Experts on the blockchain phenomenon has highlighted and defended the need for Ghana to adopt Blockchain technology in managing the various sectors of the economy- especially in banking and the financial sector- as it enables users to keep accurate and permanent records of every transaction.
This was revealed at the 23rd MTN Business World Executive Breakfast Meeting under the theme, “Blockchain Technology- A Force for Business Growth in Ghana.”
Speaking at the event, Professor Nii Quaynor, Chairman of Ghana Dot Com, noted that Blockchain comes with an electronic identification, and authentication system that allows easy permanently recorded transactions.
He further challenged the authenticity of emails and text messages employed in banks as a way of keeping records of transactions.
“SMS and email are both untrusted- I can forge an email or send an SMS with a different source address. However, when these headers are put on blockchain it is deemed authentic,” he averred.
“By doing things with the blockchain, you strengthen existing things which has questions.”
“Blockhain brings about business efficiency because every business needs to authenticate its customers and if you have a new method (blockchain) which cannot be disputed because it’s electronically signed and everybody can verify, that will be a plus for industries,” he said.
Kobina Hughes, Managing Partner, Collingwoode highlighted the trusted validation feature of blockchain.
“ Blockchain is very powerful because it enables us not just to exchange data with each other but actually to contract across borders in a trusted way without needing any intermediary such as the banks in an immutable way so that records are permanent and cannot be destroyed,” says Kobina Hughes.
He adds that there is a process of validation that opens depending on the kind of Blockchain that is being employed and it reduces friction in transactions and enables values to be exchanged at low costs.
He urged that Ghana as a nation should use the technology to shape national initiatives since it has a higher potential to impact on every sector.
On how the technology could impact the financial sector, Eli Hini General Manager, Mobile Financial Services, MTN Ghana touched on the potential of the technology in disrupting the financial services sector and how Blockchain has seen a lot of traction and proof of concept.
As most Ghanaians struggle to get the concept of Blockchain technology, other African countries have already gotten the wind and are utilizing it in innovative ways.
Earlier this year (March 7) Sierra Leone became the first country in the World to conduct Blockchain backed elections. The technology stored votes in an immutable ledger which displays instant results.
As African banks warm up to Blockchain, South Africa and Kenya have been tipped to lead.
The 23rd MTN Business World Executive Breakfast Meeting was organized by Business World Ghana and MTN in Accra. The event brought together business executives and professionals from various sectors to deliberate on the various opportunities that Blockchain technology can offer businesses.
Pamela Ofori-Boateng/Business World Ghana