One of the largest Australian banks, the Commonwealth Bank (CBA), has issued a public bond through the blockchain technology n the 10th August in partnership with the World Bank

Both of these institutions will use a private Ethereum blockchain, as a result of its large and active community. 

CBA states that it remains open to other similar plans in the future. Microsoft has conducted a thorough review to ensure the blockchain‘s architecture, security and flexibility. 

The A$100 million deal between the two banks will settle on August 28 and will yield a 2.251 percent return. Bondi (Blockchain Operated New Debt Instrument) is said to be a milestone for the participants. 

According to the World Bank situated in Washington and CBA in Sydney, the blockchain possesses valuable potentials to intermediaries and agents. It could raise capital and trading securities and also improve the efficiency and regulatory oversight. 

James Wall, the Executive General Manager of CBA, believes the bond will serve as a demonstration of how facilitating the blockchain technology is. It will additionally aid to grow the efficiency of financial solutions and deal with global poverty. 

The blockchain is scheduled to issue bonds worth of $50 billion annually to promote sustainable development. Bondi was developed in CBA Innovation Lab‘s Blockchain Centre of Excellence. With the help of the World Bank which has been operating for 70 years the project will be fulfilled successfully. 

In 2017 The Commonwealth Bank became the first government entity to issue a prototype designed for Queensland Treasury Corporation implementing the capital markets blockchain platform. 

Not only that, but the Australian government is participating in numerous projects using the blockchain and cryptocurrency to enhance data security and transparency. One of them is the Sustainable Sugar scheme to track the origin of sugar supplies in the country. It has received a grant of A$2.25 million. 

Since last year the Australian Securities Exchange (ASX) has been working hard to utilize the blockchain technology and replace the outdated system dealing with equity transactions. The project will be completed by 2010.

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