Richard Branson: Blockchain Can Create Economic Revolution

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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.

About Richard Kastelein

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, co-founder and director at education company Blockchain Partners and partner of token design and ICO marketing company CryptoAlchemy.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

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  • As usual, Branson has his fingers on the wrist of the times. Having lived in Egypt, it could only make quality of life and income distribution better by creating block chain titles to land and housing.