World Bank directs Commonwealth Bank of Australia to create first blockchain bond
The World Bank has mandated Commonwealth Bank of Australia to arrange the world's first blockchain bond.
The Kangaroo bond, referring to foreign bonds issued in Australia in the local currency, has been named bond-i, an acronym standing for Blockchain Offered New Debt Instrument. (It's also a reference to Bondi Beach, an iconic spot in Sydney.)
According to the institution, the bond will be the first in the world to be created, allocated, transferred and managed with blockchain technology. That tech, which underpins cryptocurrencies like bitcoin, refers to the distributed ledger technology that securely records all transactions made on the chain.
When launched, the bond will be both issued and distributed on a blockchain platform operated by the World Bank and CBA.
A private Ethereum-based blockchain is in use for the project as it has the necessary capabilities, but CBA said that it was open to other options in the future as the space develops.
I am not going to write too much about this. This is meant more as a "head's up" since this a nontrivial deal. They are using a private ethereum derivative chain. Unless there is some method which ethereum will be earning money from this, I don't think there's a direct cause for a price rise. However, it may be that there will be some "exuberance."
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