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.”