Bonds, with the help of the blockchain on the Ethereum platform, will be issued for an amount of $1.35 billion in Austria.
Securities will be issued at an auction, which will be held on October 2, Tuesday.
The issue of debt obligations will be led by representatives of Oesterreichische Kontrollbank (OeKB). This is the largest bank in Austria, whose assets are about $26 billion.
Employees of the bank will issue bonds of the Federal Agency of the country for financing and monitor the processes of notarial verification through the blockchain.
According to OeKB, this is the first time that a notarial verification for a federal auction will be conducted on the blockchain.
The use of technology should improve the security of transactions and significantly reduce the associated costs, believes the managing director of the state treasury Markus Styx.
In general, the Austrian government is positive about new technologies. The Ministry of Finance even plans to develop strategies to ensure that the blockchain brings the maximum benefit to the country, as journalists quote the head of the department, Hartwig Leger.
Meanwhile, the municipality of the Austrian capital is actively implementing distributed ledger technology.