An Associate Partner of Chief Blockchain Union in China, Mr Libin, has stressed that, Blockchain, a technology that guarantees digital trust, can be applied to address challenges at different sections of the country’s supply chain system.
According to him,this new technology seeks to develop solutions to challenges facing countries.
Mr Libin, who was speaking to a cross-section of the Ghanaian media in Accra, explained further that blockchain technology is a decentralised, 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 technology, he said, was fast taking over businesses and sectors relevant for growth and development.
He said the financial sector, health, agriculture, commerce; real estate sectors among others can hook onto the blockchain technology to speed up their day-to-day business transactions.
Mr Libin also stressed that trust was a risk judgment between different parties, adding that in the digital world, determining trust often boils down to proving identity and proving authorisation and that blockchain has passed the trust test since it provides a powerful ownership tool that fulfill authentication requirements of data.
He said since it was a storage and distribution network, it reduces the risk of centralised corruption or failures and the issue of hacking which is ruled out completely.
He also indicated that the root cause of risk in businesses, especially in the banking sector, was that all data were 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 noted.
He also said the blockchain technology was becoming the trend of doing business the easiest way, explaining that “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 said: “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 the Chief Blockchain Union, which is in China, has begun expanding its frontiers into Africa and currently in Ghana, hoping to cover Nigeria, Zimbabwe, Uganda, Kenya and the whole of Africa in the next three years.
Speaking on some benefits of Blockchain technology for industries and businesses, Joseph Kalib also Chief Bloackchain Union partner, noted that there the technology was the easiest way to do business so far, insisting that “it builds trust, remove intermediaries in businesses.”
According to him, there was speed, flexibility and mobility as far as the use of the technology in money transfers while boosting investments in Africa.
MrKalib also explained that transactions on Blockchain were reshaped and completed like traditional credits from centralised institutions.
He said Blockchain technology would increase jobs and impact standard of living and government revenue positively.
Story: Kwamena ANANSE
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