Australia’s Biggest Bank Launches World’s First Blockchain Bond With World Bank
Australia has maintained a Blockchain-friendly position with its government-backed exploration of Blockchain technology for various applications. Now, it is getting ready to issue the world’s first Blockchain bond upon being mandated by the World Bank.Australia to Create Distributed Ledger BondsThe Commonwealth Bank of Australia (CBA) will reportedly create, allocate, transfer and manage the bond using Blockchain technology. The $AUD Kangaroo bond, named “bond-i”, will be delivered on a private Ethereum blockchain being utilized by the World Bank and CBA in Washington and Sydney, respectively. The Blockchain platform has been designed and developed by the CBA Innovation Lab’s Blockchain Centre of Excellence and an independent review of its technical architecture, security and resilience has been conducted by Microsoft.The initiative is a part of the World Bank’s mandate to reduce poverty and promote development, as a part of which, it issues bonds worth US$50-US$60 billion annually for encouraging sustainable development. The
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