Intelligent CIO Africa Issue 08 | Page 22

COMMENT Blockchain’s powers go way beyond Africa’s wheel of finance Blockchain is no longer just about finance, it has the power to kickstart a whole new era of inclusive growth, says Mark McCallum, Country Manager for SA at Orange Business Services. B lockchain, the digital ledger that underpins cryptocurrency bitcoin, is a software platform for digital assets; a clever piece of distributed database technology, which is waging a silent revolution that could take it way beyond its financial roots to radically change the way our society works. “Where blockchain technology is concerned, it has the potential to create a whole new revolution in digital money, and this trend is expected to grow widely in the African region as companies and consumers adopt new methods of transacting,” says Mark McCallum, Country Manager, South Africa, at Orange Business Services. Visualising blockchain Imagine a gargantuan, open-source spreadsheet, which no one owns and 22 INTELLIGENTCIO everyone in its network can access – but once a transaction is made it can’t be erased or altered. This is the essence of blockchain. The first major blockchain innovation was implemented as a key component of bitcoin, acting as a public ledger for all transactions. Organisations then realised blockchain technology could be separated from the bitcoin currency and used for other financial tasks. Many multinational banks are already looking at potential applications for blockchain throughout the financial services value chain. “In addition to the financial services businesses, other African businesses and start-ups have found their niche in alternative technology – provided by the power of digitalisation – in closing geographical gaps between rural communities and the formal economies,” comments McCallum. www.intelligentcio.com