Summit on Blockchain slated for October 25

A summit on Blockchain will be held on October 25 in Accra to deliberate on integrating the technology into Ghana’s financial management systems to tackle corruption and ensure judicious use of resources.

The Blockchain is a decentralised system of encrypting information. It uses a digitalised signature called the harsh system which makes it difficult to manipulate data.

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.

To be organised by Nickgroup International Limited, the summit, it will be on the theme, ‘The impact of Blockchain on businesses and national development.’

It will engage experts from industry and academia, policy makers, as well as key players in Ghana’s financial sector, including financial and investment experts, Bankers, Insurance Brokers and Forex traders, government officials, among others.

Topics to be discussed include ‘The introduction to Blockchain; uses and application of Blockchain’; ‘Bit coins, its history, present and future’; ‘Alternative coin offerings; basics to crypto currency trading’ and ‘Emerging opportunities in the Blockchain space for Africa’.

 

The Blockchain was developed on back of growing cases of corruption and people amassing wealth for themselves both in the public and public sector in most countries particularly Africa.

Due to ineffective mechanisms and systems to trace them, perpetrators escape punishment with Ghana having to contend with the loss of state funds through the manipulation of documents, payroll fraud, fake licensing, illegal transactions, and abuse of contracts and office.

The presence of logistical and administrative challenges has disrupted the mandate of authorities to assist government in tracking and monitoring contracts and the disbursement of funds for procurement purposes.

Industry leaders as well as countries who have explored the Blockchain have reported of enhanced transparency, enhanced security, improved traceability, effective monitoring, increased  efficiency and speed as well as reduced cost on all transactions.

According to the organisers of the summit,  such deliberations would not only bring sanity into the system but would help bridge the financial gap between Ghana and the developed  world  as it positions herself to embrace the new technology.

 By Times Reporter

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