BTC $43450.66 (5.54%)
ETH $3027.28 (7.95%)
USDT $1.00 (0.05%)
BCH $541.72 (5.22%)
BSV $153.95 (5.59%)
LTC $160.03 (5.72%)
BNB $376.84 (7.71%)
ADA $2.23 (11.5%)
DOGE $0.22 (10.0%)
BTC $43450.66 (5.54%)
ETH $3027.28 (7.95%)
USDT $1.00 (0.05%)
BCH $541.72 (5.22%)
BSV $153.95 (5.59%)
LTC $160.03 (5.72%)
BNB $376.84 (7.71%)
ADA $2.23 (11.5%)
DOGE $0.22 (10.0%)

Bank of Thailand Pilots Blockchain for Govt Bond Sales

Bank of Thailand Pilots Blockchain for Govt Bond Sales

The Bank of Thailand (BOT) has launched its DLT Scripless Bond project, which it claims to mark as the world’s first use case of blockchain application for the sales of government savings bonds.

Through the project, investors can now leverage their interest to receive bond sales less than 15 days of issuance through the Proof-of-Concept (POC).

This endeavor was accomplished in collaboration with several national organizations like the Public Debt Management Office, Thailand Security Depository (TSD), Thailand Bond Market Association, and other e-commerce giants including Bangkok Bank, Siam Commercial Bank, and others. The collaborators hope to drive innovative blockchain services not only in Thailand but to the world at large.

The project aims to successfully meet core business demands as well as obtain business values among clients while maintaining decentralization features and absolute peer-to-peer (P2P) instant services through the POC mechanism.

Right after this accomplishment, the initiative is keen to drastically increase the blockchain-based project’s efficiency, transparency, and security, while minimizing the operational costs. What is more, individual investors can trade bonds directly from their retail agents without a bank limit.

The Scripless Bond project plans to potentially develop Thailand’s market infrastructure purposely for government and security markets. BOT will manage and regulate bond sales in real-time with increasing competition among selling agents.

Aside from the above-mentioned innovations, BOT continues to implement and expand new infrastructural features with featured services to serve the demand of the overall stakeholders in the next phase.

Meanwhile, Thailand’s judicial system is also planning to use blockchain technology to store all of its court records come 2021.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.