Going back about a month from today, September 11th, the central bank of Thailand unveiled an IBM-powered blockchain platform dedicated to government savings bonds. This specific platform is notably the first of its kind in the world today. And now, as announced by IBM this last October 5th, Thailand’s central bank has sold more than $1.6 billion worth of saving bonds within just two weeks of the platform going live.
Furthermore, the central bank noted that bond issuance queue time was drastically reduced with the help of blockchain technology – from 15 days to-now 2 days. This significant increase in process efficiency has also resulted in much lower operational costs and fewer instances of redundant document validations for bond issuances.
Dispensing government savings bonds is considered a complex and lengthy process involving several varying parties and outrageously high operational fees. That being said, the bank of Thailand and IBM states that the utilization of blockchain technology rendered the process incredibly more comfortable and much easier.
Perhaps driven by its new platform’s success, Thailand’s central bank noted that it might soon expand the blockchain technology it uses to all other government-issued bonds for both wholesale and retail investors. On top of that, it has also been reported that the bank is looking into decentralized finance (DeFi) and smart contracts as viable options to power its future Thai digital currency.