Why Did the World Bank Say That ‘Blockchain Reality Doesn’t Match Advertisement’

We all know that the World Bank is one of the biggest financial institutions across the globe. But, nowadays, it has been criticized regarding blockchain technology, because the Bank urges caution over the blockchain technology part in the land rights and laws. The well-known Reuters addressed this concern in their report on the 27th of March.

The 20th Conference on Land and Poverty took place in the capital of the U.S.A, Washington D.C. During that conference, Aanchal Anand, an expert who is a part of the Global land and Geospatial Unit of the World Bank has spoken about the current „blockchain hype“ phenomenon.

She said that technology could look spectacular and it is there to resolve every problem that we have. But here’s the thing; that the Big Mac will never look exactly like it is portrayed in advertisements.

Also, Reuters wrote in their report, that Anand said that sometimes we get carried away with some prestigious things, but in the end, the basic technology can do the work in an excellent way and there’s no need for something flashy.

Tim Robustelli, who works as a program assistant had something to say about this issue at the conference in Washington D.C. This expert said that the vast majority of people think that blockchain is some sort of a magic bullet that resolves some global issues, like the lack of water or hunger perhaps. This renown expert added that that blockchain technology is not capable of solving their problems regarding the incomplete collection of data.

Once this subject regarding blockchain technology started, some cases became the center of attention like the trial that Wyoming announced concerning land records. What Wyoming State did is that they proceeded with the blockchain integration by teaming up with a retailer which is called „Overstock.” The reason for them to partner up is to target land records. In March of 2019, the state of Wyoming passed a house bill in order to exclude some types of cryptocurrencies from the laws which happen to concern money transmission.

Nevertheless, a significant number of people thinks that blockchain technology is just some unrealistic type of fantasy because it has its own limits in the application and it is just not secure for implementation, unfortunately.

The overall uncertainty regarding the blockchain technology was also mentioned by the Bank of America. It has the most blockchain patents when compared to other large financial institutions. They also had some concerns but didn’t make it official. Currently, the Bank of America has over eighty blockchain technology patents. Catherine Bessant, who is the CTO of Bank of America said that every major company would favor blockchain, but she will only be convinced in its hype if those companies show her the use case. 

In the year 2018, a significant number of sources claimed that the potential of blockchain technology is really not that large as it is the hype that surrounds it.  It’s only left to see how 2019 will shape up and how will blockchain evolve next.