German State Bank KfW Tested Blockchain App for Public Finance Management in Burkina Faso

The main German public bank, KfW, and the Burkina Faso Finance Ministry will test the application for a blockade for public finance management, according to a statement released on December 17.

KfQ, which ranked 2017 as the country's third-largest bank in total assets, also signed a contract with the Burkinabah government in June 2018, giving the country a $ 7m ($ 7.9m) loan to finance the zone. Water supply and sanitation.

According to a recent announcement, TruBudget, an open source application developed by KfW, will be tested in Burkina Faso in Africa over the next six months with the help of global consulting companies Accenture and BearingPoint.

The app will enable users to store and approve all contracts in the industry using blockchain in real-time. The Bank expects this will help reduce long-lasting manual processes and ensure proper use of funds.

According to KfW, the bank would normally open an office in the partner country to manage the risks. Joachim Nagel, a member of the KfW Executive Committee, believes blockchain can help oversee these remote processes:

"With TruBudget we create transparency in the interest of all interested and allow donors to use the funds safely, even directly through partner country structures."

As Cointelegraph often points out, global banks use blockchain to reduce paperwork, reduce costs, and reduce human errors.

For example, 26 French companies and five major banks conducted a knowledge-based customer testing (KYC) based on blockchain blockchain blockchain R3, completing a commercial paper transaction.

Finally, in December, Shinhan Bank, the second largest business bank in South Korea, announced the integration of the block-chain into its internal processes to avoid the risk of human error and improve efficiency. Total financial operation.


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