The world Bank prepares to issue the first bonds in the blockchain for a total amount of $73 million. According to Reuters, the first operations with securities are due on 28 August.

Earlier this month the world Bank was chosen as the organizer of the issue of Commonwealth Bank of Australia (CBA). The experiment aims to test the possibilities of blockchain technology in the modernization of the long-standing practice of sale of bonds. Australia is a good testing ground for such initiatives, thanks to its developed financial infrastructure and the fact that the Australian dollar is one of the most traded currencies in the world.

Debt instrument, bringing the owner 2,251-interest income, was named bond-i and a fully functioning private sidechained Ethereum. In addition, the blockchain helps to automate the issuance of the bonds, regardless of the number of stakeholders. Platform for the issue of securities has developed a blockchain-lab CBA.

“Traditional bond issue with the need to play some manual steps into something that instantly happens online,” said General Manager CBA James wall (James Wall).

The bonds will be sold to public investors, which distinguishes the project from other similar, mostly tested in the private market. The world Bank considers the transaction as part of a campaign to increase the resilience of markets worldwide, and the elimination of poverty. To this end, the organization each year produces bonds totaling from $50 to $60 billion.

Recall that in late July, the CBA has conducted a successful test of block chain system to track global traffic in which from Australia to Hamburg were sent 17 tons of almonds.