World Bank taps Australia's CBA for blockchain bond

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

Moreover, the bank's press release notes that bond-i will be the world's first bond to be "created, allocated, transferred, and managed" using distributed ledger technology (DLT).

The foreign bonds which are issued in Australia in its local currency is known as the Kangaroo bond. According to the statement of Common Wealth Bank of Australia, once the bond is launched, the Ethereum blockchain would be look into its issuance and management.

The bond is alleged to be using the Ethereum blockchain. Leveraging solutions like Azure and data centers suggests the current implementation of bond-i probably isn't entirely decentralized - a trend often frowned upon in blockchain circles. The move to push blockchain technology into banking comes from the fact that CBA intends to start settling equities trades from 2020 for cost-cutting, according to Reuters' report.

It is expected that once launched, the bond will be issued and distributed on a blockchain platform operated by the World Bank and CBA in Washington and Sydney, respectively. World Bank has stated that Microsoft, the global tech giant ensured a proper validation of the operational "capabilities, security and scale" of Ethereum.

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Investors' indicative interest in the blockchain-exclusive debt instrument "has been strong", the World Bank added, picking Australia's CBA for the endeavor in seeking to streamline and simplify trading and capital raises.

A media release on CBA's website states "This collaboration built on the longstanding partnership between the two organisations, with the World Bank's 70-year track record of innovation in the capital markets and CBA's globally recognised Blockchain Centre of Excellence combining to deliver the project successfully".

"We believe that this transaction will be groundbreaking as a demonstration of how blockchain technology can act as a facilitating platform for different participants."

He has also mentioned that the technology will also "enhance regulatory oversight".

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As part of its mandate to reduce poverty and promote lasting development, the World Bank annually issues between $50 billion and $60 billion in bonds for sustainable development.

"This is at the heart of the World Bank's Innovation Lab-and this pioneering bond is a milestone in our efforts to learn how we can advise our client countries on the opportunities and risk that disruptive technologies offer as we strive to achieve the Sustainable Development Goals".

Called "bond-i", the debt issuance already has input from investors including Northern Trust, QBE Insurance and Treasury Corporation of Victoria.

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