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  • How Bitcoin Will End World Poverty- Interview

    SINGER: Okay. The Institute for Liberty and Democracy in Peru, I really think Hernando de Soto should win the Nobel prize for the work he’s done. I hope he does. But he’s going around the world and identified one of the most powerful things to the economy and the creation of wealth. And that is the ownership of property. FORBES: Which you can then use as collateral.  Read More
  • Why Thomas Piketty is wrong about capital in the 21st century

    Thomas Piketty’s book Capital In The Twenty-First Century has attracted worldwide attention, not because he crusades against inequality –many of us do that– but because of its central thesis, based on his reading of the 19th and 20th centuries, that capital “mechanically produces arbitrary, unsustainable inequalities”, inevitably leading the world to misery, violence and wars and will continue to do so in this century. Read More
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"Forget the details, all the facts that are needed to be able to see what belongs to whom, and have the degree of certainty that you need to make transactions in a market economy remain to be done," said Hernando de Soto, an economist from Peru who has researched property rights and their relationship to economic development.

De Soto is working with the Bitfury Group, a tech company whose advisory board includes a variety of former U.S. government officials, on a pilot project to develop a Blockchain-based land registry in the Republic of Georgia.

Georgia, a nation in the diverse Caucasus region that became independent after the Soviet Union's collapse, has worked since the 1990s to strengthen the way its government functions and keeps records. How, exactly, the blockchain land-registry project will work in Georgia is not yet clear. But the nation's land registry system is already among the world's most user friendly, according to the World Bank.

The nation uses a what is called a one-window system, or a one-stop-shop online system that residents use to interact with the government, said Tomicah Tillemann, director of the Bretton Woods II Initiative at the think tank New America and a member of Bitfury's advisory board"Even in a good system, it takes a lot of paper pushing and a lot of signatures in order to validate a transaction.," he told IBD. "With blockchain, that process is streamlined, really profoundly. And you're able to take a lot of the friction and a lot of the transaction costs out of what would otherwise be a very complex transaction."

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Read the whole article on the website of Investor's Business Daily

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