World Bank group has laid their eyes finally on the emerging blockchain technology. There has not been any integration within their systems as of now but the senior officials are relying on its potential and wide acceptance in the upcoming years. This new technology is already making a transformational change in the international commercial market and several markets leading companies that have begun using its applications as per their requirements.
World Bank president Jim Yong Kim while addressing joint annual meetings event with the International Monetary Fund (IMF) earlier this week mentioned digital asset and distributed-ledger technology (DLT within the perspective of the blockchain. He stated that their organization is indeed not keeping up with the rapid change in technology and the latest developments. He admitted the fact that they are not working in a way such that their clients can take out the advantage of the latest things which are prevalent in the market these days.
The World Bank group includes the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) which together are referred to as the World Bank. These big organizations have not yet leveraged the features of this new technology while many leading banks of the world have begun using test cases of blockchain powered apps. However, the bank stepped towards their maiden step in this technology zone by launching their first blockchain operated new debt instrument earlier this year. (Via Bitcoinist)
World Bank’s Blockchain Bond
The World Bank introduced the world’s first blockchain operated new debt instrument bond. This is being used to create, assign, transfer, and manage bond which is taken care of by through its life cycle. The two-year bond raised a whopping amount of $110 million for a platform entirely managed by blockchain technology, according to World Bank.
The World Bank group seems hopeful in making a wonderful breakthrough to achieve a landmark in the field of ledger based technology.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]