The Thailand government is quite progressive when it comes to adopting nascent technology like blockchain, which is evident from its recently announced blockchain program for government bonds' issuance. The program was announced on 11th September by the Bank of Thailand to offer government savings bonds via a blockchain-based platform.
IBM is the technology partner for the platform, and it recently announced the program's success as bonds worth $1.6 billion were sold within a week of the launch. The use of blockchain technology ensures a fluid system of distribution and ensures efficiency given issuance of government bonds has been historically known to be a complex, time-consuming process.
Patama Chantaruck, vice president for Indochina Expansion and managing director of IBM Thailand, commented on their association with the Thailand government and said,
"Bank of Thailand's success with the government savings bond project is the latest example of how blockchain technology can redefine the way businesses operate by simplifying complex processes resulting in fast, transparent, secured and efficient multiparty collaboration."
IBM to Help Government Expand Use of Blockchain
The success of the blockchain platform has paved the path for the government to expand the decentralized tech's use in the issuance of all kinds of bonds. The first use of the tech has proven to decrease complexity and workload. The official press release by IBM read,
"IBM is proud to bring our world-class blockchain platform and IBM Cloud to support Bank of Thailand, and work side-by-side with them in achieving this important milestone for Thailand's financial industry.”