Bank of Thailand (BoT) has launched the world’s first blockchain platform for issuing government savings bonds. The project was launched with the assistance of the technology giant IBM, said in a press release.

Within two weeks, BoT issued $ 1.6 billion in government bonds. IBM Cloud technology cut the process from 15 to two days. The efficiency provided by blockchain also reduces operational complexity and the overall cost of issuing bonds.

“In the past, the sale of government savings bonds was a complex, multiparty, time-consuming process that relied on a non-real-time system, with duplicated validation steps and manual reconciliation prone to data errors <…> Blockchain technology streamlines the processes of bond issuance for issuers, underwriters, registrars, investors, and key ecosystem participants,” the message says.

BoT plans to transfer government bonds to blockchain for retail and wholesale investors. Commenting on the launch of the platform, Vice President of the Thai division of IBM Patama Chantaruck noted that the success of the regulator in the implementation of the project is one example of how technology is changing the way enterprises work.

Earlier, BoT started work on a prototype of national digital currency. The solution should make payments more efficient for businesses.