The Blockchain technology will be used in Bangladesh from next year on an experimental basis, said Finance Minister AHM Mustafa Kamal.
Blockchain creates a faster, more efficient way for business to transmit, receive and track orders using secure data.
It is the foundation of cryptocurrency - a virtual currency, which is gradually moving into regulated industries such as banking and auctions.
In his budget speech presented at the parliament on Thursday, the minister said, “Time has come for Bangladesh to adopt the technology to keep pace with the new trend.”
The technology is becoming an inseparable and secure medium of global information exchanges, reads the budget speech.
“In addition to financial transactions, its application has also begun in the areas of business, commerce, intellectual property, healthcare, preservation and sharing of proprietary data.”
The minister said the necessary allocation will be made for this sector.