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Thailand’s Central Bank Rolls Out First-Of-Its-Kind Govt Bonds On IBM Blockchain

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The entire globe is steering towards digitalization. The mass adoption of blockchain technology stands as substantial proof. Over the past few months, several countries have been seen embracing the technology as a few others continue to jump the bandwagon. The latest news from Thailand reveals that the country has been taking a huge leap in the same direction.

Thailand Collaborates With IBM

A recent press release shared by the multinational American company, IBM, highlights its latest collaboration with the central bank of Thailand. The Bank of Thailand reportedly rolled out a blockchain platform on which government savings bonds worth about $1.6 billion were issued. The government saving’s bond issued on IBM Blockchain is reportedly the first of its kind.

The IBM blockchain has been around for quite some time and has lured in prominent clients. IBM’s latest venture with the Thai central bank aims to deliver faster bond issuance services. Usually, bond issuance takes about fifteen days, however, with the incorporation of the IBM blockchain, the Bank of Thailand could deliver this service in just two days.

The VP for Indochina Expansion and MD of IBM Thailand, Patama Chantaruck commented on the platform’s latest collaboration. She 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,”

Furthermore, the incorporation of blockchain tech for issuing bonds not only speeds up the process but also deteriorates the cost involved in issuing the same. The press release further suggested that the speedy and cost-efficient process now allows Thai investors to buy bonds up to the maximum value. However, keeping in mind the individual earmarked quota from a single bank. After this dipping its toes into blockchain tech, the central bank is reportedly gearing up for the expansion of blockchain to several other government bonds. Both, retail and wholesale investors are said to be the top priority of the bank.

The entire process of developing this blockchain-based bond issuance system involved about eight entities, namely, ‘Public Debt Management Office, Thailand Securities Depository Co., Ltd, Thai Bond Market Association, and selling-agent banks, including Bangkok Bank, Krungthai Bank, Kasikorn Bank, and Siam Commercial Bank, with IBM Blockchain as technology and cloud platform partner.” The Bank of Thailand was certainly one among the aforementioned entities.

Pointing out the capabilities of IBM blockchain, Chantaruck further added,

 “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.”

IBM launches ‘Rapid Supplier Connect,’ a Blockchain Solution to Fight COVID-19 Critical Goods Supply Chain Shortages

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IBM recently announced the launch of IBM Rapid Supplier Connect, a blockchain-based network designed to support healthcare organizations and government agencies to quickly identify and bring on board non-traditional suppliers who have volunteered to address the shortage of equipment, medical supplies needed for COVID-19 relief efforts.

The network is also designed to help speed up the screening and on-boarding process for new vendors, plus it can monitor surplus inventory and help decide where it should best be used. Rapid Supplier Connect is accessible to qualified buyers and suppliers in the United States and Canada at no cost until August 31, 2020.

Suppliers, buyers, hospitals, and many others are joining the network at the present. Northwell Health New York’s largest healthcare provider, responsible for more than 800 hospitals in New York State, has joined the Rapid Supplier Connect blockchain network. And the Worldwide Supply Chain Federation has also joined the network, bringing in over 200 American suppliers from its 3,000 members of the global community.

Phyllis McCready, VP, and chief procurement officer at Northwell Health said

“Northwell Health has had adequate supplies to protect patients and our staff during the increase in New York COVID-19 patient cases,”  He added, “It is through creating our own GPOs and supply chain, and joining forces with non-traditional suppliers that we have maintained an adequate stockpile of PPE and other equipment and supplies, so we are pleased to join IBM Rapid Supplier Connect.”

As the COVID-19 threat spreads, a true insight into a complex and uncertain supply chain is never easy with challenges from the present situation. IBM Rapid Supplier Connect is developed in conjunction with Trust Your Supplier Blockchain-based Identity Platform designed by Chainyard, IBM’s own Supply Chain, and Sterling Inventory Visibility Services. Project N95, Dun & Bradstreet, RapidRatings, KYC SiteScan, and Thomson Reuters will also support the platform with other functionalities.

