Banking on Blockchain: World Bank Unpacks Launch of 'BONDI' Bond With Australia's CBA

It's been close to 10 years since Bitcoin came into existence, and in that time, major financial institutions have slowly come to grips with blockchain technology and cryptocurrencies.

The technology underpinning these decentralized digital currencies has been a major focal point, mainly in terms of how it can be used by traditional banking and financial institutions.

Thus Morgan Stanley has leveraged blockchain technology to process transactions and backup internal data.

The benefits of the technology have also been used by global auditing firms like PwC, Deloitte and KPMG. In August, the World Bank announced that it was launching the first-ever blockchain-based bond, through the Commonwealth Bank of Australia.

The move is the latest and most significant by a global banking company, as it marks a shift toward the use and understanding of the possibilities of blockchain systems.

Why blockchain, why Commonwealth Bank of Australia? Cointelegraph: How long has this blockchain-based bond been in development and why the Commonwealth Bank of Australia in particular was chosen to develop this platform?

Lastly, the market: The World Bank has been issuing debt in Australia for a long time.

PS: We had quite a few preliminary conversations with various technology firms in the second half of 2017, but none quite resonated in the complete sense that I've given you for Australia.

World Bank and cryptocurrencies PS: The bank is considering developing an official line in that regard, and we do not have one at this time.

We think there is considerable promise for these technologies to help that part of the world which is presently unbanked or has little access to financial services.