Emerging Technologies

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Interoperability Between Central Bank Digital Currency Systems and Fast Payment Systems: A Technical Perspective
(Washington, DC: World Bank, 2024-07-02) World Bank
Central banks around the world are actively researching and investigating the benefits, challenges, and design options of wholesale and retail central bank digital currencies (CBDCs). Since CBDCs are one of the most critical components of a national payment system (NPS), it is important that their interoperability with other payment systems is one of the key considerations in the design process. The ITS Technology and Innovation (ITSI) team, in collaboration with the World Banks’s Finance Competitiveness and Innovation (FCI) Global Practice, has conducted technology design experiments on two specific scenarios regarding CBDC system interoperability with fast payment systems (FPS). In the first scenario, the experiment investigated the option of settling FPS obligations in a wholesale CBDC system, including the option to reserve funds to guarantee the settlement of FPS net obligations. In the second scenario, the team investigated the interoperability between users within the FPS and retail CBDC users, including the transfer of funds among both types of users, using common services such as address resolution services. This experiment illustrated how CBDC systems can interoperate with retail payment systems through an interlinking bridge that was used to route messages and application programming interface (API) calls among different systems. The programmability features of distributed ledge technology (DLT) were used to link the settlement in CBDC to the transfer of funds in the FPS. The technical applicability for this type of interoperability was demonstrated through the experiments, with the caveat that these experiments do not take into account complexities that may be involved with live systems.
Scaling Up Social Assistance Where Data is Scarce - Opportunities and Limits of Novel Data and AI
(Washington, DC: World Bank, 2024-05-16) Okamura, Yuko; Ohlenburg, Tim; Tesliuc, Emil
During the recent Covid-19 shock (2020/21), most countries used cash transfers to protect the livelihoods of those affected by the pandemic or by restrictions on mobility or economic activities, including the poor and vulnerable. While a large majority of countries mobilized existing programs and/or administrative databases to expand support to new beneficiaries, countries without such programs or databases were severely limited in their capacity to respond. Leveraging the Covid-19 shock as an opportunity to leapfrog and innovate, various low-income countries used new sources of data and computational methods to rapidly develop -level welfare-targeted programs. This paper reviews both crisis-time programs and regular social protection operations to distill lessons that could be applicable for both contexts. It examines three programs from the Democratic Republic of Congo, Togo, and Nigeria that used geospatial and mobile phone usage data and/or artificial intelligence (AI), particularly machine learning methods to estimate the welfare of applicants for individual-level welfare targeting and deliver emergency cash transfers in response to the pandemic. Additionally, it reviews two post-pandemic programs, in Lome, Togo and in rural Lilongwe, Malawi, that incorporated those innovations into the more traditional delivery infrastructure and expanded their monitoring and evaluation framework. The rationale, key achievements, and main challenges of the various approaches are considered, and cases from other countries, as well as innovations beyond targeting, are taken into account. The paper concludes with policy recommendations and promising research topics to inform the discourse on leveraging novel data sources and estimation methods for improved social assistance in and beyond emergency settings.
Project SmartFi: Exploring AI/ML for FinTech News
(Washington, DC: World Bank, 2023-10-10) World Bank
The World Bank Finance and Technology Department, in collaboration with The World Bank Technology and Innovation Lab, partnered with Google Cloud and Syntasa Inc. to learn how artificial intelligence and machine learning could enhance the news sourcing and sentiment of FinTech topics globally. This outcome report shares the key learnings and insights as a part of the exploration and development of a prototype.
Manufacturing Firm Diversification into Industry 4.0 Technologies: Evidence from Korea
(Washington, DC: World Bank, 2023-08-22) World Bank
This report leverages patent data and relatedness analysis to identify the factors that affect the technological transition of firms toward industry 4.0 technologies by looking at the technological trajectories of Korean manufacturing firms. Based on a unique dataset of Korean manufacturing firms’ patents and their financial and market information, the research follows the Principle of Relatedness to trace a firm’s footprint in a technology space. The technology space can help identify how previously accumulated capability in firms can positively affect technological diversification and developing I4 technologies. The research further analyzes the impact of public R&D support in I4 technology development. The analysis finds that public support is relatively more effective for firms that possess low technological relatedness and less so for firms that already have accumulated related technologies. This research is expected to inform policy design supporting firm diversification towards I4 transition.
Generative Artificial Intelligence
(Washington, DC: World Bank, 2023-07-07) World Bank
Generative artificial intelligence (AI) has been developing rapidly and has attracted significant attention in recent years, with numerous advances and breakthroughs. The generative AI market is expected to grow from 1.5 billion dollars in 2021 to 6.5 billion dollars by 2026 - a compound annual growth rate of 34.9 percent. Acknowledging the growing importance of generative AI in research and practical applications, including its use to solve international development challenges, this report provides a comprehensive overview of generative AI, introduces the basics, explains its development over time, and examines its types and applications. After highlighting the benefits and capabilities of generative AI, the report explores how it can be applied in various industries such as health care, manufacturing, media, and entertainment and then discusses potential opportunities and limitations users must consider. Finally, it describes initiatives and strategies that the Korean government and private sector players have implemented to adopt and advance generative AI in Korea and the global marketplace. The fifth issue in the Emerging Technology series, generative AI is the result of a collaboration effort of the World Bank Group Information Technology Solutions Technology and the World Bank Korea Country Office. The series captures new technology and trends and shares knowledge to help solve international development challenges.
