President of World Bank Says He Has Faith In Blockchain

By Sumedha Bose

The President of the World Bank, Jim Yong Kim, has recently shown his support for blockchain technology in a meeting. Kim, speaking at an annual meeting in Bali Indonesia, said that organizations use blockchain technology to realize their goals and grow as a company.

The president said that he feels blockchain technology has “huge potential,”  that has not yet been optimally used by the world. At the conference organized jointly by the World Bank and the International Monetary Fund (IMF), he also showed his support for DLT, which he believes could enable organizations to utilize resources which could take “forever”.

According to Kim, DLT could play a role in “reducing corruption” and to “leapfrog generations of bad practice” which impede positive growth in organizations. If companies apply DLT, they can increase their efficiency in various sectors by employing blockchain technology in those sectors.

The more these sectors grow, the better their chances of helping the world get. They can actually contribute to the fullest to making the market prosper and grow. More jobs, more benefits for workers, better products and services, all of it is just a technology away.

With the growth of the economy in many parts of the world, poverty can in turn be eradicated, which is one of the World Bank’s primary goals as an institution.

To demonstrate how the World Bank has benefitted from the technology, President Kim gave the example of how the organization has integrated it into their own system. They collaborated with the Commonwealth bank of Australia to create these blockchain based digital bonds. These bonds were completely “created, allocated, transferred, and managed using blockchain technology.”

It helped the World Bank improve their ‘regulatory oversight’. They have a planned to dole out an approximate of $50-60 billion in bonds per year to support economies and sustainable development in emerging countries.

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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