2018-10-13 20:19 |
The world is realizing the potential of blockchain technology. While some loathe its first and most well-known application, cryptocurrencies, the consensus around distributed ledger technology is clear — it could be a great asset to many businesses. World Bank President Jim Yong Kim is supporting the same narrative, who recently lauded blockchain technology and talked about its implications in the world, especially in finance.
World Bank Needs to Work With TechnologyCNBC hosted a panel on fintech at the World Bank–IMF meeting, which was attended by the World Bank president. While speaking at the event, he focused extensively on the role of technology in the world of finance. He said that he has spent at least two of the last four weeks in Silicon Valley and that things are changing rapidly in the technological sector.
He noted that blockchain has “huge potential.” Technologies can “help us leapfrog generations of bad practice,” said the president, who remained convinced that the role of distributed ledgers in the financial world will be very crucial. He said that universal access to financial services by 2020 is one of the goals that cannot happen without “deeper and deeper engagement” with the technology world.
Is the World Bank Pro Blockchain?The prominent financial organization has explored blockchain tech before. It launched a blockchain-only bond in August this year, called bond-i. The two-year bond was arranged by the Commonwealth Bank of Australia and raised $80 million. Several state treasuries and Australian banks are investors in this bond. The World Bank at the time noted that bond-i is the first bond in the world that is “created, allocated, transferred and managed through its lifecycle using distributed ledger technology.”
The Washington-based World Bank also established a blockchain lab in June 2017 to pilot projects that deal with social and governance outcomes in developing countries. The lab is aimed at becoming a forum for learning, experimenting, and collaborating on blockchains and exploring use cases of the technology for its 80 client countries. Some of the core focus areas of the lab are a land registry, aid distribution, financial infrastructure, and digital identity.
World Bank President Convinced of Blockchain’s “Huge Potential” was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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