“End poverty, get back to trust”: The World Bank launched a chain-chain lab

nnnThe World Bank has officially launched a chain-chain laboratory as a forum for learning, testing and collaborating on the development of distributed books. The block-chain lab will gather inside and outside the participants to develop case-block use cases that are meaningful to more than 80 national clients. And to land registration, digital identity, relief and financial infrastructure as the core areas. The project comes from customer needs and global trends, but the bank will be able to participate properly by understanding its risks and potential.n
nnTranslation: Annie_Xun
nThe world’s largest multilateral development bank will launch a chain-chain laboratory to carry out pilot projects to improve the management and social status of developing countries.n
nThe World Bank (World Bank) in Washington officially launched a laboratory as a forum for learning, testing and collaborating on the development of distributed book technology. The block-chain lab will gather inside and outside the participants to develop case-block use cases that are meaningful to more than 80 national clients.n
nThe core areas are land registration, digital identity, relief payments and financial infrastructure.n
nTrust and povertyn
nDenis Robitaille, vice president and chief information officer of the World Bank’s technology department, said at the lab’s inauguration ceremony that the goal of the lab was to explore and build with the nonprofit technology partner to develop a proof of concept that could be applied.n
nAt present, more and more countries are beginning to explore the block chain, the laboratory will be committed to let the banks become the ideological leader in this field. Plans to understand the block chain and related security, legal and policy implications.n
nBank officials stressed that these pillars are extremely important for banks to eliminate extreme poverty and improve global standards of living.n
nThe bank will also use the block chain as a tool to build and restore the credibility of institutions to reverse the recent rapid decline in the trend of the world. Edelman’s new study found that only 15% of people trusted the system of their own country, and in 2016 the agency’s department’s reputation was reduced for the first time.n
nSebastian Molineus, director of global practice for banking finance and marketing, says the real potential of the chain is not just a single use case, such as paying, but reshaping the entire financial infrastructure of developing countries.n
nMolineus said:n
nn”This is not just a temporary pop, or people abstractly talk about things, but real, you can slowly penetrate our development work.”n
nproject source n
nMolineus says labs come from the fundamental needs of bank employees, customers and stakeholders, as well as the escalation of R u0026 D in other multilateral agencies’ distributed books (DLT), such as the United Nations.n
n”One of the surprises is that private sector bank customers often ask us more information, guidance and ‘mind partners’,” said Susan Starnes, director of supply chain and trading solutions at a department of the World Bank, International Finance Corporation. Want to know how to deploy block-chain technology in their respective fields. “n
nBank officials have stressed the potential to believe that block chains improve institutional transparency and streamline processes.n
nn”What really attracts me is that we can really track every dollar our development partners offer to members.”n
nnHe continued to emphasize that the increase in project loan efficiency and transparency could significantly improve project outcomes.n
nArunkma Oteh, vice president and chief financial officer of the bank, said that the use of block-chain technology as a structured financial instrument allows banks to issue bonds at a lower cost in the capital market and raise funds so that they can be paid to developing countries at a lower interest rate Project loan.n
nUnderstand the risksn
nHowever, banks want to understand the potential challenges and shortcomings of block-chain technology.n
nRandeep Sudan, a digital strategy and government analysis consultant for banks, calls for a moderate attitude towards the chain chain and must use its potential benefits in the light of the risks.n
nHe said that environmental and energy consumption issues must be considered, especially the World Bank is sensitive to climate change and environmental factors.n
nSudan enumerates the use of electricity in special currency mining, mining is the process of negotiating transactions, rewarding participants.n
nn”These are particularly sensitive to energy projects, obviously must be in the use of the technology, thinking about the impact of energy consumption.”n
nnSudan raised other concerns, such as the EU’s “forgotten rights” given to consumers, and quantum computing that could break the encryption technology in the future.n
nStarnes stressed that the block chain must be accompanied by appropriate understanding, training and value system in order to play its full potential as a development tool.n
nn”We realize that as long as there are new technologies, new processes or new developments, regardless of their size, the success of individual systems and innovations depends largely on accompanying manual processes.”n

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