Many underdeveloped countries have a huge challenge in accounting for the massive land they own. With millions of hectares of land available largely owned by the state, they lack the mechanism to properly manage, allocate and account for.
An earlier article looked at the most likely obstacles developing countries are most likely to contend with in adopting blockchain technology in their businesses and government operations. However, this does not mean that all developed countries will easily adopt blockchain as it becomes available.
When it comes to adopting blockchain applications, there is usually a cultural lag in many societies. It took several years for millions of people to start using the internet and its various services. However, it appears blockchain adoption may take a similar root, with some countries catching up perhaps decades from now.
Malicious attackers, poor record-keeping, government corruption and natural disasters have made land management and real estate management a real challenge. How is the blockchain technology being applied to solve some of these problems?
Blockchain designing principles have direct implications on the way the blockchain will scale, operate and interact with users. To a larger extent, the chosen design perspective determines how many users can use the blockchain at a given time and how fast transactions can be processed.
The whole point of developing cryptocurrencies has been taking control back to the people, the users. Bitcoin and indeed all cryptocurrencies have been developed to empower ordinary users with complete control and easy access to their assets, in this case, money. Thus, the central hold and control of huge financial firms on people’s money have been threatened.
