The Bank for International Settlements has issued a request for sustainable finance solutions based on blockchain technology

To help identify blockchain-based solutions for sustainable finance, the Bank for International Settlements has launched a COP28 effort.

The Bank for International Settlements has begun a program to encourage the development of sustainable financial solutions based on blockchain technology, AI, and IoT.

The United Arab Emirates is leading the effort since they are the current COP28 president. The BIS, together with the UAE Central Bank and the Emirates Institute of Finance, is developing it.

Developer teams are being put to the test at the COP28 UAE TechSprint to discover answers to problems with data verification in sustainable finance.

Investors want assurance that their money will be used properly in order to finance the necessary change. He went on to explain that one element of the answer may be found in technologies that facilitate the prompt measurement and publication of information relevant to climate change. The project identifies three major assertions of the issue that it intends to solve.

In the first place, it promotes the use of AI in the financial sector to improve reporting, verification, and disclosure systems. The second is that it highlights the promise of blockchain technology for auditing and improving transparency, traceability, and accountability in sustainable financing. Finally, it promotes the use of sensor technologies and the Internet of Things in sustainable finance to guarantee accurate evaluations of effect, risk, or compliance.

In a statement, Dr. Sultan Al Jaber, who will be the next president of COP28, confirmed this vision. He said, “Tackling climate change requires financing that is available, accessible, and affordable. By incorporating advanced technological solutions that promote the development of sustainable finance standards and instruments, we can help build investor confidence and make sure that capital gets to those who need it most.”

The initiative has designated October 6 as the last day for developers everywhere to submit their proposals. The TechSprint winners will be revealed on December 4 at a COP28 UAE event. From November 30th to December 12th, COP28 will be held at Expo City Dubai, United Arab Emirates.

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