World Bank President Praises Blockchain Technology

Kim stated that “distributed ledgers have enormous potential and financial institutions must keep up with the new technologies.” He pinpointed the importance of fighting poverty while keeping prosperity levels.

“We can now utilize the innovations in the fintech world. By that, we can erase generations of bad decisions, eliminate corruption and help third-world countries enter the global financial network.” Kim added.

The president of the World Bank Group also noted that the utilization of blockchain in WBG reduced paper usage and printing costs. However, the WBG president admits the group is unable to implement all solutions in the daily amount of innovation in the fintech world.

“We cannot implement every good idea, based on the blockchain. Great things are coming out every day, and we try to give our clients the best services possible” Kim stated.

One of WBG’s main objectives is to develop and deploy universal access to financial tools and services by the end of 2020. This objective, however, will need a strong commitment and diving deeper into the blockchain ocean.

Jim Yong Kim’s open position on Blockchain is a contrast from what he stated a year ago. In October 2017 in an interview for CNBC, Kim was skeptical about blockchain and cryptocurrencies:

“Yes, blockchain technology is an exciting topic for everyone, but do not forget Bitcoin is one of the blockchain utilizations in digital currencies. We are afraid that blockchain can act as a hideout for Ponzi schemes and cryptocurrency hijacking.  If we are going to use such kind of technology, we must be sure it won’t be exploited.”