Palau Introduces Blockchain-Based Savings Bonds Courtesy of Soramitsu
The Government of Palau, together with Soramitsu-a worldwide leader in blockchain-and METI of Japan, has introduced a prototype of blockchain-based savings bonds that aim at improving domestic investments into infrastructure projects of Palau.
Digital Bond for Empowering Citizens
This new initiative, now coined “Palau Invest,” is to give citizens an easily accessible method to invest in much-needed infrastructure development while earning yields. With this system, it has been possible for citizens to invest in housing, roads, and public facilities. The project is built on SORA v3 Hub Chain, using the technology of Hyperledger Iroha 2.
Supporting Growth in the Global South
“Palau Invest” is part of the Japanese “Global South Future-Oriented Co-creation Project,” whereby Japan is aspiring to contribute to emerging economies with the help of its technology. The partnership with Soramitsu can form an example of how committed Japan is to influencing innovation and growth in regions like Palau.
Economic Impact on Palau
President of Palau Surangel Whipps, Jr. regards it as such a priority initiative that can spur job growth, increase business opportunities, and give birth to a more robust economy. In return, this would deliver fresh opportunities to people themselves for investments that they actually need to revitalize their economic environment.
Public Demonstration Phase
A public demo phase of the blockchain-based savings bond system has been launched in order to introduce the platform to citizens well in advance. In due course, bonds will be made available through a mobile app, which will facilitate the participation of Palauan citizens in national investments through their smartphones with much more ease.
Soramitsu Gaining Traction
This, therefore, was another milestone in blockchain-related matters that Soramitsu had taken. The company had earlier been involved in the introduction of blockchain-based financial systems in the Asia-Pacific region and was notably indicative in central bank digital currency projects in Cambodia and Papua New Guinea.
With this kind of financial technology, the future of the Palau economy certainly looks bright, with investments starting to be witnessed within the local economy.
