Money By Design presents smart tokenization concept at World Bank gathering
Money By Design, developer of a blockchain solution that allows organizations to authenticate and measure assets in a secure way, recently presented the concept of smart tokenization to experts in global transport, energy and digital development at World Bank headquarters in Washington, D.C. Representatives of the institution's blockchain lab also attended, according to a press release.
Olivier Rocca, CEO of Money By Design, told the audience that smart tokenization blockchain might help the World Bank optimize costs and operational processes involved in its work to provide aid to developing countries.
Money By Design presented a number of applications including:
- Financial solutions that allow an organization to measure and represent the monetary value of any material or immaterial asset. This could allow developing countries access to new means of financing that can be complementary to subventions and loans.
- Distribution accountability enabled by the traceability of currency flows on the blockchain at all levels of funds distribution. Money By Design architecture could allow an institution such as the World Bank to become a node of authority over blocks on its network.
- Inclusive finance made possible by a token that can be used as a means of payment in the real economy. Money by Design architecture would allow users in developing countries to make payments directly with debit cards or mobile phones, without the need for additional investments.
"Money by Design aims at building confidence and trust in sectors where institutions are regarded as insufficiently reliable and transparent," World Bank Senior Financial Analyst and Energy Expert Fabrice Bertholet said in the press release. "Establishing transparency, automation and traceability in transactions and currency flow management is a major challenge for development aid: directly by fostering funds sound management; indirectly by enhancing governance, improving business climate and attracting private investments."