The FundsChain Initiative 

At the World Bank, we put transparency and accountability at the forefront of our work. That’s why we’ve introduced FundsChain, our blockchain initiative that gives end-to-end traceability on development projects, so all project stakeholders, including development partners, borrowers, auditors, and end beneficiaries, can see where disbursements are going and how they are being used. The FundsChain initiative launched in September 2024 and is currently in the Pilot stage in partnership with a group of pioneering countries

Traditionally, monitoring and evaluating World Bank-funded development projects has been a challenging and time-consuming process involving many stakeholders with diverse processes that rely on and use different financial management systems to trace payments and keep custody of records. Additionally, when donors and auditors request these records, obtaining them from the project stakeholders has several challenges around tracking and collecting proof of payment of services and goods from suppliers, implementation expenses, and proof of benefits from the end beneficiaries.

With our cutting-edge blockchain solution, we are looking to revolutionize this process. Streamlining and automating it, our blockchain platform will enable seamless collaboration among all stakeholders, allowing users to easily submit and verify documents, including contracts and invoices. FundsChain will ensure transparency and traceability in financial management through the recording and tracking of transactions on our secure, permanent, accurate, and tamper-free blockchain platform.

With future scalability and tokenization features, our platform offers a robust solution for the flow of funds, from inflow to outflow. Through the power of our blockchain platform, all project stakeholders have greater access and real-time visibility of funds disbursed and can benefit from a single source of truth, fostering a new level of transparency and shared confidence.