Blockchain technology is set to be harnessed by global research, evaluation and program implementation company Abt Associates in order to solve problematic issues in international development under a memorandum of understanding with the Central Bank of Papua New Guinea.

The Central Bank of Papua New Guinea and Abt, with funding from the Australian Government, are investigating how blockchain technology could be used in Papua New Guinea to tackle some of the country’s financial inclusion issues. Most of the population in Papua New Guinea does not use banks, which limits economic opportunities for the people. The Bank signed an memorandum of understanding with Abt Associates, supported by the Australian government, to launch the program through the Abt Australia-led Papua New Guinea Governance Facility project.

Abt is also working with the Central Bank to establish the Papua New Guinea Digital Commerce Cryptocurrency Association, which will enable Papua New Guinea to link up with the Global Blockchain Forum, an initiative led by the U.S. Chamber of Digital Commerce.

Dr. Jane Thomason, CEO of Abt Australia, commented: “Blockchain has the potential to solve many challenges. Imagine a world where the poor can have an identity which enables access to services and financial inclusion through the use of blockchain technology. It holds tremendous possibilities to transform the way we address issues of poverty and health.”