on top of the ethereum network.