Richard Branson: Blockchain Is an 'Economic Revolution'

Virgin Group founder and billionaire entrepreneur Sir Richard Branson is a huge supporter of blockchain technology. While talking to the press on October 3, Branson said the tech could bring an “economic revolution” to many nations worldwide.

Also read: A Decentralized Money Needs A Distributed Web for Maximum Freedom

Sir Richard Branson Praises Blockchain Land Registry

Bitcoin and blockchain technology is a keen interest for Sir Richard Branson. This week, Branson chatted with the media concerning blockchain technology’s many potentials.

To make his point, Branson referred to the recent partnership between Bitfury and Hernando de Soto, who are trialing a land titling distributed ledger platform.

Bitfury and the Peruvian economist aim to work with the Republic of Georgia’s National Agency of Public Registry. The project aims to deploy blockchain technology to create a better land titling system, with transparent and immutable attributes.

In developing countries, land titles are often manipulated, forged, and taken from their rightful owners. At the Virgin Disruptors event this week in London, Branson told attendees:

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.

Branson’s Blockchain Summits and Accepting Bitcoin for Space Flights

Branson has been supportive of blockchain development and the Bitcoin ecosystem for quite some time.

Over the past two years, the Virgin founder has held an annual “Blockchain Summit” on his private Necker Island. Industry leaders and innovators gather at Necker to discuss blockchain’s merits as an emerging technology. Several ongoing ideas and partnerships exist because of this event, most notably the Blockchain Alliance.

In regards to Bitcoin, Branson has praised the protocol regularly. When a Bloomberg reporter asked if he feels Bitcoin is a currency that will work, Branson said:

“Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin. — People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.”

Branson also told Bloomberg his company has no problem accepting Bitcoin for flights to space on Virgin Galactic. The project has moved slowly but the ships are almost complete and test flights should start next year, Branson added.

Virgin Disruptors Talk Blockchain and Bitcoin Disruption

Speakers and attendees at the Virgin Disruptors event also discussed blockchain and Bitcoin. These included Blockchain.info’s CEO Peter Smith, Matt Wallaert of Microsoft Ventures, and Holly Ransom of Emergent Solutions. While chatting with guests, Branson said blockchain technology could create a “real economic revolution in these countries.”

There’s no doubt ideas like blockchain technology and Bitcoin are on executives’ and developers’ minds. With backing from influential businesspeople like Branson and his colleagues, these protocols come much closer to starting the revolution they promise.

What do you think about Sir Richard Branson’s recent statements? Let us know in the comments below.

Source: Yahoo Finance, Forbes, and Bloomberg

Images via Shutterstock, Pixabay, and Virgin.

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