The president of the World Bank, Jim Yong Kim, has made some major positive statements which are likely to help the cause of blockchain technology. Kim made it known that blockchain technology could easily be used as a tool for fighting poverty.
World Bank President Speech
The world bank president made this speech at the IMF and the World Bank Annual Meeting held in Bali. He was of the opinion that Distributed ledger Technology, DLT has a huge potential and the world bank, as well as all other important financial bodies, need to keep up to date with the trends surrounding its development.
World Bank Always Supporting
The World Bank has always been one to support any cause that has to do with fighting poverty at all costs, especially in underdeveloped regions. So it is of no surprise that a key person of the organization sees the potential in blockchain technology as a key to solving the worlds oldest problem.
Kim also made it clear that one key cause of poverty in this underdeveloped location is corruption. He believes the transparent nature of the DLT makes it a key tool toward fighting corruption which in turn solves the problem of corruption.
He commented that:
“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.”
World Bank’s Goal
Yong Kim, further made it known what the main goal of the bank is in relation to poverty alleviation. The goal is to develop universal access to financial services by 2020. He has however pointed out his skepticism about this goal coming to actualization with the current state of technology in use by the organization. He believes it is time the bank and other top financial organization embraces new tech technology, particularly blockchain and AI.