Jim Yong Kim, president of the World Bank, has publically praised blockchain technology during a media appearance Thursday.
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“Blockchain technology is something that everyone is excited about, but we have to remember that bitcoin is one of the very few instances. And the other times when blockchain was used they were basically Ponzi schemes, so it’s very important that if we go forward with it, we’re sure that it’s not going to be used to exploit,” Kim said.
The World Bank is an international bank that lends money and other help to developing nations for infrastructure with the goal of reducing poverty.
“It takes three seconds, three seconds, to transfer as much as $160,000 to anybody who’s part of the Alibaba network, because they can assess creditworthiness in three seconds,” he said.
In June, the World Bank founded a blockchain laboratory to encourage research projects seeking to apply the technology capital formation.
“What we recognize is that whenever there is a new technology or process or development, whether it’s small or large, is that the success of those individual systems and innovations are primarily dependent on the human processes that accompanies them,” said Randeep Sudan, a digital strategy and government analytics advisor at the World Bank.