Unfiltered

Did The World Bank Just Pop Our Crypto Bubble?

The cryptoverse is definitely no stranger to criticism and negativity, some might claim due to it’s revolutionary premise to challenge the status quo, but others might simply say that if it sounds too good to be true, it probably is!

At least when it comes to the issue of putting land on the blockchain.

One such critic is the the World Bank which has dropped some truth bombs regarding blockchain based technology as per a report by Reuters. The main argument that the organization puts forth? Should we rely on blockchain tech to handle issues of land rights? The World Bank seems to disagree. Here’s why.

As per the report, due to a lack of technical expertise by governments and even experts, even the benefit of more transparent and reliable land records does not mean blockchain systems are perfect. According to Aanchal Anand who is one of the Land Administration Specialist in the bank’s Global Land and Geospatial Unit,  “blockchain hypes” must be taken with caution.

“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. Sometimes we get lost in the fancy things, but basic tech can deliver the results,” she told Reuters.

Anand also added that factors such as cultural barriers may also be hindering access to land and that lack of this data might render the technology useless.

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

“There’s a general notion that blockchain is a magic bullet, can save the rainforest or solve world hunger, that’s not true,” says Tim Robustelli, in a statement to Reuters. Robustelli who is a program assistant for New America, a United States thinktank added, “It cannot, for example, make up for sloppy or incomplete data collection.”

Robustelli added that if one could ignore the lack of understanding that those in charge have, blockchain based systems could really have a powerful impact on issues such as corruption which includes “officials tampering with land records”, increase protection against cyber attacks and even make existing systems way more efficient.

In conclusion the report states that digitizing land registries and implementing this is a colossal, “huge bureaucratic and logistical” task and even though this is one area that supporters of high scale blockchain adoption support, the claims just don’t match reality.

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Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Student of Journalism. Content Contributor @BlockPublisher.

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