The Bank of Thailand and IBM broke new ground and launched the blockchain-based savings bond. The new blockchain-based system has reduced both costs and transaction time, while eliminating potential confusion.
The Central Bank of Thailand (BoT) announced that they have started using blockchain technology for savings bonds. Announcing the successful implementation of the blockchain-based platform, the Central Bank of Thailand stated that a total of $ 1.6 billion worth of bonds were sold without any problems in 2 weeks. Upon the success of the blockchain-based platform, the Central Bank of Thailand aims to include all other government bonds for both retail and institutional investors in this system.
Blockchain Based Platform Has Many Advantages
The benefits of running savings bond sales on a blockchain-based platform can be listed simply as follows:
- Processing time is shortened.
- Transparency, one of the main features of blockchain technology, provides an atmosphere of trust.
- Costs are minimized in the operating process.
- The workload is distributed equally among the stakeholders and the burden of the officers running the business is reduced.
In the past, savings bond sales were conducted manually, in a multi-layered manner, and the system was prone to a lot of confusion and inaccuracies. Benefiting from the highly secure IBM Cloud supported blockchain technology, the platform allowed investors to make transactions much faster.
Processes that took 15 days in the past were reduced to 2 days thanks to blockchain technology. In addition to shortening the time, minimizing the potential complications that may arise with the blockchain and reducing the cost in general were among the goals.
IBM: At This Step, We Are Proud Of Being By The Bank Of Thailand
IBM Thailand General Manager Patama Chantaruck expressed his thoughts on the blockchain-based system IBM implemented hand in hand with BoT. Chantaruck said the Bank of Thailand’s blockchain-based savings bond project is the latest example of how blockchain technology is facilitating complex processes.
Saying that IBM offers the first class blockchain system and IBM Cloud to support the Central Bank of Thailand, the general manager expressed that they are proud to be in cooperation with BoT on this important step for the Thai financial industry.