The Bank of Thailand (BOT) the country’s central bank has announced the launch of the blockchain-based government savings bond issuance platform that has been rolled out using the blockchain technology of IBM Blockchain. As claimed in the official announcement by IBM Blockchain on October 5, 2020, it is the first government savings bond platform in the world that is powered by blockchain technology. A large amount of savings bonds have already been sold by the central bank.
Thailand’s central bank has sold $1.6B worth of bonds
As this blockchain technology-powered savings bond issuance platform has been launched, an amount of $1.6 billion worth of these government savings bonds has already been sold by the central bank within the time period of only two weeks after the launch of the platform. That is counted as good progress at the beginning of this platform.
Based on IBM Blockchain, the platform uses the distributed ledger technology (DLT) and leverages its benefits. For instance, it lowers the time taken for issuing a bond to only two days while reducing it from fifteen days hence making the process of bond issuance work faster and in a simpler way as compared to earlier.
Moreover, another benefit of blockchain technology is that it will lower all of the costs that occur in the bond issuing process, and also it makes it really simple to conduct operations on the platform.
Patama Chantaruck who is the Managing Director of IBM Thailand and Vice President for Indochina Expansion has said in a statement while commenting on this occasion that blockchain technology has the capability to simplify the complex processes that are used for operating businesses. She further said that the success achieved by the Bank of Thailand in its newly-launched government savings bond issuance platform is the best example that illustrates the benefits of blockchain technology. She added that they are feeling proud to collaborate with the Bank of Thailand and supporting the bank with its blockchain platform.
There are some other institutions with whom the Bank of Thailand has collaborated apart from IBM Blockchain. These are the Siam Commercial Bank (SCB), Public Debt Management Office, Kasikorn Bank, Thailand Securities Depository Co., Ltd, Krungthai Bank, Bangkok Bank, and Thai Bond Market Association.