[2017-10-14] World Bank President: Everyone Is Excited About Blockchain

[ivanpoldark]

The president of the World Bank had some positive things to say about blockchain during a media appearance yesterday.

Speaking with CNBC, Jim Yong Kim said that the technology is "something everyone is excited about" – a statement that he followed up with a cautionary argument about cryptocurrencies.

"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," he told the network.

The World Bank – a financial institution that lends money to national governments – is no stranger to blockchain. It launched a blockchain development laboratory this past summer, and has supported research projects that seek to apply the tech in areas like capital formation.

Kim went on to compare cryptocurrencies unfavorably to payment systems like those operated by Chinese e-commerce giant Alibaba

“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.

https://www.coindesk.com/world-bank-president-everyone-excited-blockchain/

[Karartma1]

"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," he told the network.

The only reasonable use of the so-called Blockchain Technology is Bitcoin. Again, for the millionth time there is no such thing as the blockchain technology.
That is their way to deceive and fool companies and people. They talk blockchain and they want its application while the only application is bitcoin.

No bitcoin no need for a blockchain. Easy

[richardsNY]

No bitcoin no need for a blockchain. Easy

That's a pretty short sighted way of looking at things. The blockchain is a pretty general standard that allows itself to be utilized in various ways -- the coin aspect is just an optional 'feature' that in most cases is being used as POW/POS reward. Bitcoin was the first to kick things off, and now we're years ahead, the blockchain as technology, yes as technology, has evolved into something that has far more use cases than ever before, and it's still just the beginning.

[Taki]

I understand why such big structures as banks are interested in Blockchain, this technology can support to make financial transactions as never before and to attract more users to the system. But banks have shown their negative position to bitcoin and altcoins, due to such fast and huge percentage growth bitcoin can really, not destroy, but take banks' clients on itself in the meaning of money storage.

[sonicwave]

I understand why such big structures as banks are interested in Blockchain, this technology can support to make financial transactions as never before and to attract more users to the system. But banks have shown their negative position to bitcoin and altcoins, due to such fast and huge percentage growth bitcoin can really, not destroy, but take banks' clients on itself in the meaning of money storage.

Banks do not really want to introduce this technology. After all, banks do not provide real money on credit. but the right to demand them. I'm sure that with the Blockchain, it will be impossible to crush such scams. And therefore it is not profitable for banks to take bitcoin into their system

[error08]

The World Bank – a financial institution that lends money to national governments – is no stranger to blockchain. It launched a blockchain development laboratory this past summer, and has supported research projects that seek to apply the tech in areas like capital formation.
Whoever behind this bank are the most richest people in the world, but still in the shadow to keep their wealth secrets. Everyone that live in a country which has debt to World bank can consider bear the burden of debt as well.
I don't think they like bitcoin or any other decentralized cryptocurrency as they are the one who control the world's finances, even though they've planned to create their own version of blockchain, bitcoin still ahead and unbeatable by their fiat money.

[peter0425]

I understand why such big structures as banks are interested in Blockchain, this technology can support to make financial transactions as never before and to attract more users to the system. But banks have shown their negative position to bitcoin and altcoins, due to such fast and huge percentage growth bitcoin can really, not destroy, but take banks' clients on itself in the meaning of money storage.

Banks do not really want to introduce this technology. After all, banks do not provide real money on credit. but the right to demand them. I'm sure that with the Blockchain, it will be impossible to crush such scams. And therefore it is not profitable for banks to take bitcoin into their system

If ever banks to used blockchain, it will be solely of the purpose of speeding up the banking transactions. And this fool proof systems makes fraud difficult because data will move quick and its gonna be transparent. And its gonna be a breeze tracking the history of a customer, let's say they have complaints because the ledge is visible and can't be change.

In short term, banks are the initial beneficiary of this technology, however, are banks willing to change? They have been practicing it for more than 400 years and its really difficult to replace their legacy system is terms of a new technology called blockchain.

[Karartma1]

No bitcoin no need for a blockchain. Easy

That's a pretty short sighted way of looking at things. The blockchain is a pretty general standard that allows itself to be utilized in various ways -- the coin aspect is just an optional 'feature' that in most cases is being used as POW/POS reward. Bitcoin was the first to kick things off, and now we're years ahead, the blockchain as technology, yes as technology, has evolved into something that has far more use cases than ever before, and it's still just the beginning.

Ok tell me how a so-called blockchain would work without mining, economic incentives etc.
I'm sorry man but I supposed you were a bit more informed about this.
And, sorry to say, but your post makes no sense. You can't tell me blockchain is a technology if you don't know how bitcoin works under the hood.
You probably don't even know that once starting the bitcoin client your blockchain starts in the form of a LevelDB.

Don't read more news about blockchain, please.

[veleten]

central banks liked blockchain technology as it warrants full control over the chain of operations
makes the transactions totally transparent and therefore,controllable and checkable
they do not give a flying f about bitcoin,probably oppose the whole idea,because of the pseudodecentralized nature of it
but the guys behind the central banks do not want to lose the grip on the world's finances
if you can't defeat it-lead it,hence they are starting to make their moves
to be frank,there is nothing that they can't do to bitcoin,the most primitive thing is print whatever amount of money they need
to buy it out,who cares if the US treasure bubble is 21 trillions or 22?