RATE Group | Austrian Government to Notarize $1.3 Billion Bond Auction Using Ethereum
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Austrian Government to Notarize $1.3 Billion Bond Auction Using Ethereum

28 Sep Austrian Government to Notarize $1.3 Billion Bond Auction Using Ethereum

Posted at 02:01h in Ethereum News by

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The Austrian government is to use the ethereum blockchain to notarize the auction of a government bond worth €1.15 billion, or around $1.3 billion.

The Federal Government’s Finance Agency (OeBFA) has assigned banking giant Oesterreichische Kontrollbank (OeKB) to carry out the auction on its behalf on Oct. 2, according to a finance ministry announcement Tuesday.

The bank’s responsibilities will include deploying the notarization service to authenticate auction transaction data and subsequently store it on the blockchain, the agency explained.

A news report from Kleine Zeitung on Tuesday indicated that OeKB has confirmed that it will use internal IT resources to oversee the deployment, which will utilize the ethereum blockchain to store the data as hash values on the public network.

Angelika Sommer-Hemetsberger, member of the management board of OeKB, commented in the announcement:

“Blockchain technology offers great potential for increasing efficiency and ensuring the quality…

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