Blockchain for Public Finance Management

The advent of digitalisation promised simplification and efficiency. However, since each entity involved in the finance management and budget delivery process uses its own systems, the consequence is often a huge duplication of effort – financial and non-financial reporting conducted anew at every level, requiring manual reconciliation. This duplication wastes time and resources. A more automated process would not only cut down on this, but also reduce the incidence of costly mistakes. A key challenge in the construction of an efficient public financial management system is to address these problems. Read more on this OMFIF report