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World Bank Blockchain Report

Blockchain In Supply Chains - World Bank Group & Wise Workshop

Blockchain In Supply Chains - World Bank Group & Wise Workshop

Do you sell to large buyers? Trade across borders? Manage customs clearances? Make cross-border payments? Hype suggests blockchain will change how we do business across borders. How real is this hype? The World Bank Group and WISE are bringing government and business together to explore the reality of blockchain-based supply chains in Vietnam. The workshop will explore the regulatory and business environment in Vietnam to test if blockchain can be used to test sustainability claims, provide proof of origin, trigger payments, and reduce paperwork. It will show what is needed to prepare government policy and infrastructure for blockchain, and how the private sector could take advantage of these opportunities. Blockchain is a secure, shared and distributed ledger. As a peer-to-peer network, it reduces the need for intermediaries. It eliminates the duplication of efforts by creating a single shared ledger. It uses cryptography to ensure that each transaction recorded in the ledger is digitally signed, to reduce the potential for fraud. Join discussions to flesh out the policy/infrastructure/capacity questions around implementing blockchain in a business and government setting Share industry knowledge. The workshop will focus on agriculture and apparel but all actors are welcome. Connect with the project team to share your knowledge about related initiatives and approaches The workshop will support the World Bank's goal to implement a test pilot and publish an in-depth report on the use of blockchain in Vietnamese supply chains. Continue reading >>

What Blockchain Based Projects Is The World Bank Supporting Or Undertaking?

What Blockchain Based Projects Is The World Bank Supporting Or Undertaking?

Answered Jun 15, 2017 Author has 3.5k answers and 2.6m answer views The World Bank is working with Kenya to use blockchain technology for bond issuance. According to a new report , the World Bank is seeking to provide follow-up research to support a mobile phone-based bond issuance dubbed 'M-Akiba' through which the African country's government has so far raised $1.1m. The World Bank is working with several other government agencies, including the Capital Markets Authority and the Central Depository & Settlement Corporation (Kenya's central securities depository) as part of its capital markets work. The World Bank is apparently going into the technology with its eyes open: World Bank Report: Bitcoin is a 'Naturally Occurring' Ponzi A recently published World Bank policy research working paper on Ponzi schemes mentions bitcoin as a naturally occurring Ponzi, clarifying that it has nothing to do with deliberate Ponzi schemes , as some bitcoin critics have claimed. Kaushik Basu, World Bank economist and author of 'Ponzis: The Science and Mystique of a Class of Financial Frauds' points out that most Ponzis today are not always as obvious as in the past, being far more sophisticated and more difficult to identify. 297 Views View Upvoters Answer requested by Answered Jun 14, 2017 Author has 6.7k answers and 7.9m answer views Ive only heard of a mobile phone-based, blockchain-enabled bond sale. Which sounds pretty out there. You can read more here: i) On M-Akiba: the product itself has a few limitations which the Treasury is aware of: 1) having the Exchange and brokers between the Treasury and investors who charge fees; 2) issuing a segmented 3-year bond for which there is no obvious secondary market liquidity. The team has proposed to support them with market research on: a) Continue reading >>

Distributed Ledger Technology And Blockchain

Distributed Ledger Technology And Blockchain

Distributed Ledger Technology and Blockchain The financial sector is currently undergoing a major transformation, brought about by the rapid development and spread of new technologies. The confluence of finance and technology is often referred to as Fintech, typically describing companies or innovations that employ new technologies to improve or innovate financial services. Fintech developments are seen across all areas of the financial sector, including payments and financial infrastructures, consumer and SMElending, insurance, investment management, and venture financing. This note on distributed ledger technology (DLT) and blockchains is part of a series of short notes that explore new trends and developments in Fintech and analyze their potential relevance for WBG activities. Forthcoming notes in this series will cover marketplace lending, InsureTech, and other topics. This note outlines the mechanisms, origins, and key characteristics of DLT; the difference between public and private DLT; the technologys main advantages, challenges, and risks; relevant examples of DLT applications (with a focus on financial sector applications); and a brief overview of activities by governments, multilateral organization, and other stakeholders in this space. Finally, this note proposes next steps for the World Bank to study and evaluate areas where DLT could potentially be integrated into World Bank financial sector operations. Continue reading >>

