Sat, May 18, 2024

Bank of Thailand and IBM’s Blockchain Technology

Blockchain and new opportunities

On October 5, the Bank of Thailand launched the world’s first blockchain-based government savings bonds issuing a total of $1.6 billion within two weeks. This information comes from IBM. 

It is worth noting that, IBM is recognized as a leading enterprise blockchain provider. Interestingly, the company’s research, technical, as well as business experts broke barriers when it comes to transaction processing speeds. Moreover, they developed the most advanced cryptography to secure transactions, and provide millions of lines of open source code to advance blockchain for businesses. 

People should take into account that, since 2016 IBM worked with hundreds of clients to implement blockchain applications. Moreover, the IBM Blockchain Platform offers end-to-end capabilities that clients need to quickly activate as well as develop, operate, govern, and secure their own business networks. 

Blockchain technology and central bank Thailand and new opportunities

The platform developed by IBM has the potential to help the Bank of Thailand. Interestingly, the efficiency provided by blockchain also reduces operational complexity and the overall cost of issuing bonds. 

Importantly, IBM along with the Bank of Thailand collaborated with seven other institutions. The list includes the Public Debt Management Office, Thailand Securities Depository Co., Thai Bond Market Association, and four other banks. 

Moreover, the Bank of Thailand may soon extend the use of blockchain technology across all other government-issued bonds for retail and wholesale investors. 

This is not the end of the story and let’s have at another activity. The country’s central bank is pursuing smart contracts and decentralized finance use cases for its national digital currency. 

Central banks around the world should pay more attention to blockchain technology. As stated above, the Bank of Thailand launched the world’s first blockchain-based government savings bond issuance platform. The country’s central bank made the right decision. Moreover, central banks in Asia and elsewhere should join forces to explore the capabilities of this technology.

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