Global techpreneur, Chinedu Echeruo has proposed that blockchain technology could really cut the heart of corruption in Africa.
Speaking at the 22nd MTN Business World Executive Breakfast Meeting held in collaboration with Business World, he said “blockchain represents the most significant opportunity for African governments to really cut at the heart of corruption,”.
Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly is gradually taking centre stage in governance as experts are beginning to advocate for its use in curbing corruption.
Chinedu explains further that “Corruption stems primarily from a power dynamic and information differences…and if information could be equalised, corruption can be curbed,” he added.
To ensure that government funds are responsibly used, he adds that releasing funds via blockchain can enable citizens track what happens to the government expenditure since everything is recorded and transactions are available to the public.
The event held under the theme, “Leadership and Entrepreneurship in a Fast Paced Tech World.” discussed the various components of tech entrepreneurship and how entrepreneurs can sustain their businesses in a competitive field.
It attracted business professionals from diverse fields, who were challenged to start technology initiatives to solve Africa’s problem and encouraged those in other fields to employ technology to enhance their businesses.
Acting Corporate Services Executive of MTN, Samuel Koranteng, in his welcome address noted that great entrepreneurs must possess very good leadership skills in order to make the right decisions and necessary impact in society.
“Without sound leadership, an entrepreneur is at risk of losing out to competition in this fast paced digital world,” he further added.
Echeruo in his presentation hinted on the fact that young entrepreneurs stand at an advantage position as traditional things that limited creators is no longer a real barrier to creativity.
“So the youth in Ghana can reach out to developers and collaborators globally and build at a scale that no one has ever seen.”
Chinedu Echeruo had his first break when he co founded two internet based companies, HopStop.com, a pioneering travel app that helped millions across the world to navigate major metropolitan areas and Tripology.com which is a travel referral business for the travel industry.
Established in 2005, HopStop.com grew by 250 per cent at its initial stage. He was named as part of the 10 most powerful people from Africa by Forbes in 2014. Echeruo is also founder ofTripology.com, an interactive travel referral service focused on connecting travellers with travel specialists which was later acquired by USA Today Travel Media Group
By Pamela Ofori- Boateng/Business World Ghana