Last month, together with other leading players such as Amazon, Google, and Microsoft, IBM launched the “Covid-19 High-Performance Computing Consortium” to pool an ‘unprecedented’ amount of computing power to ‘help researchers better understand Covid-19, its treatments, and potential cures everywhere.’

Is Stellar (XLM)’s Partnership with IBM Dead in the Water Now?

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Earlier this year, an IBM top official disclosed details concerning IBM’s new cross-border settlement solution, World Wire and its significant relationship with Stellar (XLM) blockchain.

According to IBM’s Vice President for blockchain solutions, Jesse Lund, the international tech company’s new product allows payments to be transferred to anywhere in the world in a precise and straightforward way.

“users will be able to send transactions from anywhere in the world to any corner of the world. This new operation is supposed to be as simple as sending an email.”

During the IBM Think 2019 Conference that was held in February, the blockchain VP played coy with details while being interviewed with Fred Schebesta’s Daily Exchange keeping the media guessing on the full details of the new partnership between IBM and Stellar Lumens.

“I will be giving a keynote speech at a major event in Singapore with my partner Jeb McCaleb (Stellar founder). We will be talking about our special announcement, the product, and what benefits are installed for all parties.”

The American multifunctional information technology leader IBM announcement of its payment platform based on the Stellar Lumen protocol, also known as IBM Blockchain World Wire, managed to onboard six international banks that were to launch their stablecoins in the platform.

Importance of IBM Blockchain World Wire

In the current world, we live in, cross-border money transfers that include remittances make up a significant percentage of the global economy. According to information published by the World Bank in 2016, migrants across the world transferred about 574 billion US dollars to their loved ones back in their home countries.

Despite these statistics, current global money transfer providers have not put in place adequate measures to satisfy the growing demands of individuals sending their monies back at home. Today, banks and financial institutions still have inefficient processes that involve many go-betweens for both the clearing and settlement of these payment transactions.

At present, transferring money across borders is not only time-consuming but also costly when using established financial institutions and banks. IBM’s Stellar Lumens (XLM)-powered World Wire strives to take advantage of the current situation and make money transfer across borders a seamless process that requires little effort from users charging them a small affordable fee.

What is IBM Blockchain World Wire?

Announced on 18th March, IBM World-Wire is a global platform that strives to regulate financial institutions in clearing and settling cross-border settlements in real time. IBM’s Blockchain General Manager Marie Wieck defined the new platform as:

“We have developed a new type of payment platform that is designed to speed up and transform remittances and cross-border payments to enable the transfer of money in countries that need it the most. By developing a platform that allows financial institutions to support multiple virtual currencies, we expect to spur financial inclusion and innovation globally.”

IBM Blockchain World-Wire is tailor-made for efficient and easy international settlements, remittances, and foreign exchange that automatically integrates payment messaging, clearing and payment of funds on a unified platform.

This platform aims to do away with the function of banking and financial institutions intermediaries to cross-border payment options, thus reducing the cost of transactions and time taken the transaction speed.

The IBM Blockchain World-Wire is developed on Stellar’s open blockchain platform that operates as the backbone of their cross-border payment solution. Stellar’s platform allows World Wire’s cross-border payment facilities to take place in near real-time using virtual currencies as a bridge coinage. At the moment, it is believed that transactions are done on this platform take around 5 to 10 seconds to be completed.

Future of IBM Stellar Partnership after the Departure of IBM’s Vice President for Blockchain Solutions Jesse Lund

The future of this promising project seems to be on limbo following the departure of some of the brains behind the project. Apart from Jesse leaving the company, news sources also disclose that IBM’s Global Lead on central Bank Digital Currency, Stanley Young, is also exiting the stage.

Stanley’s departure from the company represents a big blow to the Stellar partnership raising high concerns that the future of World Wire might have come to an end.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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