Bank of Thailand leverages IBM blockchain for Government Savings Bonds

Bank of Thailand (BOT) launched the world's first blockchain-powered platform for government savings bonds.

The bank has issued a total of USD 1.6 Billion of government bonds within the two weeks. Also, the bank is leveraging the IBM blockchain platform powered by the IBM Cloud.

VP for Indochina Expansion and MD of IBM Thailand, Patama Chantaruck, said, "Bank of Thailand's success with the government savings bond project is the latest example of how blockchain technology can redefine the way businesses operate by simplifying complex processes resulting in fast, transparent, secured and efficient multiparty collaboration. IBM is proud to bring our world-class blockchain platform and IBM Cloud to support Bank of Thailand, and work side-by-side with them in achieving this important milestone for Thailand's financial industry."

Blockchain technology enables bank to streamline government bond distribution among stakeholders. The distributed ledger technology also enabled banks to faster bond issuance to investors, decreased workloads, and processing time for issuers, underwriters, and registrars.

Due to IBM Blockchain technology, the whole process from bond issuance for issuers, underwriters, registrars, investors, and key ecosystem participants is now streamlined with greater transparency and reduced operating costs across the entire value chain, notes the announcement.

Bank of Thailand also intends to leverage blockchain technology for other government bonds with retail and wholesale investors.