A newly announced blockchain-backed system could transform development lending

With debt crises unfolding all over the world, a new effort is underway to deploy technology to improve lending to developing countries.

The project, announced Tuesday by Bank for International Settlements (BIS) Innovation Hub head Cecilia Skingsley at an Atlantic Council conference, will bring together the International Monetary Fund, World Bank, and BIS in an effort to “tokenize”—or apply blockchain technology to—World Bank development aid. The aim is for the technology to help speed up cross-border settlements and make development aid safer, protecting secure information.

The project may also make it easier to guarantee that the aid is fully compliant with regulations against money laundering and the financing of terrorism.

 
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