Technology | Technology

Computer Scientist urges Ghana to embrace blockchain technology

Computer Scientist, Professor Nii Narku Quaynor is advocating for the adoption of blockchain technology to help improve financial inclusion and facilitate business in the country.

According to him the use of blockchain technology will help with financial inclusion as well as improve the ease of doing business. 

Professor Quaynor explained, “because the fees on using the cryptocurrency are low, it will encourage financial inclusion. And one only needs a smartphone where he will have his wallet to do a transaction hence the barriers to financial inclusion are reduced”.

He was speaking ahead of the 2018 second block chain conference scheduled for October 25 in Accra under the theme ‘Blockchain for development.’

The blockchain is a digital distributed ledger technology for recording ordered set of transactions securely. 

Originally developed as the accounting method for the virtual currency Bitcoin, block chains – which use what's known as distributed ledger technology (DLT) – are appearing in a variety of commercial applications today. 

The advent of the technology has influenced business transactions worldwide and Ghana is no exception as a number of Ghanaians have signed on to different blockchain platforms.

The blockchain conference, therefore, seeks to create awareness – a good policy environment for blockchain technology to flourish and share best practices on the technology in various industries including manufacturing, retail, financial services, legal, healthcare, insurance, energy, government and more

The conference will be proceeded by a two-day blockchain Training workshop on Euthereum and Bitcoin Technologies.