While tech-savvies are pumping the blockchain hype wherever they go, the World Bank doesn't buy it at all.
While tech-savvies are pumping the blockchain hype wherever they go, the World Bank doesn’t buy it at all. Critics of blockchain technology have been piling up recent months. Now it is more apparent than ever that distributed ledgers are neither as tamper-proof nor as fast at proceeding transactions as previously advertised. Not only that but most of the blockchain projects out there offer little to anonymity, something that initially sparked the worldwide interest in this technology.
However, this time the World Bank questioned blockchain’s capability of taking care of land rights management. During the 20th Anual Conference on Land and Poverty in Washington, D.C the Land Administration Specialist from the World Bank Global Land and Geospatial Unit, Aanchal Anand, warned that the blockchain hype misrepresents the reality.
“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,” Anand was quoted saying.
Tim Robustelli, a program assistant for New America added:
“There’s a general notion that blockchain is a magic bullet, can save the rainforest or solve world hunger – that’s not true. It cannot, for example, make up for sloppy or incomplete data collection.”
Blockchain proponents insist that the technology is capable of disrupting not only the financial sector but also healthcare, transportation, logistics, and land property management. Many trials are already running but none of them has reliable results supporting the claim that blockchain is the better alternative to traditional systems for ownership management.
The Bank of America has also joined the skeptics’ party. Despite the record-breaking number of blockchain patent applications, the financial institution is still not concerned the technology has anything to offer.
The chief technology officer at the Bank of America, Catherine Bessant, notably said:
“All of the big tech companies will come and say blockchain, the blockchain, blockchain. I say, ‘Show me the use case. You bring me the use case and I’ll try it.’”
Well, it’s up to blockchain devs to live up to the immense expectations they created.