It has been almost five months since the World Bank published its cautiously optimistic FinTech report on blockchain technology. New official documentation reaffirms that distributed ledgers are not quite ready for prime time – but cautions against waiting for perfect solutions.
The broader efforts of the World Bank Group[1] (WBG) were again referenced in concert with distributed ledger technologies (DLT) in a press release yesterday[2], highlighting the WBG's continued interest in linkages between blockchain-based solutions and the mission of the WGB.
Formed in 1945 to rebuild destruction wrought by World War II, the WBG has been working to reduce poverty, increase shared prosperity, and promote sustainable development around the globe ever since. To that end, the WBG provided roughly $59B USD[3] to partner countries and private businesses in 2017 in the form of loans, grants, and other equity investments.
A sixty-page report from the WGB in early December[4] 2017, states DLTs have "the potential to redefine the relationship between government and the citizen in terms of data sharing, transparency and trust." Today's press release notes that "waiting for 'perfect' DLT solutions could mean missing an opportunity to help shape it," implying that the World Bank may be advocating for DLT-based solutions to be implemented sooner rather than later, and re-tooled over time in an effort at grooming a better solution down the line.
One of the quieter supranational financial organizations regarding cryptocurrency and blockchain, the WBG's sideline commentary highlights one of the cryptospace's most significant challenges – designing the next generation of DLTs that many believe will manage the value systems of the future, such as financial services, healthcare, and transportation.
The WBG's advice – for first movers to take the initiative, not only reacting to emerging DLT
