ADB wants Bangladesh to harness blockchain technology

The Asian Development Bank (ADB) has urged Bangladesh to introduce the blockchain technology, with a view to further promoting the country's growth.

The technology helps achieve zero-cost financial transaction, low-cost database service and also ensure secured bookkeeping procedure.

Blockchain is a digitised public ledger. It is a safe and open method to store informational data. The process allows keeping data in consecutive blocks like a chain. The recorded data is permanent and unchangeable.

Manmohan Prakash, ADB's country director of Bangladesh Resident Mission, said, "Blockchain is a cutting-edge high-level creative technology that can revolutionise many areas of modern life by improving transparency, accountability and efficiency in service delivery, governance, finance sector, industries, trade and other areas."

He was addressing a two-day international conference organised by the ADB's Bangladesh Resident Mission at the Bangabandhu International Conference Centre in the capital on Sunday.

The conference aims to unleash the potential of Bangladesh for Blockchain applications. 

Manmohan Prakash said through this conference, the lending institute wants to introduce the blockchain technology, inspire dialogues among stakeholders, and identify areas where the technology can be used to unleash the growth potential of the country. 

Bangladesh is earning around $16.4 billion in remittance from 1.2 crore expatriates. If this workforce is trained properly, Bangladesh can earn more than $100 billion in remittance every year, he added.

Finance Minister AHM Mustafa Kamal inaugurated the conference as chief guest while Dr Tawfiq-e-Elahi Chowdhury, prime minister's adviser for power, energy and mineral resources affairs, was present as special guest.

Mustafa Kamal said, "As the fourth industrial revolution is knocking at the door, we have to emphasise new technology and innovation and upgrade the level of skills for human resources.

"Bangladesh will be a poverty-free country by 2030. After 2030, no one will be able to find anyone deprived of food, clothing and accommodation."

Within the next five years, Bangladesh will enter an era of double-digit growth, Kamal added.

Dr Tawfiq-e-Elahi said Bangladesh can reduce complexity in land management using blockchain technology.

Experts from Australia, India, Sweden and the USA attended the conference along with policymakers, senior officials, private sector leaders and technology experts from Bangladesh.