Australian Commonwealth Bank plans to issue bonds on the blockchain

Commonwealth Bank of Australia — Australia’s largest financial conglomerate, has announced plans to issue bonds with a system based on the blockchain in the next year.

According to the ZDNet, Sophie Gilder (Gilder Sophie), head of development of blockchain at CommBank, said that the bonds will be transferred and paid into the system on the basis of the blockchain in cooperation with an unnamed major international Issuer.

At the GMIC conference, Sydney, held on Tuesday, Gilder said the Bank was studying the possibility of using blockchain technology for more than four years and completed 25 proofs-of-concept, and tests aimed at solving business problems. She also added that CommBank is considering the technology of the blockchain for stock, bonds, syndicated loans and other applications, where it is believed there is a high level of «market friction». Gilder said:

«We believe the platform we have created will make these areas more efficient.»

Earlier this year it was reported that CommBank is developing a system based on the blockchain for the sale of state bonds. The concept was tested by a Corporation Queensland Treasury Corporation is the Central financing body of Australia.

Other financial institutions also to use the technology of the blockchain for the issuance of bonds. In October this year, the national settlement Depository of Russia, said that he produced his first bond using the blockchain. The first company which placed its bonds on the blockchain became «the Megaphone». The developer of a decentralized platform on the blockchain Hyperledger Fabric 1.0 has become NSD.

In the fall of 2016, the French Bank BNP also announced
that studying the technology for making tools, known as mini-bonds.

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