World Bank Chief: Blockchain Has a Very High Potential
World Bank president Jim Yong has spoken in an event held by IMF and praised Blockchain technology.
The president of the World Bank has suggested Blockchain technology holds a great potential and it is very necessary to meet new aims of the financial sector.
“We at the World Bank Group have had to admit that we’re not keeping up with the latest developments and we’re not doing it in a way that would help our clients take advantage of the great things that are coming out,”
Yong added Blockchain reduced to paperwork and also help institutions to cut out on costs while offering a renowned efficiency.
”It reduced paperwork and reduced our cost, and we think that’s something that could be extremely helpful in the future,”
Yong also said Blockchain could help them to tackle corruption and bring much-needed transparency and stability to the financial industry. He said with new Blockchain-driven innovations, the world might become a faster, better and more secure place.
Finally, he said they are trying to stay away from the controversies surrounding Blockchain and the cryptocurrency ecosystem as he said they are more focused on innovation and the potential effects of the technology.
Considering the World Bank is not a regulatory body, the approach makes sense. They hope Blockchain could help them to reduce costs and bring the efficiency on the table.
Fighting with corruption is an interesting remark because if you consider the amount of this activities worldwide, tackling them mean they have solved a great problem with Blockchain. The technology is there for the use for good purposes also.
Yong finished his words with saying:
“We interact with so many countries that do not have a Silicon Valley,” he concluded. “It is absolutely our responsibility to keep up with the changes.”