Austria to Apply Ethereum For Issuing Public Bonds

October 1, 2018

The Austrian Federal Government's Finance Agency (OeBFA) has appointed Oesterreichische Kontrollbank (OeKB), one of the country’s major banks, to be in charge of holding an auction of government bonds to the tune of $1.35 billion. The bank is going to apply Ethereum blockchain technology to issue the securities.

Its responsibilities will include deploying identification system for auction transaction data and storing them as hash-functions in public blockchain network.

OeKB chairwoman Angelika Sommer-Hemetsberger has commented on the issue:

“Blockchain technology offers great potential for increasing efficiency and ensuring the quality of bank processes. Therefore, we have been dealing with this topic intensively for some time now and have already tested several prototypes. Starting the real operation on behalf of OeBFA is a pleasing and logical next step”.

The head of OeBFA Markus Stix called this the first step towards blockchain adoption in internal financial operations and added he sees this technology as “economic policy focus” in future.

Note that the auction is to be held on Tuesday, October 2.

In addition, this August saw the Australia’s Commonwealth Bank issuing its blockchain bonds t the amount of $81 million.

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