New York City mayor Eric Adams thinks that all birth certificates, title deeds and other government records will be held on a blockchain in future. He made these comments while speaking at a Security Token Summit held in Manhattan last week.
For years, Adams has been a strong promoter of crypto and other related technologies. However, his comments during the summit marked a first since he had never mentioned that he foresees government records such as birth certificates being secured on a blockchain.
Supporters of blockchain technology say that using a digital ledger to store vital documents, such as property deeds, would reduce fraud and administrative costs. The idea of having property deeds on a digital ledger isn’t a new one given that several municipalities, including Cook County in Illinois and South Burlington in Vermont, have conducted pilot projects to see how having these property records on blockchains would pan out.
Also, a hospital in Brazil is reported to have made history in 2019 by putting the birth certificate of a newborn baby on a blockchain with no other records storage system, such as a physical certificate, being created to mark the birth of this child. This project was executed via a partnership between the hospital and IBM.
Now Adams says that the stagnation as well as governments’ inability to create partnerships with for-profit entities with the right technologies is responsible for ongoing problems such as the challenges encountered when trying to retrieve some property deed records. Adams isn’t one to just talk about blockchain and cryptocurrencies. The media went into a buzz early this year when the mayor publicly converted his first trio of paychecks after assuming office into Ethereum and Bitcoin.
Unfortunately, the massive drop in the price of those cryptocurrencies suggests that the New York City mayor could have lost a significant portion of that investment. His press secretary declined to reveal whether or not the mayor had sold his holdings before this market crash happened, adding that the major periodically makes disclosures about his personal finances and those can be used to verify the status of his cryptocurrency investments.
The Manhattan summit happened on the backdrop of TerraUSD, a crypto coin’s collapse that wiped out billions’ worth of crypto investments. This event dampened the mood of summit attendees, but Adams was upbeat and declared that crypto, fintech and blockchain were here to stay. Each person attending this event paid $2,000 for a seat.
As more elected leaders come out and speak in favor of blockchain technologies, the demand for the services offered by companies such as LQwD FinTech Corp. (TSX.V: LQWD) (OTCQB: LQWDF) will gradually increase as the uptake of those technologies grows.
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