Blockchain technology could bring an “economic revolution” in many developing countries where proving ownership of assets or getting access to capital is difficult, Virgin.com CEO and Founder Richard Branson told an audience at the “Virgin Disruptors” event in London on Monday, October 3, 2016.
Virgin Group founder and billionaire entrepreneur added:
“If you take somewhere like Egypt, 90 percent of people have got houses, they’ve got a garden, but they’ve got no piece of paper to show ownership of that … And without ownership of your property, it’s almost impossible to start a business or get a bank loan or anything.”
According to a report by CNBC, Branson referenced the work of well-known economist Hernando de Soto, who recently announced a partnership wtih bitcoin mining company BitFury and the Republic of Georgia’s National Agency of Public Registry, to trial a land titling program.
Branson added that the use of Blockchain technology could create a “real .. .economic revolution in these countries that would be stagnating.”
It’s not the first time Branson has spoken about Blockchain technology. The entrepreneur has hosted the “Blockchain Summit” on his private Necker Island for the last two years.
