The world of finance is rapidly changing, looking for innovative solutions to create greater efficiency, transparency, and security. Project Promissa, an innovative initiative leveraging blockchain technology, is poised to revolutionize how multilateral development banks (MDBs) manage promissory notes. Digitizing and streamlining the entire process promises to make that happen. This...
Project Promissa is a joint initiative between the BIS Innovation Hub, Swiss National Bank and the World Bank. This new program would be a big step toward changing that mindset and fundamentally improving the way we use promissory notes. This program serves as the proof-of-concept platform for tokenized promissory notes....
Imagine this: A small village in sub-Saharan Africa desperately needs a new schoolhouse. The money is committed, the contracts are expected to be in place. Months wear on, the rainy season arrives, and work ceases to a halt. Why? This cumbersome, opaque system of promissory notes—the foundation for most of...