World’s First Global “Blockchain Bond”

It’s called the “bond-i,” and yes, Aussies are involved.

The World Bank Treasury revealed last month plans to create the world's first ever global blockchain bond. To succeed in this historic endeavour, the organization mandated the services of the Commonwealth Bank of Australia (CBA).

CBA will operate as the sole arranger of the groundbreaking transaction developed with the support of investor consultants that included Northern Trust, QBE and Treasury Corporation of Victoria. The bond will be used to help the World Bank raise as much as US $73 million for its development goals.

Named “bond-i”

The bond has been named “Blockchain Offered New Debt Instrument” or “bond-i,” in reference to Sydney's Bondi Beach. The novel bond's blockchain platform was developed by CBA's Innovation Labs Blockchain Centre of Excellence, the team that last year tested Queensland Treasury Corp distributed ledger bond prototype.

“We know blockchain has the potential to revolutionize financial services and markets, and this transaction is a significant step towards that future state. By working collaboratively with the World Bank, we were able to find solutions to technical and legal considerations to make this ground-breaking transaction a reality,” said Head of Blockchain, Innovation Labs, CBA Sophie Gilder.

Once launched, bond-i's blockchain platform will be operated by the World Bank in Washington and CBA in Sydney. The architecture and resilience of CBA's system were reviewed by tech giant Microsoft who will also run the Washington infrastructure on its Azure cloud computing platform.

Meanwhile, in a statement released by CBA, the financial institution said that, for the time being, private Ethereum blockchain would be used for the project.

Full story at Interesting Engineering

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