The BIS Innovation Hub released a report on Project Promissa, a proof of concept that explored tokenizing promissory notes. The main participants in the project were the Swiss center of the BIS Innovation Hub, the Swiss National Bank (SNB) and the World Bank, with the IMF observing.

The trial used Digital Asset’s Canton blockchain.

The trial found that tokenizing the promissory notes had four key benefits. Firstly, by using a blockchain as a single source of truth, it eliminated the need to reconcile the separate records of the ministry and the development bank. Secondly, replacing wet signatures with multiparty signatures radically speeds up events such as encashing the note. The timescale compressed from weeks to seconds. Thirdly, given the activities relating to the promissory notes are only shared between the relevant parties, privacy is preserved. Finally, each party has full control over their own activities in relation to the promissory notes.