The Central Bank of Thailand (BoT) has deployed a blockchain platform designed to issue government savings bonds based on IBM Cloud technology.
Within fourteen days of the launch, the regulator sold more than $1.6 billion in bonds, according to IBM.
Using blockchain technology, the bond issue time has been reduced from fifteen to two days and the process has increased efficiency, which has allowed the institution to reduce operating costs and shorten approval times.
In the near future, BoT officials plan to expand the use of the technology to other government-issued bonds for retail and wholesale investors.
Earlier in June, the Thai regulator announced the launch of digital baht testing. The bank plans to use its digital currency for transactions with the Hong Kong Financial Authority next month.
