Categories: Uncategorised

Research claims ‘poorly understood’ blockchain technology cannot solve land rights issue

Blockchain technology has been touted as a solution for a variety of industries since its rise into the mainstream over the past decade, but land ownership is not one of them according to new research.

Tim Robustelli of New America, a non-partisan think tank, said that blockchain technology is poorly understood by governments and that it is not a solution to the world’s biggest problems, contrary to popular belief.

“There’s a general notion that blockchain is a magic bullet that can save the rainforest or solve world hunger – that’s not true,” he said at a World Bank conference in Washington DC this week, via Reuters.

“It cannot, for example, make up for sloppy or incomplete data collection,” he said, before claiming that using blockchain for land records would be a “huge bureaucratic and logistical task”.

Blockchain technology is, in simple terms, an immutable ledger that tracks and verifies data and transactions.

Aanchal Anand of World Bank said the lack of adoption from governments alludes to a tendency of “expecting too much” from the technology.

“Tech can look big and flashy, and like it can solve all our problems… but the Big Mac burger never matches up to the one in the ad,” she said.

“There’s a lot of other pieces to the puzzle, like cultural barriers to improve access to land.

“And if you don’t have any data, what information are you going to put into your analytics?”

For more news, guides, and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

Disqus Comments Loading...

Recent Posts

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

2 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

3 weeks ago