The World Bank is one of the most important financial organizations in the world. This institution is currently testing blockchain technology, and it seems to be successful on it. This taking in consideration that it is being made, at least, for the development of bonds.
The World Bank pays the name of the United Nation’s two foreign exchange. Together, it provides both financial and technical assistance to many developing countries. The aim, of course, is to alleviate poverty and to bring about a standard of living for all. Below, more information about the World Bank.
Blockchain bonds are gaining popularity
The management of the organization announced that, on August 16, and with maturity set for August 2020, it increased its kangaroo bond’s fund by an additional 50 million AUD (about 36 million USD). This bond is fully running on blockchain technology. The World Bank further claims that this is the first bond ever to be created, allocated, and managed using Distributed Ledger Technology (DLT). This type of “distributed accounting book” serves as a unique database that spans a certain number of computer devices or nodes. Each of them then replicates and stores an identical copy. However, it makes all the updates for each kind of node independently.
Expected future projects
This initiative is the latest addition to the World Bank’s blockchain platform called Bond-i. In particular, with three leading companies involved: the Commonwealth Bank of Australia (CBA), RBC Capital Markets, and TD Securities (TD). Increasing the interest in the investor community is the main initiative goal. This bond platform enables faster, more efficient, and of course, more secure transactions. It could also be said that this is a pilot project. In the future, the World Bank is planning to use DLT technology on several projects.
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