The bank should keep up with innovative technologies – said World Bank’s president Jim Yong Kim during the International Monetary Fund (IMF) and the World Banks’ Annual Meeting in Bali. Kim spoke about the distributed ledger technology (DLT) having a “huge potential”.
“We talked about cryptocurrencies, but we think distributed ledger has huge potential and we issued the first blockchain bond in August, where we created, allocated, transferred and managed the entire bond through blockchain technology.” – Jim Yong Kim explained.
Kim also spoke about fighting poverty and boosting prosperity. He explained that “there are innovations in the technological world that can help us leapfrog generations of bad practice, generations that would take forever in terms of reducing corruption.”.
Kim explained that implementing blockchain technology helped reduce paperwork and the overall costs. Kim referred to blockchain as “something that can be extremely helpful”. He admitted that the bank did not keep up with the latest tech developments, making it difficult for the clients to use “great things that are coming out.”.
Kim expressed that in his opinion, the goal of the World Bank is to develop universal access to financial services by 2020.
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