Bank of China produced on a bond blockchain platform for the amount $2.8 billion

At the beginning of December, 2019 Bank China (Bank of China), one of the largest national banks Asia, produced on to blockchain platform the bond for the amount $2.8 billion. For release of the digital certificates confirming the property right, formation of groups of underwriters and documentary confirmation of transactions it was used own a blockchain system of bank. Bank of China claims that it is the first system of accounting of the bond emission based on a blockchain in the country.

Bonds on the basis of a blockchain were issued within the state program on support of small business. The bank stated that it completed pricing and issue of two-year bonds which will go on sale with an interest rate for the coupon of 3.25% per annum. According to the organization, as of September, 2019 Bank of China already granted loans of $57.7 billion more than 410,000 small and the microenterprises.

Bank of China, one of the largest national banks of Asia, produced on a bond blockchain platform for the amount $2.8 billion

A number of key players in the financial sector of China also uses blockchain technology, and bond issue on a blockchain is even more often tested by financial institutions. In 2018 the Industrial commercial bank of China, the world's largest bank by the amount of assets, also began to offer factoring services small and averages to the enterprises, using the blockchain platform. In November, 2019 the Northern Trust deposit bank and the Singapore company BondEvalue held joint testing of a blockchain for tokenization and trade in bonds.

Earlier Bank of China reported that it increases expenses on researches in the field of financial technologies, including in the field of a blockchain. The bank also expressed interest in researches of cloud computing, Big Data and artificial intelligence. It is known that the organization is going to spend more than 1% of an annual income for these purposes.^[1]

Notes