World Bank Official Believes Real Blockchain Tech is Not the Same as the One Promoted
The real use cases of blockchain technology may not be the same as the ones promoted by the crypto space, says Anachal Anand, a Land Administration Specialist at the World Bank. As reported by Reuters, he said that technology could solve several problems, but the reality ends up being different.
Is Blockchain Potential Overhyped?
During the last years, there have been many blockchain promoters that mentioned different positive qualities related to distributed ledger technology (DLT). However, for Mrs. Anachal Anand, the technology might not work in the same way as it is promoted.
About it, she commented:
“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.”
During the 20th Annual Conference on Land and Poverty, Tim Robustelli, a program assistant for the think tank New America, said that there is a general notion that blockchain can “save the rainforest or solve world hunger.” However, he mentioned, this is not true.
There are several economic sectors that can be improved by using blockchain technology. For example, the real estate industry could be enhanced by including the data about apartments and houses on the blockchain, allowing individuals to transact these assets in a very easy way.
At the same time, there are several banks that are starting to use the technology, including JP Morgan, that has developed its own blockchain network called Quorum. Another sector that can be greatly enhanced is the supply chain, which can reduce counterfeit products and improve the whole supply chain structure.
Catherine Bessant, the CTO of Bank of America, said that she is expecting to see real use cases of blockchain technology since there are several firms that are talking about it.