World bank blockchain working group

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WATCH RELATED VIDEO: Blockchain. Central Bank Digital Currencies, Cryptocurrency and the future of money

Blockchain and Distributed Ledger Technologies DWG

Download Charter document. Trust is a key requirement of the modern-day digital economy. In most current applications, trust is delegated out to a third-party who acts as a type of Trust Authority. This provides a degree of assurance to participating applications because they can verify information through the Trust Authority.

Dependency on a centralized trust authority however carries some risk, should the centralized trust authority become compromised and suddenly become unavailable. To address this risk, a new trust paradigm based on Distributed Ledgers has recently emerged.

Distributed Ledgers are collections of replicated, shared and synchronized digital records that are stored across multiple sites that are geographically spread. An example of a DLT is Blockchain, which is a digital ledger of records arranged into linked chunks of data called blocks.

The blocks are linked together through a hashing function that provides cryptographic validation on those records. This charter defines the role of the DWG within the OGC, Blockchain and Distributed Ledger Technologies communities and allows for an open forum for the discussion and presentation of interoperability requirements, use cases, pilots, and implementations of OGC standards in this domain.

At present, there are several DLT services and networks available. There is however no standard for how those DLT should encode geospatial information such as locations, coordinates and coordinate reference systems.

The various DLT have therefore implemented ad-hoc geo encoding approaches. This situation is likely to lead to a problem of limited interoperability between information held in different DLT networks. Limited interoperability typically has the effect of higher costs for users because of limited options for data exchange.

Furthermore, the risk of information loss increases when there is limited interoperability between systems. By far, the most widely cited application of blockchain technology is in the finance sector where it can be used as a cryptocurrency as shown by Bitcoin and Ethereum. However, other application areas are gaining popularity too, demonstrating the utility of blockchain in non-financial sectors.

Blockchain has been used in a variety of applications, for example cryptocurrencies, land registration, and justice. In each of these application areas, location can play a key role. For example, the location of transactions can determine what taxes apply, the location of the boundary of a property forms the basis of its registration, and the location where evidence is discovered in a crime scene can have an impact on judicial proceedings.

Recognizing the role that location can play in applications of blockchain, the OGC initiated a review of DLT and blockchain. The review was initiated within the OGC Technology Trends activity, which has been set up to continuously provide analysis of technology trends and advise on their potential impact of current and future OGC standards.

The discussion paper has identified case studies of blockchain implementation in the following geospatial-related areas:. The discussion paper also identified related standardization initiatives by the following organizations:. Although this group will not be the platform for creating new standards, it will be the platform to discuss and understand any issues, concerns, or barriers to interoperability to ensure that geospatial data and other forms of location-referenced information can be used effectively within the wider Blockchain and DLT communities.

It is being chartered by the following members and individuals with extensive education and experience in blockchain, distributed ledger technologies and OGC web services security issues, namely:.

Membership will be open to those with an interest in blockchain and wider DLT. Active membership is defined by regular member contributions of material or participation in DWG meetings and discussions. This DWG is being established to address geospatial interoperability challenges within the blockchain and wider DLT communities. The group will facilitate discussion of the requirements that define different exchange methods, encodings in blockchain records and architectures to ensure that location-referenced information that is based on open standards can also be used within blockchain and other DLT.

Initial activities will include:. Define any areas for standardization and create necessary Standards Working Groups to address the gaps in the OGC standards baseline. Explore the potential for an interoperability pilots and testbeds that help define geospatial architectures that benefit from Blockchain and other DLT. Some of the issues that need to be addressed by the DWG include the encoding of geospatial information and metadata in DLT. Without improvements to standardization in this area of DLT, the problem of limited interoperability will become an obstacle for growth.

Without user education activities that reach the wider DLT community, there is a risk of slow uptake of geospatial standards within that community. Understand implementation barriers for the broader use of geospatial data in distributed ledger technologies and document them in a way that can guide future project work. Identify interfaces and information encodings that complement the existing OGC standards, but are tailored to the requirements of the DLT community. Identify use cases where efforts to streamline data transfer and exchange requirements result in a net gain for the community by broadening the usefulness of geospatial data in Blockchain and other DLT.

Monitor the practices of domains and DWGs with similar objectives and problem sets, and recognize potential for sharing and collaboration between domains and DWGs. The Blockchain and DLT DWG will concern itself with technology issues related to blockchain and other DLT so that geospatial data and services can be more effectively represented in DLT, and the means by which those issues are appropriately factored into the OGC standards development process.

The mission of the Blockchain and Distributed Ledger Technologies Domain Working Group is to enable the OGC as a community to improve its understanding of distributed ledger technologies, their use cases, applications and opportunities for geospatial standardization; review and assess the impact of distributed ledger technologies on the OGC standards baseline.

The role of the Blockchain and Distributed Ledger Technologies Domain Working Group is to serve as a forum within OGC for distributed ledger technologies issues; to present, refine and focus interoperability-related issues to the Technical Committee; and to serve where appropriate as a liaison to other relevant industry, government, independent, research, and standards development organizations active within the distributed ledger technologies domain.

