Thai central bank uses IBM blockchain to issue $1.6 billion in government savings bonds

The Bank of Thailand (BoT) has launched the world’s first blockchain platform for issuing government savings bonds. IBM, the technology giant, assisted the regulator in implementing the project, according to пресс-релизе.

Over two weeks, BoT issued government bonds totaling $1.6 billion. IBM Cloud technology shortened the process from 15 days to two and reduced operating costs.

“In the past, the sale of government savings bonds was a complex and labour‑intensive process with duplicated verification steps <…> Blockchain technology optimises the processes of issuing bonds for issuers, underwriters, registrars, investors and other key participants in the ecosystem,” the statement said.

BoT plans to migrate government bonds to the blockchain for retail and wholesale investors. Commenting on the platform’s launch, IBM’s Thai unit vice president Patama Chantharuk said that the regulator’s success in delivering the project is one of the examples of how technology is changing the way enterprises operate.

Earlier, BoT began work on a prototype of a national digital currency. The solution is expected to increase the efficiency of payments for businesses.

As reported in September, the first issuance of bonds on the SGX blockchain platform completed by the Singapore Exchange. HSBC Singapore and the investment holding Temasek participated in the project.

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