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Blockchain has “Huge Potential” says World Bank President

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World Bank blockchain

There’s no shortage of blockchain support.

Just this month, Bank of America said it could be a $7 billion market.

In fact, the bank notes it can boost Microsoft, Oracle and Amazon.com.

“Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient,” noted Bank of America analysis as quoted by CNBC. The estimates assume that 2 percent of servers will be used to run blockchain, at $5,500 per server, per year.

The World Trade Organization (WTO) says the future of blockchain is bright.

Now, World Bank President Jim Yong Kim is Supportive of Blockchain

In fact, he believes distributed ledger technology (DLT) as “huge potential” and that the bank should stay up to speed on the technology.

After successfully launching a Blockchain bond in August, the President has seen its benefits. “It reduced paperwork and reduced our cost,” he says.  “We think that’s something that could be extremely helpful in the future.”

According to him, it’s also important to prioritize blockchain because it could be the key to curtailing some level of corruption on economic and societal fronts. “[Blockchain can] help us leapfrog generations of bad practice”, he said.

Blockchain Adoption is Picking up Momentum

It’s time to sit up and take notice.

The world is quickly adopting the technology.

For example, IBM just launched its blockchain-based ledger that will track food supply chains.  Known as IBM’s Food Trust Ledger, it will allow food retailers, suppliers and growers to see the supply chain in real-time.  This will create better transparency and a way to trace food origin and safety of food. The last thing we need is unsafe lettuce again.

Airports are also experimenting with the technology.  In fact, 34% have research and development plans scheduled for 2021. In addition, 28% of airport CIOs believe the technology can help track baggage.  Up to 24% believe it can improve operational efficiency.

It’s only a matter of time before we hear more stories of blockchain adoption.  It’s inevitable.

 

 

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