The Bank of Thailand, the country’s central bank, has issued $1.6 billion worth of government savings bonds on IBM Blockchain.

The news was announced Monday by IBM, which said the central bank’s blockchain-based platform was launched only two weeks ago and it helps reduce the time and cost of issuing bonds.

Previously, the issuance process took 15 days, and now it takes just two days. As for cost, IBM said all parties — issuers, underwriters, and registrars — benefit as blockchain reduces operating and reconciliation costs.

The blockchain-based platform acts as a “real-time single source of truth for network participants, which minimizes the redundant validation and reduces the costs of reconciliation,” said IBM.

IBM collaborated with several parties for the effort. The Bank of Thailand, Public Debt Management Office, Thailand Securities Depository Co, and Thai Bond Market Association, as well as four banks — Bangkok Bank, Krungthai Bank, Kasikorn Bank, and Siam Commercial Bank, participated.

The Bank of Thailand now plans to utilize blockchain for all other government bonds targeting both retail and wholesale investors, said IBM.

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