Blockchain Technology Current Affairs

Bondi: World Bank launches world’s first blockchain bond

The World Bank launched world’s first public blockchain bond named bond-i created, allocated, transferred and managed by using blockchain technology. Bond-i is an acronym standing for Blockchain Offered New Debt Instrument and also refers to tourist famous Bondi Beach in Sydney, Australia. Funds raised from this bond will go towards sustainable development initiatives.

Bond-i

Bond-I is Ethereum blockchain bond denominated in Australian dollars, making it Kangaroo bond (referring to foreign bonds issued in Australia in local currency). World Bank had chosen Commonwealth Bank of Australia (largest bank in Austria) was chosen as sole arranger for this bond.

The bond has two-year maturity and had raised Australian $100 million (US$73.16 million) after its issuance. It was issued and distributed on blockchain platform that runs on an on private Ethereum network managed and operated by CBA and World Bank. Funds raised through it will go towards endeavours tied to World Bank’s Reconstruction and Development division for sustainable development initiatives.

Background

World Bank has often been at forefront of financial innovation. It had issued the first globally traded and settled bond in 1989 as well the first electronic bond in 2000. The launch of blockchain operated bond is of part of World Bank’s broader strategic focus to harness potential of latest technologies. It had established Blockchain Innovation Lab in June 2017 to understand impact of blockchain and other disruptive technologies and harness their potential applications.

Blockchain Technology

Blockchain is decentralized incorruptible digital ledger for storing data across peer-to-peer network. It decentralizes information without it being copied. Information is held on blockchain through shared database which can be accessed on real-time basis. This database is not stored on physical servers but on cloud, which makes it easy to store unlimited data.

Blockchain technology is not controlled by any single entity and has no single point of failure. It is transparent and incorruptible. It is kind of self-auditing ecosystem of digital value and blockchain network automatically checks every transaction that happens in it.

The most popular application of technology so far has been cryptocurrency. But it is not limited to, financial transactions and can be also used in smart contracts, supply chain management logistics, sharing economy, crowdfunding, governance, file storage and date management and Internet of Things (IoT).

Month: Categories: International Current Affairs 2018

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Telangana, Tech Mahindra ink MoU for India’s first Blockchain District

Telangana State Information Technology, Electronics and Communication department (ITE&C) signed Memorandum of Understanding (MoU) with Tech Mahindra to launch India’s first Blockchain district. The MoU was signed at International Blockchain Congress 2018 held in Hyderabad.

Blockchain district

It will be centre of excellence, incubator and process development for emerging technology with innovative infrastructure and facilities to foster growth of Indian blockchain start-ups and companies. Tech Mahindra as its founding member will provide platform and technology assistance to all incubators in it. It will also empower accelerators to develop and solve market problems across its global customer ecosystem. Telangana ITE&C Department will provide regulatory and policy support to enable and promote Blockchain growth both in India and globally.

Significance

Blockchain district will be global talent hub which can help to unlock value of blockchain technology in democratising data and solving big scale world problems. It is also huge step in reskilling and right skilling workforce of the future. It will provide an opportunity for blockchain ecosystem in India to collaborate and work towards building a blockchain district in Telangana and transforming India as the blockchain capital of the world.

Blockchain Technology

Blockchain is decentralized incorruptible digital ledger for storing data across peer-to-peer network. It decentralizes information without it being copied. Information is held on blockchain through shared database which can be accessed on real-time basis. This database is not stored on physical servers but on cloud, which makes it easy to store unlimited data.

Advantages

Blockchain technology is not controlled by any single entity and has no single point of failure. It is transparent and incorruptible. It is kind of self-auditing ecosystem of digital value and blockchain network automatically checks every transaction that happens in it.

Applications

The most popular application of technology so far has been cryptocurrency. But it is not limited to, financial transactions and can be also used in smart contracts, supply chain management logistics, sharing economy, crowdfunding, governance, file storage and date management and Internet of Things (IoT).

Month: Categories: Science and Technology Current Affairs - 2018

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