World Bank, CommBank Team Up for ‘World First’ Blockchain Bond Transaction
The institutions announced Wednesday that their successful recording of a secondary transaction for bond-i, a blockchain-operated debt instrument, on a distributed ledger shows the “vast potential” of the technology, and marks the first bond to have both issuance and trading recorded on a blockchain platform.
World Bank vice president and treasurer, Jingdong Hua, said:
“Enabling secondary trading recorded on the blockchain is a tremendous step forward towards enabling capital markets to leverage distributed ledger technologies for faster, more efficient, and more secure transactions.”
The blockchain platform was built and developed by the CommBank’s Blockchain Centre of Excellence on top of the ethereum network, and was reviewed by Microsoft regarding its architecture, security and resilience.
CommBank Innovation Labs’ head of experimentation & commercialization, Sophie Gilder, commented:
World Bank image via Shutterstock