Bank For International Settlements Advocates Blockchain-Driven Sustainability At COP28 UAE TechSprint

Key Points:

• The Bank for International Settlements (BIS) collaborates with COP28 Presidency and the Central Bank of the UAE to launch the COP28 UAE TechSprint, focusing on sustainable finance and climate change solutions.
• This global initiative seeks blockchain-based innovations for auditing and improving transparency in sustainable finance, inviting worldwide developer participation with a stipend of AED 45,000 (approx. US$12,000) for selected teams.

The Bank for International Settlements (BIS) has joined hands with the COP28 Presidency and the Central Bank of the United Arab Emirates (CBUAE) to unveil a groundbreaking initiative known as the COP28 UAE TechSprint. 

The effort that will go down in history as a game-changer is called the COP28 UAE TechSprint, and it was launched by the Bank for International Settlements (BIS), in collaboration with the COP28 Presidency and the Central Bank of the United Arab Emirates (CBUAE). The focal point of this initiative lies in harnessing the potential of cutting-edge technologies such as artificial intelligence, blockchain, Internet of Things (IoT), and sensor technology. These innovative tools are seen as key enablers in scaling up sustainable finance and fostering climate resilience.

One of the standout aspects of the COP28 UAE TechSprint is its call for blockchain-based solutions. In particular, it seeks to leverage blockchain technology to revolutionize the auditing process and enhance transparency, traceability, and accountability within the domain of sustainable finance. This move underscores the growing recognition of blockchain’s potential to drive positive change in the world of finance and environmental sustainability.

As part of the program, technical staff are encouraged to submit proposals addressing one or more of the specified problem statements. The submission window is open until October 6, 2023, providing ample opportunity for creative minds to contribute their expertise.

Teams with promising solutions will have the chance to further develop their projects, with each selected team eligible to receive a stipend of AED 45,000, approximately equivalent to US$12,000. This financial support reflects the commitment of the COP28 UAE TechSprint and Bank for International Settlements to incentivize and reward innovation in the pursuit of sustainable financial solutions.

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