> Weak institutions, corrupt legal systems, and low levels of trust undermine development and prevent people from building and maintaining wealth for themselves

> Weak institutions, corrupt legal systems, and low levels of trust undermine development and prevent people from building and maintaining wealth for themselves and their families. > For me, the promise of the blockchain is that it can provide a technological framework upon which to build new kinds of institutions You're trying to solve social and political problems with tech. And you cannot. You could spend 30 seconds thinking abuout the problem and realised why it can't. Question: who is the rightful owner of the marked land? See my comments in this discussion: https://news.ycombinator.com/item?id=27212564 https://news.ycombinator.com/item?id=27212564 > Is a smart contract better than a written contract? Maybe it is, if there is no well-functioning judiciary to adjudicate contractual disputes. And who is going to enforce this smart contract? > It's important to remember that what might seem redundant or useless to those of us who reside in the first world may not be redundant or useless to those who live elsewhere. It's also important to remember that people who claim this (and claim blockchains are solutions to problems) also reside in the first world and have literally no clue about the problems outside their cushy bubbles.