Hobona, G. Search form Search. Initial activities will include: 1. Identify and define use cases 2. Discuss encryption and security implications of Blockchain and other DLT 4. Explore issues of Trust and Proof-of-Location 5. Explore Smart Contracts technology 6. Define the supporting infrastructure for the community to achieve these goals.

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World Bank Prices First Global Blockchain Bond, Raising A$110 Million

Great opportunities for enhancing financial services by fostering the use of. Guidelines and roadmap on how to embrace these technologies in. The guide is being issued in the framework of the Fund's endeavours to promote awareness of the requirements for developing Fintech industry and supporting digital financial transformation efforts in Arab countries. The guide aims to provide policy directions on how to adopt these technologies in the financial sector, how to employ them properly, the related pre-requisites; thereby improving the efficiency of financial and banking services and enhancing support for digital financial transformation and financial inclusion efforts. The guide elaborates on the various types of Distributed Ledger Technologies DLT and blockchain, clarifies common myths and misconceptions about them, highlights their governance methodologies, and the initiatives of different countries in adopting these technologies and how to formulate national strategies. The guide also addresses Distributed Ledger Technologies DLT and blockchain applications in the financial sector, and how to overcome the implementation challenges. In this regard, the guide provides multiple sets of recommendations and roadmap with a range of action plans and considerations when these technologies are applied at the local level.

DLTs in agriculture through intergovernmental working groups and multi-stakeholder platforms, developing of the global workforce (World Bank b). For.

What Are the World Bank's Blockchain-Based Bonds?

The two-year bond will rely on real-world money: Australian dollars. Washington: The World Bank is taking a step into the brave new world of digital finance to sell the first-ever bond to be issued entirely using blockchain technology, the bank announced on Friday. The technology is most often associated with cryptocurrencies — like bitcoin — which often raise suspicion about their reliability and volatility, as well as their use for criminal purposes. But because there as yet is no central bank-backed digital currency in existence, the two-year blockchain bond will rely on real-world money: Australian dollars. He said use of blockchain could improve transparency, since it is public, and cut down on transaction time since the bonds eventually will be exchanged instantaneously for cash. Never miss a story! Stay connected and informed with Mint.

Central bank digital currencies

world bank blockchain working group

Blockchain technology, which emerged in in parallel with the bitcoin cryptocurrency out of an assemblage of pre-existing technologies, is now set to transform government operations and services through the unique means by which it fills trust gaps or replaces traditional trust anchors between transacting parties to enable complex forms of inter-personal and organizational trust, coordination and collaboration that are driving economic and social value. The public sector has become a principal area of application, in which governments and other actors have announced hundreds of use cases all around the world. Notwithstanding this widespread interest and the opportunities for digital transformation that blockchain technology presents, the actual implementation of blockchain technology in the public sector has remained limited. Previous studies have highlighted several adoption barriers such as lack of regulation, security, and privacy concerns, insufficient and lack of interoperable infrastructure, lack of information about operational costs, inefficient and energy-costly transactions, the need for value-driven transitions in administrative processes, and the absence of effective governance models.

Washington, D.

World Bank Issues Second Tranche of Blockchain Bond Via Bond-i

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.

EU Blockchain Observatory and Forum names members to core Working Groups

JavaScript is currently disabled. This website is best viewed with JavaScript enabled, interactive content that requires JavaScript will not be available. There is a lot happening in the area of payments and financial market infrastructure that I could speak on today. But as this is my last speech before retiring from the Reserve Bank at the end of the year, I thought I would focus on the development that has generated the most discussion, conversation and debate in the nearly 10 years that I have spent as Head of Payments Policy at the Bank. And that is the emergence of distributed-ledger technology, cryptocurrencies and stablecoins, and the prospective emergence of central bank digital currencies.

MAS is the central bank of Singapore. Our mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre.

Indicative investor interest in bond-i blockchain operated new debt instrument has been strong. The World Bank and CBA expect to launch the transaction following a period of consultation with a broader set of investors. Blockchain has the potential to streamline processes among numerous debt capital market intermediaries and agents.

Download Charter document. Trust is a key requirement of the modern-day digital economy. In most current applications, trust is delegated out to a third-party who acts as a type of Trust Authority. This provides a degree of assurance to participating applications because they can verify information through the Trust Authority. Dependency on a centralized trust authority however carries some risk, should the centralized trust authority become compromised and suddenly become unavailable. To address this risk, a new trust paradigm based on Distributed Ledgers has recently emerged.

Articles - and earlier: Download Excel file. The Capital Letter: Week of August

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The note explores the potential of smart contracts to spur economic development and financial inclusion around the globe. In the fall of we posted a state-by-state summary of smart contract legislation which included an overview of legislation passed in Arizona, Tennessee and Vermont, as well as an update on legislation pending in other states at the time. Over the past few years, a multitude of states have tackled smart contract legislation with varying degrees of detail and success. Most state smart contract legislation has fallen into three broad categories: formation of exploratory committees, recognition of basic smart contract concepts and comprehensive treatment of smart contracts and related technologies.

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