A NEW SMART BL;OCKCHAIN
Feb 25, 2024
Intro of the news
Intro of the news
Bangladesh’s push towards a Digital Bangladesh is gaining momentum as the country continues to integrate blockchain and other emerging technologies into its infrastructure. The Digital Bangladesh Vision 2021, which aims to build a knowledge-based economy, is central to this transformation. Blockchain technology is being adopted in various sectors, from finance to governance, as part of the nation’s National Blockchain Strategy. This strategy is set to guide the seamless adoption of blockchain in key areas such as financial transactions, smart contracts, and public services, ensuring increased transparency and efficiency.
The financial sector is at the forefront of this digital transformation, with blockchain-based solutions for cross-border payments and letter of credit settlements already being piloted by leading banks, such as Standard Chartered and HSBC. Furthermore, the Bangladesh government is expanding digital infrastructure, creating smart cities, and providing high-speed internet access in rural areas, making emerging technologies more accessible to a wider population.
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Financial Sector Adoption: Several financial institutions, including Standard Chartered Bank, Prime Bank, and HSBC, have initiated blockchain-based projects, particularly in areas like Letter of Credit settlements and remittances.
Digital Infrastructure Expansion: The Bangladesh Computer Council (BCC) has been instrumental in enhancing ICT infrastructure, establishing projects like the National Data Center and expanding internet connectivity to remote regions.
Integration with Emerging Technologies: Efforts are underway to incorporate technologies such as artificial intelligence, the Internet of Things, and big data analytics, aiming to improve governance, healthcare, and other public services.
“ Blockchain's decentralized and immutable nature allows for real-time tracking and reduced risks of fraud, streamlining processes like document verification and cross-border payments. ”
Miranda H. Halim
Alongside blockchain, Bangladesh is embracing other cutting-edge technologies like artificial intelligence (AI), IoT (Internet of Things), and big data to enhance services across sectors like healthcare, agriculture, and education. These technologies enable smarter governance, efficient resource management, and improved public service delivery, ultimately driving economic growth. As Bangladesh continues to prioritize technological development, the integration of blockchain and emerging technologies positions the country for a more innovative and inclusive future, aligning with global trends in digital transformation.
