Using blockchain technology, the project aims to build a platform for transparent electronic transactions between the government departments and businesses. The project would also facilitate new methods for storing and verifying information as part of the move towards a digital economy, according to the announcement.
The new tool is intended to aid the bank in various areas of its business, including investments, project monitoring, procurement, electronic contracting and supply chain.
The first phase of the project is expected to be carried out by the end of this year or by the start of 2018, the release adds.
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