Jim Yong Kim, the president of the World Bank (WB) Group has said that distributed ledger technology (DLT) has “huge potential” and that the WB should walk matching paces with innovative technology. He was speaking at the International Monetary Fund (IMF) and the WB’s Annual Meeting on October 11, at Bali.
Speaking about the importance of fighting poverty while boosting prosperity, Kim stated 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.”
Further, he added, “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.”
Kim said, integrating blockchain technology has reduced the cost and paperwork for the group, inserting that it’s “something that can be extremely helpful” in the coming days. Meanwhile, he admitted that WB has not been keeping up with the latest developments in the sector particularly in the ways of benefiting the customers so that they can take advantage of the “great things that are coming out.”
WB’s goal to develop universal access to financial services by the year 2020, will not be going to happen without deeper interest with the technological world, asserted Kim.
Earlier it has reported that the WB and the Commonwealth Bank of Australia (CBA) issued a public bond exclusively on the blockchain. The deal of $73.16 million has entailed two-year bonds that according to reports settled on August 28 and since priced to yield a 2.251 percent return.