Ghanaian Businesses urged to hoot onto Blockchain Technology

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An Associate partner of Chief Blockchain Union in China, Mr. Libin has challenged Ghanaian businesses to hook onto Blockchain Technology, a new technology that guarantees digital trust, and apply it to their benefit as far as supply chain system is concern.

Mr. Libin who was speaking to some section of the Ghanaian media in Accra Blockchain Technology 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.

According to him, Blockchain technology is fast taking over businesses and sectors relevant for growth and development. He explained that the financial sector, health, agriculture, commerce, real estate sectors among others can hook onto the Blockchan technology to speed up their day to day business transactions.

Mr. Libin also enumerated that Trust is a risk judgement between different parties, and in the digital world, determining trust often boils down to proving identity and proving authorization and that Blockchain has passed the trust test since it provides a powerful ownership tool that fulfills authentication requirements of data.

He said since it is a storage and distribution network, it reduces the risk of centralized corruption or failures and the issue of hacking is ruled out completely.

He also explained 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.”

He also said the Blockchain technology is 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 is the easiest way to do business so far, it builds trust, remove intermediaries in businesses.

According to him, there is speed, flexibility and mobility as far as the use of the technology in money transfers whilst boosting investments in Africa.

Joseph Kalib also explained that transactions on Blockchain will be reshaped and completed like traditional credits from centralized institutions.

He said Blockchain technology will increase jobs and impact standard of living and government revenue positively.

By: Prosper Agbenyega

Ghana News Online

The primary function of GhanaNewsOnline.com.gh is to gather, process and distribute news about Ghana and Africa to the World. To serve as a News Agency with the mandate to present complete, in-depth objective and impartial information, news, and features rooted in investigative journalism.

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