Blockchain Lab To End World Poverty - World Bank Takes First Steps

Blockchain Lab To End World Poverty - World Bank Takes First Steps

The World Bank Launches Blockchain Lab to End World Poverty The worlds biggest international financial institution that provides financial and technical assistancehas launched a blockchain lab aimed at improving life in developing nations. Established in 1944, the World Bank Group is located in Washington,D.C., with more than 10,000 employees worldwide in over 120 countries. With more than one billion people living in poverty worldwide in addition toinequality rising in many developing nations, the World Bank set itself two goals to be reached by 2030: End extreme poverty by decreasing the percentage of people living on less than $1.90 a day to no more than 3 percent; and Promote shared prosperity by fostering the income growth of the bottom 40 percent for every country. Speaking at George Washington University, in 2013, Jim Yong Kim, the World Bank Group President, said that extreme poverty was the defining moral issue of our time . As a result, it was imperativethat the bank takesbold steps and not be afraid of taking smart risks that would support projects that could potentially change a country or region. So much so, that the World Bank has nowturned its attention to the blockchain to pilot projects that could improve social outcomes and governance in developing nations. In a report from CoinDesk, Denis Robitaille, vice president and chief information officer of the World Banks technology division, explained that the blockchain lab would work with its technology and non-profit partners to develop solutions that could be utilised. This could mean that blockchain use cases will soon be seen among the banks more than 80 client countries. It is envisaged that through the distributed ledger technology, eliminating poverty and improving peoples way of life will be achiev Continue reading >>

Blockchain And Emerging Digital Technologies For Enhancing Post-2020 Climate Markets (english)

Blockchain And Emerging Digital Technologies For Enhancing Post-2020 Climate Markets (english)

Blockchain and emerging digital technologies for enhancing post-2020 climate markets (English) Since its adoption in December 2015 by the 21st Conference of Parties (COP21), within the United Nations Framework Convention on Climate Change (UNFCCC), 175 countries to date have ratified the Paris Agreement. These countries have made commitments Nationally... See More + Since its adoption in December 2015 by the 21st Conference of Parties (COP21), within the United Nations Framework Convention on Climate Change (UNFCCC), 175 countries to date have ratified the Paris Agreement. These countries have made commitments Nationally Determined Contributions (NDCs), in some cases contingent on financing by developed countries, to limit or reduce their Greenhouse gas (GHG) emissions through a variety of measures including more significant deployment of renewable power, energy efficiency, land-use controls such as conservation of forests and grasslands, carbon pricing, and other measures compatible with each countrys national circumstances and capabilities. Even with full ratification of the Agreement by all 197 signatories, the aggregate effect is projected only to slow the rate of GHG emissions growth from the 24 percent increase, between 1990 and 2010, to an anticipated increase between 2010 and 2030 of between 11 and 23 percent. To foster higher ambition and sustainable development, and also encourage large-scale financing towards the most effective mitigation measures, Article 6 of the Agreement recognizes that countries may engage in cooperative approaches, including the use of internationally transferred mitigation outcomes (ITMOs) towards their individual NDC. In this new, complex and diverse environment, this paper aims to examine emerging digital technologies and architectu Continue reading >>

Blockchain: Opportunities For Private Enterprises In Emerging Markets

Blockchain: Opportunities For Private Enterprises In Emerging Markets

Blockchain: Opportunities for Private Enterprises in Emerging Markets IFC worked with key influencers and experts in the world of blockchain, distributed ledgers, and digital finance to create a series of six in-depth research papers examining the potential and perils of blockchain. These documents collectively examine the general contours and technology underlying blockchain, its growing impact in the financial services sector, and its implications for emerging markets. They also provide a regional analysis of blockchain developments in emerging markets, with particular attention paid to financial sectors, as well as a look at the implications and potential applications of blockchain beyond finance, especially with regard to global value chains. Blockchain is a new mechanism of trust that could bring significant productivity gains to multiple industries, from financial services to energy, intellectual property, the public sector, and beyond. Emerging markets in particular may be poised for a rapid adoption of blockchain due to their underbanked populations, higher banking risks, and lower bank penetration. Blockchain may be especially useful in mitigating the ongoing de-risking by financial institutions, a trend that is having a severe impact on recipients of remittances, businesses that need correspondent banking, and institutions that work in fragile and conflict states. Blockchains potential uses may carry beyond financial sectors, with possible benefits for global value chains that cross multiple borders and connect advanced and emerging economies. Blockchain has potential productivity gains for industries including finance, energy, intellectual property, public sector & more Emerging markets are poised to benefit from blockchain due to underbanked populations, hi Continue reading >>

