By Nesir Muradov
On Oct 05, 2020
The Bank of Thailand launches the first blockchain-based government saving bonds on the IBM Cloud, which will be a precursor for other countries.
Blockchain technology could be one of the solutions for speedy and secure transactions between parties. As the crowd begins to use blockchain technology, countries and central banks apply additional ways for people to use their services. The Bank of Thailand starts to use blockchain technology on the profoundly secured IBM cloud. This platform offers many benefits to investors. One of the advantages is a quick bond issuance. Here the blockchain help to reduce the time for issuing from 15 days to two days, as we can notice it is a long time interval. Another benefit is blockchain allows lessening the complexity of the operation and reduce the cost arise.
The Bank of Thailand has launched government-saving bonds valued $1.6B in two weeks. These bonds will be on the blockchain-based platform. Government bonds are a crucial part of The Thai Bond Market, with more than 37% of total outstanding in the market.
In the past, trade activities were not straightforward and prone to error. Blockchain technology provides an ecosystem that every participant, such as bond issuers, investors, can use the platform efficiently, and immutable characteristics of blockchain will improve the process.
Patama Chantaruck, the VP for Indochina Expansion and MD of IBM Thailand, highlighted the importance of the blockchain again:
“Bank of Thailand’s success with the government savings bond project is the latest example of how blockchain technology can redefine the way businesses operate by simplifying complex processes resulting in fast, transparent, secured and efficient multiparty collaboration,”
Thailand is one of the first adopters of blockchain technology. They apply this innovation to the public and private sectors. Bank of Thailand launched a digital currency pilot project in July 2020. According to the announcement, they will develop the prototype of a payment system for businesses using Central Bank Digital Currency (CBDC). These actions of Thailand will encourage other countries to engage in blockchain technologies.
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