CBA Continue Blockchain Innovation

World bank mandates CBA to arrange the world's first blockchain bond

The technology, already developed by CommBank's in-house blockchain lab, aims to have key parties in a bond issuance process such as investors and banks to be participating nodes in a distributed network.

The World Bank is taking a step into the courageous new world of digital finance to sell the first-ever bond to be issued entirely using blockchain technology, the bank announced Friday.

As soon as it is released, bond-i will be issued and distributed using a private Ethereum Blockchain functioned by two organizations in Washington and Sydney.

Arunma Oteh, World Bank Treasurer, says that this partnership is in line with the World Bank's pledge to continuous innovation-a hallmark for the institution since issuing its first bond in1947.

Both banks are optimistic that raising capital will now be made much easier thanks to blockchain technology as it has the potential to hasten processes while also improving "regulatory oversight".

The World Bank appoints the Commonwealth Bank of Australia (CBA) to arrange the first global bond which uses the blockchain technology.

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There's also a social good element to the initiative, with Wall touching on the World Bank's plan to use tech such as blockchain to end poverty. This has been established by taking support from the investment community, along with QBE, Treasury Corporation of Victoria, and Northern Trust.

At the time, CommBank's Head of Blockchain, Innovation Labs, Sophie Gilder said all the players in the capital markets that were shown the prototype "were really excited about the possibilities". Since 1986, the bank has raised about $60 billion Australian dollars from investors worldwide.

Should central banks around the world adopt blockchain in selling of bonds? In this way, capital for the bond can be raised and transacted more efficiently.

"Our goal is to continue to harness innovation for the benefit of markets and our mission of ending poverty and boosting shared prosperity". If this was the case, wouldn't all blockchain technology have fizzled out by now?

The CBA said it had found solutions to technical and legal issues to make the transaction work.

The World Bank issues between $50-$60bn annually in bonds for sustainable development. Now that the World Bank Group has given CommBank this mandate, it's all systems go.

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