BIS Calls for Blockchain-Based Sustainable Finance Solutions
The Bank of International Settlements (BIS) is urging the development of blockchain-based technologies to support the sustainability of the finance sector. The newly announced COP28 initiative aims to find innovative solutions for sustainable finance using blockchain and artificial intelligence (AI).
New Initiatives with UAE and Emirates Institute of Finance
The COP28 initiative will be developed in collaboration with the Central Bank of the United Arab Emirates (UAE) and the Emirates Institute of Finance. The partnership aims to leverage blockchain and AI to achieve their sustainability goals.
BIS Seeking Blockchain-Based Finance Solutions
The BIS is calling for the creation of blockchain-based sustainable finance solutions through the COP28 UAE TechSprint. The initiative aims to address data verification issues in the finance sector and encourages the use of AI in solution development.
Focus on Green Changes
The BIS recognizes the potential of Web3 technology in driving green changes. The institution seeks to utilize blockchain technology to promote sustainable finance solutions.
Three Key Problems to Solve
The COP28 initiative focuses on solving three key problems:
- Using AI to strengthen verification measures
- Utilizing blockchain for auditing and transparency
- Leveraging the Internet of Things for risk assessment
BIS General Manager’s Statement
BIS General Manager Agustin Carstens emphasized the urgency of combating climate change and the need for transformative changes in economies. He highlighted the importance of technologies that enable timely measurement and disclosure of climate-related information.