World Bank President: Blockchain technology has "enormous potential"
Blockchain Reduces Corruption
At the IMF and World Bank Annual Meetings held on the 11th in Bali, it was reaffirmed that the World Bank’s mission is to end poverty and promote prosperity. Furthermore, President Kim stated that there is innovation in the world that acts as support to “leap over generations of bad practices” and leads to “the reduction of eternal corruption.”
“We talked about cryptocurrencies, but we believe the distributed ledger (technology) holds enormous potential. We issued the world’s first blockchain bond, using blockchain technology to issue, allocate, transfer, and manage all bonds.”
By using blockchain technology, not only could we reduce the amount of paperwork we had to address after issuing bonds, but it also helped reduce costs.
President Kim added that distributed ledger technology will be extremely useful in the future. He noted that the World Bank Group has not been fully able to keep up with the latest developments, saying that “customers are not able to operate in a way that takes full advantage of the latest technology.”
