KfW, state-owned bank of Germany, has announced its plans to align with Burkina Faso’s Ministry of Finance to test a blockchain application for public financial management.

As per sources, KfW will test its TruBudget app, an open source application, in Burkina Faso, Africa. The bank will take the help of IT companies, Accenture and BearingPoint, to carry out the testing in the coming six months.

The application is claimed to allow its users to store and approve all the contracts in the sector in real-time via blockchain. The bank intends to get rid of the lengthy manual processes and ensure proper utilization of the funds.

Joachim Nagel, member of the executive board at KfW, has confirmed his belief on blockchain stating that TruBudget app helps them instill transparency for the benefit of the involved parties.