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7 blockchain benefits according to Don Tapscott


Protecting rights to property ownership records

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Visual Editor: Sarah Evans

Blockchain technology will be used to record a wide range of transactions -- creating "immutable" records of such things as property ownership records, births, marriages, passports, drivers' licenses, voter IDs and school transcripts.

Tapscott called attention to the property-ownership-records issue in particular. "Seventy percent of the people in the world who think they own land have a tenuous title to that land, [because many governments' title transfer records systems can be easily corrupted]. ... A dictator comes to power and says, 'I'm sorry, you may have a piece of paper, but our government computers say that my friend owns that land.' This is a huge problem all over the world, because if you don't have title to your land, you can't get a loan against the land. And having your land arbitrarily taken away from you or having to pay rent on the land that you own is a big problem," he said.

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