FEATURE : BLOCKCHAIN
Blockchain is a type of distributed ledger for maintaining a permanent and tamper-proof record of transactional data . A
Blockchain functions as a decentralised database that is managed by computers belonging to a peer-to-peer
( P2P ) network . Industry experts share with Intelligent
CIO Africa how enterprises are adopting Blockchain technology to drive finance and trade on the continent .
In the past , Blockchains were commonly
associated with digital currencies such as
Bitcoin or alternate versions of Bitcoin like Bitcoin Cash . Now , Blockchain applications are being explored in many industries as a secure and cost-effective way to create and manage a distributed database and maintain records for digital transactions of all types . Mervyn George , Innovation Strategy Lead , SAP Africa , said the shared , distributed and decentralised capabilities of Blockchain are finding their way into the mainstream with great potential .
George said ambitious entrepreneurs and innovators are investing long hours and mind-boggling sums of money to rework anything from automating finance and restoring public trust in healthcare to feeding over 10 billion people by 2050 and providing disaster relief to remote villagers .
“ Blockchain is a distributed ledger , which involves recording transactions in blocks that are linked and secured by cryptography and then verified and stored across a network , making the ledger resistant to modification ,” he said . “ The interesting part is that this combination of capabilities in computing , connectivity and cryptography has applications not only in the financial world , but in any transactional environment , including a decentralised personal data management system that ensures users own and control their data .”
He pointed out that this is important because identification provides a foundation for human rights . “ An estimated 1.1 billion people worldwide cannot officially prove their identity and we simply don ’ t know how many of the world ’ s more than 200 million migrants , 21.3 million refugees , or 10 million stateless persons have some form of identification . Many of these unidentified people are African ,” he said .
Hamilton Ratshefola , Country General Manager , IBM , said Blockchain technology is changing the usual course of businesses in every industry . “ There are many exciting examples – from food safety , smart contracts , healthcare , education , cross border payments , to luxury goods – where we have seen this technology work and make industries smarter , more efficient , resulting in strengthened trust ,” he said .
Ratshefola pointed out that across the continent , Blockchain adoption is rising – and the industry is seeing this from both large enterprises and increasingly , individual entrepreneurs .
He said many business leaders are attracted to Blockchain , for the business model benefits . “ CEOs are recognising that Blockchain is useful for their businesses and more than half of mid-sized businesses and considering deploying Blockchain solutions ,” he said .
Bernard Bussy , Software Engineer at Andile , said Blockchain is an enabling technology that leads to other innovations that create the use cases businesses want . “ At Andile we currently use Blockchain technologies in building larger platforms . The users of the platform don ’ t necessarily see the Blockchain in action – it operates behind the scenes while they gain the benefits . There are numerous start-ups and enterprises globally and in South Africa working on Blockchain ,” he said .
Busy said the most well-known is probably the Blockchain development being done at major banks such as Singapore Central Bank and JP Morgan . “ As for its state in Africa , this isn ’ t easy to answer . But if we go by cryptocurrencies , the most popular current
Blockchain is propelling finance , trade and government initiatives in Africa
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