IBM Expands on Thailand’s Blockchain Solution for Government Bonds

CRYPTONAIRE WEEKLY

CRYPTO investment journal

IBM Expands on Thailand’s Blockchain Solution for Government Bonds

On September 11, 2020, the Bank of Thailand (BOT) announced a blockchain-based platform for government savings bonds. Today, IBM, which offered the blockchain technology for the platform, announced that $1.6 billion in government savings bonds were successfully sold within a week of launch.

Issuing government savings bonds has historically been a complex and time-consuming process, involving multiple parties and high operational costs. With blockchain technology, investors benefit from faster bond issuance, more transparency and greater efficiency.

“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,” said Patama Chantaruck, vice president for Indochina Expansion and managing director of IBM Thailand.

Prior to the adoption of blockchain technology, IBM said the issuance process could last up to 15 days. Now, the blockchain solution has allowed the government savings bond platform to become “an immutable, real-time single source of truth for network participants, which minimises the redundant validation and reduces the costs of reconciliation,” IBM said in a press release.

In addition, the IBM press release listed decreased workloads for issuers, underwriters and registrars as an advantage born out of the new blockchain platform.

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CRYPTONAIRE WEEKLY

CRYPTO investment journal