The World Bank has ordered the issuance of a blockchain bond through the Commonwealth Bank of Australia (CBA), which is "the world's first."

This marks the beginning of some of the world's most influential financial institutions to use blockchain technology to improve their products.

The Commonwealth Bank of Australia has developed a blockchain-based system using a proprietary Ethereum blockchain. The Blockchain Offered New Debt Instrment (bond-i) will be issued by the World Bank in Washington.

The project is led by the World Bank, which is seeking to use blockchain technology to improve its way of issuing bonds around the world.

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