The World Bank is creating a blockchain-based bond, which marks a clear move on the part of the global bank to use blockchain technology to improve its offerings. The product will be created through Australia’s Commonwealth Bank (CBA), which has already developed a blockchain-based system, using a private Ethereum blockchain. The Blockchain Offered New Debt Instrument (bond-i) will be issued by the World Bank in Washington. The World Bank is looking to use blockchain technology to improve the way it issues bonds around the world. The CBA will be the sole arranger for bond-i, the first global bond to use distributed ledger technology. World Bank issues around $60 billion in bonds every year for sustainable development and it said the move aims to explore the use of blockchain technology across different operations. The bond-i was designed and developed by the CBA Innovation Lab’s Blockchain Centre for Excellence.
