With blockchain technology taking over the technology space, firms have been entreated to take advantage of it to provide secure transactions and reduce compliance costs.

According to the President of VX Technologies Inc., Justin Pauly, this is necessary to speed up data transfer processing and efficiency of their operations.

Speaking to Joy Business at a forum to discuss Ghana’s future on blockchain technology, Mr. Pauly called for more investments into the sector

He explained that blockchain enables an unprecedented amount of individual control over one's own digital data.

“I think Ghana has a bright future with respect to blockchain technology. It’s very important for businesses to work with blockchain to effect changes in their operations.”

“Other countries have started working with blockchain. So I guess it’s time the public and private sectors make good use of it”, he mentioned.

Managing Director of  VX Technologies Ghana, Prince Akoto Adipa, noted that Ghanaian businesses can greatly improve supply chains by enabling faster and more cost-efficient delivery of products, enhancing products' traceability, improving coordination between partners, and aiding access to financing with blockchain technology.

“There are a lot of advantages we get from blockchain. Businesses in the country should be swift in taking advantage of the technology because of its immense advantage”, he pointed out.

Manager for Special Project at the US Chamber of Commerce Ghana, Jane Okyere-Aduachie, explained the need for Ghanaians businesses to partner with VX Technologies, indicating that this is a way to support the operation of the company and create awareness with respect to the enormous advantage one get from using the technology.

“They are a member of the chamber and we know how important it is using the blockchain technology. That is why we opted to support them with the awareness creation”, she explained.

In a blockchain system, the ledger is replicated in a large number of identical databases, each hosted and maintained by an interested party