Meet The Woman Who Got The World Bank Hooked On Blockchain

Meet The Woman Who Got The World Bank Hooked On Blockchain

Meet The Woman Who Got The World Bank Hooked On Blockchain World Bank President Jim Yong Kim meets with International Monetary Fund Managing Director Christine Lagarde and several leaders from the Inter-American Development Bank to talk about solutions for the developing world. Photo: MANDEL NGAN/AFP/Getty Rosanna Chans vision for distributed ledger technology was inspired by her own personal journey. The 38-year-old economist and founder of the World Bank Blockchain Groupwas born in Hong Kong, grew up in Australia, then spent several years living in both India and the United States. She fantasizes about a world with a magic ledger , where her drivers license, medical records and bank accounts could all be simplified into one international identity. Alyse Killeen, Rosanna Chan, and Rahilla Zafar at the Ethereal Summit in New York. Photo: Vincent Balestriere The world is increasingly made up of global citizens, and theres all these frictions that make it really hard. All these replications, Chan told International Business Times. In a world of blockchain, technically all this could be in just one space. Read: These Women Are Making Blockchain More Inclusive Over the past year, Chan grew the World Bank Blockchain Group to include around 60 employees, including managers and directors across various units. The goal is to consider blockchain solutions for a wide range of international development projects. CoinDesk reported the World Bank recently helped Kenya create mobile-only government bonds with blockchain technology. The mobile-only government bond , M-Akiba , reportedly launched in March for US $1.5 million. Blockchain land registries could also help avoid economic catastrophe in the wake of a natural disaster. For example, when the 2010 earthquake destroyed much of Continue reading >>

Why Nobody Noticed Blockchain Made The Republic Of Georgia World Top 10 In Ease Ofbusiness

Why Nobody Noticed Blockchain Made The Republic Of Georgia World Top 10 In Ease Ofbusiness

Why nobody noticed Blockchain made the Republic of Georgia world top 10 in Ease ofBusiness Last month (end October 2017), the coveted World Bank Doing Business report was released. If you do not already know about this report, it is a big deal. Vladimir Putin, for example, uses it as a benchmark of national progress . When I first opened this years release, two things immediately surprised me: The Republic of Georgia is the worlds 9th best place to do business. Blockchain is never mentioned in the report. I had a hunch Georgia would do well as they have been a leader in adopting efficient government reforms. I was not expecting this high a degree of success. I was also not expecting the report to leave out the crucial technology that likely propelled them to the front of the back. Screenshot of this years top tenranking How Georgia became one of the easiest places to do business. Lets be clear. We are not talking about the Georgia of sweet tea, peaches, and Coca-Cola. This is the Republic of Georgia. A former Soviet state with a GDP per capita of $3,854 last year according to the World Bank. This puts them just ahead of Algeria to be the 102nd wealthiest nation. The top spots on the Ease of Business Index seems to be reserved for OECD nations, suggesting a correlation with wealth. Norway, Singapore, Denmark, and the US are all found in the top 10. While it may seem Georgia crashed the party its ascend was not a fluke and deserves to be recognized. Ten years ago, in 2007, Georgia was ranked 37th. While still a respectable number, this put them in a basket with Saudi Arabia, Slovakia, Mexico, and Mongolia. At the time: Obtaining a license for a typical business activity cost 71% of the nations income per capita, took 17 different procedures, averaging 137 days. Imagine s Continue reading >>

Cryptocurrencies Are Like Ponzi Schemes, World Bank Chief Says

Cryptocurrencies Are Like Ponzi Schemes, World Bank Chief Says

The head of the World Bank compared cryptocurrencies to Ponzi schemes, the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin. In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but Im told the vast majority of cryptocurrencies are basically Ponzi schemes, World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. Its still not really clear how its going to work. The development lender is looking really carefully at blockchain technology, a platform that uses so-called distributed ledgers to allow digital assets to be traded securely. Theres hope the technology could be used in developing countries to follow the money more effectively and reduce corruption, Kim said. The value of cryptocurrencies soared in 2017 before slumping, with Bitcoin losing nearly two-thirds of its value since mid-December. While cryptocurrency technology has the potential to reshape global finance, concerns have been raised about its volatility and the potential for money laundering or other crimes. Nouriel Roubini discusses the downsides to cryptocurrencies and calls Bitcoin the "mother of all bubbles." In a speech this week, Bank of International Settlements chief Agustin Carstens said theres a strong case for authorities to rein in digital currencies because their links to the established financial system could cause disruptions. Federal Reserve Chair Jerome Powell has said that governance and risk management will be critical for cryptocurrencies. With assistance by Andrew Mayeda, Catherine Bosley, and Alessandro Speciale Continue reading >>

