Recent comments made by Richard Branson, Virgin Group founder and billionaire entrepreneur, suggest his belief that “blockchain could produce an economic revolution”. At an event in London, he stated this revolution could have a global impact, affecting numerous countries worldwide.
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CNBC reported that while at the Virgin Disruptors Week in London, Branson spoke about blockchain, the way it’s being implemented, and the impact it could have. He highlighted his partnership with economist Hernando de Soto, BitFury (the bitcoin mining company), and the Republic of Georgia’s National Agency of Public Registry. He brings to light the problem of land ownership documents in many developing countries, stating that since many documents are forged or stolen, it’s difficult to keep track of who owns what.
Branson states, “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.”
Coming out in support of blockchain technology, Branson has gone as far as to host a “Blockchain Summit” on his own private Necker Island. Born of this summit is the Blockchain Alliance, the brainchild of a multitude of industry leaders and innovators.
Branson’s strong feeling that “bitcoin is working” is evidenced by his recent statements during a Bloomberg News interview.
In another show of support of bitcoin in a 2014 Virgin blog post titled ‘Why I Invest in Startups’ he discusses his involvement with bitcoin and his investment in BitPay.
The potential behind the technology is clear to many involved in the industry, and with the support of business superpowers such as Richard Branson touting the benefits, blockchain is poised to become the revolution that many have been hinting it could be.