THELOGICALINDIAN - Cryptocurrency already the branch of the Internet nerds and the tech underground is now actuality aboveboard accepted by governments and banking institutions Major banks and Wall Street are affective to abode their assets on the blockchain and municipalities like the Isle of Man accept amorphous formally registering companies on blockchains of their own Now theyve begin a new use for Bitcoin technology land
Having an abode is article citizens of developed countries booty for granted. In places like Africa, up to 90% of rural acreage is unregistered, lying alfresco the official bread-and-butter arrangement with no acknowledged owners. Even in above cities, bodies generally accept no official address, or assorted addresses from again bootless attempts to abode the problem.
This stifles the abridgement in several ways: commitment appurtenances is impossible, and bodies cannot mortgage their acreage or use it as accessory to accession funds. They are cut off from government services, and additionally the government cannot administer acreage taxes or finer accumulate demography data. It’s with that in apperception that developing nations are axis to the blockchain.
Factom has been secretly alive with the government of Honduras to accommodate a solution. The Honduran Chief of Staff banned to comment, but Factom co-founder Peter Kirby adumbrated that they will use Epigraph to aggregate and adapt acreage records, which are recorded on the Bitcoin blockchain application the Factom protocol.
“In the past, Honduras has struggled with acreage appellation fraud,” said Kirby. “The country’s database was basically hacked. So bureaucrats could get in there and they could get themselves beachfront properties.” (Reuters)
Government leaders accept a agog absorption in ascendant in base bureaucrats, abnormally in a country as poor as Honduras, which has the accomplished annihilation amount in the world. Factom can almanac changes to the acreage anthology in absolute time, authoritative such behavior accessible to detect. The blockchain itself cannot be hacked.
Most government agencies won’t readily accept they accept an centralized problem, however. In added genitalia of the world, citizens are arch the way, such as the BitLand alignment developing in Africa, led by Narigamba Mwinsuubo with the admonition of Larry Christopher Bates.
They plan to use the accoutrement provided by Factom and Epigraph to break the aforementioned botheration in Ghana. “It’s activity to break acreage disputes because aggregate will be cellophane on the blockchain,” explained Philip Asare, a accomplice in the project. “Like how you can clue Bitcoin transactions.”
Their eyes has back advance to added countries such as Sierra Leone, Libya, South Africa and Cameroon. While it charcoal to be apparent whether bounded governments will be receptive, a new movement has acutely begun. Corrupt bureaucrats be warned.
