Blockchain is one of he new technologies that have the world in a frenzy with the possibility of disruption in numerous key industries. It is a decentralized, distributed storage database system that allows people to write entries into a record of information, where a community of users can control how the record of information is amended and updated. Blockchain has the power to make or break entire economies, hence several countries have begun to set up takforces and committees in a bid to understand how bet to utilize blockchain technology for the country’s good. Ghana has piled onto this bandwagon after recently relaunching its blockchain union.
According to Mr. Libin, an associate partner of China’s Chief Blockchain Union, blockchain technology guarantees digital trust, which when applied, can address the challenges at different sections of the country’s supply chain system, such as fraud and corruption. Speaking to Ghanaian media in Accra, he says blockchain technology is rapidly taking over businesses and sectors relevant for growth and development. He points out the financial, health, agriculture, commerce, real estate sectors amongt the sectors that will be most affected by the technology, which would speed up and promote accountability in their day to day business transactions. He went on to explain that trust is a risk judgment between different parties, and in the digital world it is an even bigger risk. Determining trust often comes down to proving identity and authorization, a task that blockchain is more than efficient at doing, as it provides a powerful ownership tool that fulfills authentication requirements of data.
Mr. Libin said that since blockchain is essentially a storage and distribution network, it reduces the risk of centralized corruption or failures and the problem of hacking is ruled out completely.
He added that the root cause of risk in businesses especially in the banking sector is that all data are stored by the intermediary agency. “There is a way to avoid these risks. With the Blockchain Technology the intermediary storage is secure, so if it is stored data separately, then this can effectively solve this problem. This technology has also gradually gained attention from the banking and financial industries due to its safety and convenient.”
Mr Libin further pointed out that blockchain is gradually becoming the new standard for doing business, “For example, we may copy a piece of music for you. We can copy a movie from someone else’s computer. And something of value like money is no way to replicate on the internet. If it can be simply copied, then the social economy will be in disorder,” he explained, “Even when we both don’t know each other, I am in Ghana and you are in China. If I want to transfer money at this time, you can tell me your address directly and I can transfer it to you, and you can do it without the assistance of a third party intermediary.”
Mr. Libin revealed that China’s Chief Blockchain Union which is expanding its frontiers, recently moving into Africa; currently Ghana, then subsequently Nigeria, Zimbabwe, Uganda, Kenya and the whole of Africa in the next three years.
Joseph Khalil, also a Chief Bloackchain Union partner noted that the technology is the easiest way to do business so far, it builds trust, remove intermediaries in businesses. According to him, it posseses desirable qualities such as speed, flexibility and mobility, particularly as far as the use of the technology in money transfers whilst boosting investments in Africa. He added that blockchain transactions will be reshaped and completed like traditional credits from centralized institutions. He notes that it is certain to increase jobs, impact people’s standard of living and positively impact government revenue.
