Government urged to adopt technology

An expert in Cryptocurrency and Chief Executive Director of NIKGROUP, International Limited, Nick Owusu, has advised government and the private sector to replace the country’s current economic system with the blockchain technology.

He said the current system produces more debt than money needed to refund and does not augur well for the economic prospects for a developing country such as Ghana.

“Blockchain is a decentralised system of encrypting information. It is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

The system can only be altered or updated through a consensus, which will require alteration of all subsequent records and even the collusion of the entire network.

He cited the country’s current public debt stock of about GHC 159.4 as of September this year as an example.

Mr Owusu indicated that pragmatic efforts needed to be adopted by stakeholders and policymakers to turn around the fortunes of the economy.

“The blockchain technology will be a force to reckon with, to set the country free from debt and any implications that come with it,” he said.

He said his outfit, would on October 25, this year in Accra, hold a Blockchain Summit on the theme “The impact of blockchain on businesses for national development.”

The Blockchain Summit, he observed, would be the biggest opportunity for companies controlling Ghana’s capital market such as financial and investment experts, bankers, insurance brokers, and forex traders, chief executive officers, real estate developers, the private and government officials to explore the dynamics of the new revolution.

He said seasoned speakers from local and International repute, industry players, policy makers as well as key players in Ghana’s financial sector would speak to the issue of blockchain while demystifying its concept for accelerated development.

Topics to be discussed at the summit will include, the introduction to blockchain; uses and application of Blockchain; Bitcoins, its history, present and future; alternative coin offerings; basics to Cryptocurrency trading; and emerging opportunities in the blockchain space for Africa.

By Kingsley Asare

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