Blockchain & Distributed Ledger Technology (dlt)

Blockchain & Distributed Ledger Technology (dlt)

Blockchain & Distributed Ledger Technology (DLT) The rapid development and spread of new technologies has been significantly transforming the financial sector. The World Bank Group published the first fintech note that looks at Distributed Ledger Technology and Blockchain, and analyzes its potential relevance for international development. Fintech -- a relatively newly-coined term which combines 'finance' and 'technology' -- describes companies or innovations that use new technologies to improve or innovate financial services. What is a blockchain and a distributed ledger? Distributed ledgers (DL) use independent computers -- referred to as nodes -- to record, share and synchronize transactions in their respective electronic ledgers, instead of keeping data centralized as in a traditional ledger. Blockchain is one type of a distributed ledger. Blockchain and distributed ledgers are the building block of internet of value that enable economic interactions and transfer value peer-to-peer, without a need for a centrally coordinating entity. Value refers to any record of ownership of asset money, securities, land titles, etc. Distributed ledger technology (DLT) could fundamentally change the financial sector, making it more efficient, resilient and reliable. This could address persistent challenges and change roles of financial sector stakeholders. It could also potentially transform various sectors such as manufacturing, government financial management systems and clean energy. How will this technology affect international development efforts? Since this technology is still nascent, the World Bank Group doesnt have general recommendations about its use for international development. However, the World Bank Group is in dialogue with standard-setting bodies, governments, ce Continue reading >>

Distributed Ledger Technology (dlt) And Blockchain (english)

Distributed Ledger Technology (dlt) And Blockchain (english)

Distributed Ledger Technology (DLT) and blockchain (English) The financial sector is currently undergoing a major transformation, brought about by the rapid development and spread of new technologies. The confluence of 'finance' and 'technology' is often referred to as 'Fintech', typically describing companies ... See More + The financial sector is currently undergoing a major transformation, brought about by the rapid development and spread of new technologies. The confluence of 'finance' and 'technology' is often referred to as 'Fintech', typically describing companies or innovations that employ new technologies to improve or innovate financial services. 'Fintech' developments are seen across all areas of the financial sector, including payments and financial infrastructures, consumer and SME lending, insurance, investment management, and venture financing. This note on distributed ledger technology (DLT) and blockchains is part of a series of short notes that explore new trends and developments in Fintech and analyze their potential relevance for WBG activities. Forthcoming notes in this series will cover marketplace lending, 'InsureTech', and other topics. This note outlines the mechanisms, origins, and key characteristics of DLT; the difference between 'public' and 'private' DLT; the technology's main advantages, challenges, and risks; relevant examples of DLT applications (with a focus on financial sector applications); and a brief overview of activities by governments, multilateral organization, and other stakeholders in this space. Finally, this note proposes next steps for the World Bank to study and evaluate areas where DLT could potentially be integrated into World Bank financial sector operations. See Less - Continue reading >>

Distributed Ledger Technology Or Blockchain Services

Distributed Ledger Technology Or Blockchain Services

DISTRIBUTED LEDGER TECHNOLOGY OR BLOCKCHAIN SERVICES CLOSING DATE AND TIME:FEBRUARY 28, 2018 @ 5.00 PM EST The World Bank Group (WBG) invites interested parties to respond to a Request for Information (RFI) for distributed ledger technology or blockchain services. Through this RFI, WBG intends to identify parties that want to work on hands-on activities to discover and explore the possibilities of distributed ledger technology and / or blockchain services in the context of the worlds most pressing development challenges. Through this collaboration, WBG is providing an opportunity for interested parties to shape their own roadmaps with respect to these technologies and services by working with a large, mature, international organization. WBG recognizes the transformative potential of distributed ledger technology and blockchain, and is interested in better understanding what is currently available in the commercial market place. Through this RFI and the resulting collaboration with interested parties, WBG expects to develop use cases, prototype solutions, develop proofs of concept for new approaches and ideas. WBG hopes to incubate and scale the results of this experimentation to the greater benefit of the organization. WBG does not intend to award a contract based on this RFI or to otherwise pay for the information solicited. WBG reserves the right to defer or cancel the RFI without penalty. WBG expects the engagement to occur at no cost to the World Bank Group. The solicitation may be obtained by sending an email to the designated Category Manager, referencing the following information: A copy of the solicitation will be sent to organizations that have replied to and are eligible to receive this advertisement. All requests and questions regarding this solicitation sha Continue reading >>