Decentralized Identifier (DID)
(Washington, DC: World Bank, 2023-07-06) World Bank
An identification card that proves a person’s identity is essential in modern society. It allows individuals to access various online and in-person public services by verifying their identity. Through an identity (ID) card, government services such as civil complaints, taxation, health care, insurance, and pension can be smoothly provided. In some cases, the ID card may contain additional information, such as home address or eligibility for certain services, which can be used to verify your identity and eligibility for certain benefits. ID cards are crucial for accessing public - and private - services where the individuals need to verify the information. However, most IDs are issued and controlled by external authorities and information is shared and revoked upon the request. A decentralized identifier (DID) is a new type of globally unique persistent identifier that does not require centralized registration authorities. Repeatedly generated and registered cryptographically, DIDs enable a new model of decentralized digital identity, which is referred as self-sovereign identity or decentralized identity. This sometimes allows users to verify information rapidly without having to contact multiple issuing parties. This 4th issue in the Emerging Technology series briefly describes the DID and its potential for solving development challenges, alongside key highlights of Korea’s experience and lessons learned in regard to the exploration and adoption of emerging technologies.
Foresight and Scenario Planning for Smart Mobility in Latin America and the Caribbean
(Washington, DC: World Bank, 2023-01-20) World Bank
The World Bank Transport Global Practice (GP) promotes safe, clean, affordable transport that supports economic and social development. One of the focuses of the Transport GP’s portfolio is to support client countries’ and cities’ efforts to implement smart mobility. Smart mobility, in this report, refers to transport modes and services with efficient, convenient, safe, or sustainable features backed up by technological components. Examples of smart mobility include transport modes with digital ticketing, on-demand mobility, drones, and autonomous vehicles, although there is a wide variety of smart mobility options. World Bank Group (WBG) clients require expertise and strategies to be able to implement smart mobility applications and solutions. The World Bank Information and Technology Solutions Technology and Innovation Lab (ITSTI) has expertise in use of disruptive technologies such as artificial intelligence, Internet of things, blockchain, and robotics and has developed policy recommendations using a policy development methodology called Foresight, which is a structured, systematic way of using ideas about the future to anticipate and prepare for change. Transport GP, Digital Development GP, and ITSTI used Foresight to develop this report to assist clients by providing insights into the Foresight methodology and how it can be leveraged to develop future-ready international development projects.
The Metaverse
(Washington, DC: World Bank, 2022-06-08) World Bank
The Metaverse, widely regarded as a successor to today’s internet, is a concept embodying a unified digital world that is tightly connected to the physical world. In the Metaverse, people can interact without physical or geographic constraints and enjoy a compelling sense of social presence. This offers a positive impact on the real world in various areas. In addition, the Metaverse can serve as a globally unified economic system for digital content that enables entities in different countries to interact frictionlessly. The emerging technologies curation series aims to capture and share Korea’s experience and lessons learned in regard to the exploration and adoption of emerging technologies such as blockchain, AI, edge-computing, IoT, 5G, and so forth. This third issue in the series briefly describes the Metaverse and its potential for solving development challenges, alongside key highlights of Korea’s experience.
Technologies Leveraging Edge Computing for Development Impact
(Washington, DC: World Bank, 2021-05-11) World Bank
Edge computing increases energy efficiency, reduces latency, and provides context awareness for compute-intensive applications far from data centers, increasing the viability of technologies such as autonomous transport and augmented and virtual reality. The emerging technologies curation series aims to capture and share Korea’s experience and lessons learned in regard to exploration and adoption of emerging technologies like blockchain, artificial intelligence (AI), edge-computing, internet of things (IoT), 5G, etc. AI edge computing, the second of the series, provides a short description of edge computing and its potential for solving development challenges and key highlights of Korea’s experiences. The Korea edge computing note is a collaboration effort of the World Bank (WB) Korea country office, the ITS Technology and Innovation Lab and Unit, the Digital Development (DD) Global Practice, and the Finance, Competitiveness and Innovation (FCI) Global Practice.
Korea Blockchain Ecosystem
(Washington, DC: World Bank, 2021-04-22) World Bank
Emerging technology curation series aims to capture and share Korea experience and lessons learned in regard to exploration and adoption of emerging technologies like blockchain, AI, edge-computing, internet of things (IoT), 5G, etc. Korea blockchain ecosystem is the first of the series and provides a short description of the blockchain technology and its potential for solving development challenges and key highlights of the Korea blockchain ecosystem. Blockchain is a decentralized technology, which facilitates collaboration and exchange of transactional data and information among and across different players, industries, sectors, and countries in a secure and transparent way. The reports present: ABC of blockchain technology; blockchain value proposition for development agenda; and Korea blockchain ecosystem.