NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, October 27, 2016

On October 17, 2016, international development consulting firm Chemonics and technology company BanQu established the Blockchain for Development Solutions Lab. The lab represents the first concerted effort by a development company to build, test, and scale blockchain solutions to reduce poverty and increase aid effectiveness.

“Blockchain technology represents a game-changing opportunity to alter the pace, scale, and impact of development and humanitarian assistance. Chemonics is excited to partner with BanQu, a blockchain technology company that shares our passion, values, and commitment to delivering meaningful change around the world, to test new applications for this technology,” said Josh Leland, director of Corporate Partnerships at Chemonics, who will manage the new Blockchain for Development Solutions Lab.

Blockchain is rapidly emerging as one of the most important technological innovations of the 21^st century. Best known as the technology underlying the digital currency bitcoin, blockchain is a digital ledger that enables users to transfer digital assets cheaply, safely, and transparently without having to rely on a traditional intermediary, such as a bank, to verify or execute transactions. Blockchain can facilitate the cheap and safe transfer of virtually any asset, not just digital currencies.