World Bank Still Eyeing Blockchain

World Bank Still Eyeing Blockchain

It has been almost five months since the World Bank published its cautiously optimistic FinTech report on blockchain technology. New official documentation reaffirms that distributed ledgers are not quite ready for prime time but cautions against waiting for perfect solutions. The broader efforts of the World Bank Group (WBG) were again referenced in concert with distributed ledger technologies (DLT) in a press release yesterday , highlighting the WBG's continued interest in linkages between blockchain-based solutions and the mission of the WGB. Formed in 1945 to rebuild destruction wrought by World War II, the WBG has been working to reduce poverty, increase shared prosperity, and promote sustainable development around the globe ever since. To that end, the WBG provided roughly $59B USD to partner countries and private businesses in 2017 in the form of loans, grants, and other equity investments. A sixty-page report from the WGB in early December 2017, states DLTs have "the potential to redefine the relationship between government and the citizen in terms of data sharing, transparency and trust." Today's press release notes that "waiting for 'perfect' DLT solutions could mean missing an opportunity to help shape it," implying that the World Bank may be advocating for DLT-based solutions to be implemented sooner rather than later, and re-tooled over time in an effort at grooming a better solution down the line. One of the quieter supranational financial organizations regarding cryptocurrency and blockchain, the WBG's sideline commentary highlights one of the cryptospace's most significant challenges designing the next generation of DLTs that many believe will manage the value systems of the future, such as financial services, healthcare, and transportation. The WBG's a Continue reading >>

World Bank Launches A Blockchain Lab To Help Fight Against Poverty

World Bank Launches A Blockchain Lab To Help Fight Against Poverty

Agronoticias: Agriculture News from Latin America and the Caribbean World Bank launches a blockchain lab to help fight against poverty The institution is also viewing blockchain as a potential vehicle for building and restoring trust in institutions, which has fallen precipitously around the world in recent years. The world's largest multilateral development bank is launchinga blockchain lab as part of a bid to pilot projects that can improve governance and social outcomes in the developing world. The World Bank, based in Washington, DC, officially launched the venue Tuesday morning to serve as a forum for learning, experimentation and collaboration ondistributed ledger technology.The blockchain lab will now seek to bring together internal and external participants to work onblockchain use casesof significance to the bank's more than 80 client countries. This article is incomplete. Click here to read the full text from its original source, CoinDesk Photo Credit: deavmi via Wikimedia Commons (CC BY-SA 4.0) Continue reading >>

Blockchain And Emerging Digital Technologies For Enhancing Post-2020 Climate Markets

Blockchain And Emerging Digital Technologies For Enhancing Post-2020 Climate Markets

Blockchain and Emerging Digital Technologies for Enhancing Post-2020 Climate Markets Since its adoption in December 2015 by the 21st Conference of Parties (COP21), within the United Nations Framework Convention on Climate Change (UNFCCC), 175 countries to date have ratified the Paris Agreement. These countries have made commitments Nationally Determined Contributions (NDCs), in some cases contingent on financing by developed countries, to limit or reduce their Greenhouse gas (GHG) emissions through a variety of measures including more significant deployment of renewable power, energy efficiency, land-use controls such as conservation of forests and grasslands, carbon pricing, and other measures compatible with each countrys national circumstances and capabilities. Even with full ratification of the Agreement by all 197 signatories, the aggregate effect is projected only to slow the rate of GHG emissions growth from the 24 percent increase, between 1990 and 2010, to an anticipated increase between 2010 and 2030 of between 11 and 23 percent. To foster higher ambition and sustainable development, and also encourage large-scale financing towards the most effective mitigation measures, Article 6 of the Agreement recognizes that countries may engage in cooperative approaches, including the use of internationally transferred mitigation outcomes (ITMOs) towards their individual NDC. In this new, complex and diverse environment, this paper aims to examine emerging digital technologies and architectures that could be used to enhance and connect the heterogeneous climate actions across countries, thereby supporting post-2020 climate markets that facilitate the most cost-effective achievement of the highest possible ambition. Given the speed with which information technology, syst Continue reading >>

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