The World Bank entered the technology with the launch of the Blockchaink Lab.
The world’s largest multilateral development bank is setting up a blockchain lab as part of feasibility and pilot projects. This can improve social and regulatory outputs.
The World Bank has formally designated Tuesday morning meetings as a time to learn, gain experience, and exchange and collaborate on blockchain technology.
The World Bank is currently seeking domestic and foreign partners to work on the important capabilities and uses of blockchain for the bank’s customers in more than 80 countries. Major areas include land and real estate registration, digital identity, aid distribution and financial infrastructure.
Trust in institutions has declined sharply in recent years. New research by Edelman shows that only 15% of people are confident that the goal of existing systems in their country is to help them, and this percentage reached its lowest level in 2016.
Sebastian Molins, the World Bank’s Director of Finance and Global Markets, believes that blockchain potential not only applies to individual cases such as the payment system, but can greatly transform the financial system in developing countries.
Source : Iran Blockchaink Laboratory