A Computer Scientist and Board Chairman of the West and Central African Research and Education Network, Professor Nii Narku Quaynor has urged Ghanaians to take advantage of the opportunities and benefits inherent in the Blockchain and crypto-currency innovations.
He said the technologies have the potential to transform the Ghanaian economy if embraced and properly utilised.
Professor Narku Quaynor was speaking at a forum for News Editors to educate them on the importance of the Blockchain technology in Accra.
He said Blockchain is a new technology which is based on computer science tools.
Professor Narku Quaynor stated that most people in the technology industry are looking for applications that solve real needs and have the potential for scaling up.
“If you look at adoption of Blockchain in the world, Ghana is behind relative to countries in Europe, America and Asia.”
He explained that Blockchain and Crypto-currency will not put banks out of business but rather enhance the banking industry.
He encouraged Ghanaians to get involved and learn about the new Technology.
The Computer Scientist urged engineers and software developers to learn more about Blockchain and figure out how to use it to create some unique domestic solutions before the market is crowded.
A lawyer and Blockchain Enthusiast Kobina Hughes stated that Blockchain has the potential to improve revenue collection, reduce corruption and make online transactions easy.
He said there are benefits for governments, businesses and the general public.
“The Blockchain helps to get things done more effectively and transparently.” Mr. Hughes asserted.
Nancy Dotse of Ghana Blockchain Network said Ghana needs to position itself to benefit from the BlockChain emerging trends.
She underscored the need for the country to build capacity, share information and provide access to the technology.
She said in November last year Ghana held the maiden Ghana Blockchain conference with sponsorship from the Bank of Ghana for technology experts and BlockChain organisations.
Madam Dotse noted that there have been some initiatives since the first conference and the Network is looking forward to taking stock and stimulating growth in the industry.
She announced that following the success of the maiden conference, Ghana Dot Com, a leading Bitcoin mining, Blockchain and Crypto-currency capacity building organisation has joined the Network to organise another Blockchain Conference in Ghana on the 25th of October this year.
She stated that the Conference is to engage the Blockchain community, adding that a number of organisations from Finance and Banking, ICT, Insurance, Academia, Shipping and logistics, medical, documentation and certification agencies have expressed interest in taking part in the conference.
The conference, she pointed out, will be under the theme:”Blockchain Technology for development”.
“Technology has the power to change lives and levels the playing field for everyone” she narrated.
“Blockchain is the implementation of a distributed ledger technology where transactions are securely recorded and distributed to all interested parties worldwide.
Once a block consisting of collection of transactions is added it is extremely difficult to change or remove it.”
The advent of Blockchain/Crypto-currency has changed the paradigm of business transactions worldwide and some Ghanaians gradually signing onto the various Blockchain platforms.
A lecturer at the Computer Science and Information Technology Department of University of Cape Coast, Isaac Armah-Mensah said a Network of some Universities is researching into the Blockchain technology to find out how it can be used to better the lives of people and facilitate national development.
He urged government agencies and institutions to buy into the BlockChain technology and use it to enhance their work.