Socially conscious finance fueled by blockchain-based Islamic bonds

Blossom Finance, a microfinancing platform for social causes, plans to design a blockchain-based sukuk, an Islamic bond linked to socially conscious finance. The Indonesian based firm aims to fund microfinance projects in the Muslim-majority country. The Blossom Finance's bond would be smaller than most other sukuk, but the use of a blockchain would help keep issuance costs lower, and potentially attract a larger pool of retail investors, some of whom would not participate in other projects. The firm's next blockchain-based sukuk is to fund an environmental waster disposal project and a hospital expansion. (Source: Reuters)