Case Study: Islamic Development Bank achieves transparent COVID-19 relief funding with BanQu

BanQu tracks donor funding for COVID-19 relief

The Islamic Development Bank (IsDB), a multilateral development bank, faced significant challenges with transparency and accountability in its global supply chains, particularly for the procurement and distribution of COVID-19 relief supplies to its member countries. These issues, which included tracking funding and ensuring supplier certification, were severely exacerbated by the pandemic. To address this, IsDB enlisted BanQu and its blockchain-based Global Coordination Platform.

BanQu's solution utilized smart contracts and a shared ledger to create an entirely transparent transaction process for funding and supplies. This provided IsDB with unprecedented visibility and control, ensuring aid reached its intended destination. The implementation resulted in a 100% transparent process across 26 member countries and involved 20 international agencies, effectively enabling IsDB to Respond, Restore, and Restart its COVID-19 relief efforts with confidence.

Islamic Development Bank