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World Bank to Issue World’s First Blockchain Bond

Sony T by Sony T
August 13, 2018
in Tech news
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World Bank to Issue World’s First Blockchain Bond
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The World Bank is taking up several step into the brave new world of digital finance to sell the first-ever bond to be issued entirely with the help of a blockchain technology, the bank announced on last Friday.

More than just funds, the World Bank is also looking to gain experience with the help of a blockchain which is a digital public registry of transactions – that could lead to “a golden future” for financial services for developing nations, a bank official told in a report.

The technology is most often associated with the help of a cryptocurrencies – like Bitcoin – which often raise suspicion about their reliability and volatility, as well as their use for criminal purposes.

But because there as yet is no central bank which is a backed digital currency in existence, the two-year blockchain bond will rely on real-world money according to the Australian dollars.

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The Washington-based development lender aims to raise about AUD 50 million from some of the leading investors that is $36 million or around Rs. 252 crores in Indian currencies, it can also be possible that it can go double that if more investors get involved before the bond is finalized in second week of August 20th.

“Since our first bond transaction in 1947, innovation and investor satisfaction have been important hallmarks of our success with leveraging capital markets for development,” World Bank Treasurer Arunma Oteh said.

“In today scenario, we believe that some of the latest emerging technologies, equally offer transformative, which is yet prudent possibilities for us to continue to innovate in the longer run, respond to investor needs and strengthen markets.”

Brainchild, is the transaction of the World Bank’s innovation lab, which has been working on the issue for nearly a year, in together with the collaboration of Commonwealth Bank of Australia.

The institution also partnered with Microsoft, which is the largest IT product based firm, which will ensure the platform and software are “solid, bug free, and have no vulnerabilities to attack,” said Paul Snaith, manager of the World Bank’s Treasury Operations Capital Markets.

He said use of blockchain could improve transparency, since it is public, and cut down on transaction time since the bonds eventually will be exchanged instantaneously for cash.

As of now, to come into the pitch, an investor needs to register and all cash will be transmitted separately from the blockchain with the help of a “normal channels,” the old fashioned way.

The twice the life of a blockchain bond will going to provide p with a “quite a few learning events and opportunities,” he also said in a statement.

Tags: Blockchain
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Sony T

Sony T

Sony is a passionate bloggers writes on Futuristic technologies ...

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