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Best Bitcoin Card for Burkina Faso

The Kreditanstalt für Wiederaufbau (KfW) would like to focus more on blockchain technology in the future. Accenture’s blockchain expertise and BearingPoint’s business know-how will help it to do this. A six-month pilot project is now starting in Burkina Faso.

As the German development bank KfW announced on 18 December, around EUR 9.7 billion was invested in supporting projects in developing and emerging countries in 2017. In the future, the Bank would also like to commit itself sustainably to the blockchain sector. KfW is therefore planning a blockchain application that will enable the control of public funds and transparency for the benefit of all participants. Its partner with blockchain expertise, including Accenture and BearingPoint, will help in this.

The consultants: Accenture and BearingPoint

Accenture is a global service company operating in over 120 countries. It supports services and solutions in the areas of strategy, consulting, digital, technology and operations. BearingPoint is an independent management and technology consultancy operating in three areas: Consulting, Solutions and Ventures. Consulting covers the classic consulting business, Solutions focuses on its own technical solutions in the areas of digital transformation, while Ventures promotes the financing and development of start-ups.

Blockchain as Best Practice

On behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), a six-month pilot phase has now begun. The actors want to sound out the potential of the technology in the management of public finances in Burkina Faso. The TruBudget software developed by KfW is intended to map all work and approval steps in a comprehensible manner. This includes the drafting of contracts as well as the tendering and disbursement processes during the implementation of a project, for example in the field of water supply.

The platform makes it possible for all participants to view all processes and changes in real time. Complex processes to ensure the correct use of funds can thus be eliminated in the future. So far, donors have reacted to potential risks by setting up parallel structures. However, this approach increases the transaction costs for both sides. Prof. Dr. Joachim Nagel (photo), Member of the Board of Managing Directors of KfW Bankengruppe, is of the opinion that an independent development of a country is better possible if investments are implemented via its own budget rather than via donor project budgets. With TruBudget, KfW therefore aims to create transparency for the benefit of all parties involved, enabling donors to use the funds safely and directly via the structures of the partner country.

The software used was developed according to the open source principle and will thus be available to partners free of charge. Alexander Schmid, Partner at BearingPoint, and Karsten Ebersbach, Managing Director at Accenture, are of the opinion that the joint project with KfW is suitable as best practice for other African countries and that the implementation creates the much needed transparency in the administration.