The president of the World Bank Group, Jim Yong Kim has now come out to extol the benefits of the emerging Blockchain Technology.
Kim spoke at the International Monetary Fund (IMF) and the World Banks’ Annual Meeting in Bali, Indonesia Oct. 11. Kim noted that blockchain technology has “huge potentials”, adding that the bank was embracing the technology as a key strategy to achieving its goals.
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 further stated:
“We think distributed ledger [technology] has real potential and we issued the first blockchain bond in August where we created, allocated, transferred, and managed the entire bond through blockchain technology.”
Distributed ledger technology, he added, can be extremely helpful in the future. In his words, the World Bank Group hasn’t been keeping up with the latest developments and is not “doing it in a way that would help our clients take advantages of the great things that are coming out.”