Professor Nii Narku Quaynor, Convener of the Blockchain Conference in Ghana, has called for adoption of the blockchain technology to drive innovations in solving problems peculiar to the country.
Speaking at a media and stakeholders’ forum organised in Accra by Blockchain Network to discuss the benefits of adopting the technology, Prof. Quaynor mentioned that the Registrar-General’s Department, estate developers, educational institutions, financial institutions, medical centres, agriculture, governmental departments and agencies as areas where the system can be used for improvement.
“All that’s needed is for one’s data or information to be loaded onto the system with its checking mechanism uploaded onto the Blockchain system, so anybody who wants to verify can get access to it quickly and easily,” he said.
The Blockchain is a public archive where transactions are recorded and confirmed. It also provides a record of events that is shared between many parties.
According to Prof Quaynor, the technology can for instance be used by employers to check the transcripts of students; monitor the efficiency of insurance companies before partnering with them; track inventories to reduce losses; and verify the authenticity of an individual or a company.
He said the system can also be used to assist the populace in identifying true real estate developers that are backed by right and legal documents.
He said: “It is also possible to use Blockchain as a digital system to access documents and verify land sellers without necessarily going to make inquiries at the lands commission; with this, all technical barriers would be removed”.
He added that as far as the adoption of this technology is concerned, Ghana is far behind; and therefore, he encourages the country not to hesitate further in adopting the system.
He explained that the Blockchain system allows permanent storage of any amount of information, therefore an approval of its use would allow the populace to have easy access to any publicly held information of an organisation or individual.
Kobina Hughes, a Blockchain Enthusiast, told the participants that Blockchain can be used for almost everything – including all financial transactions – within the next 10 years, considering its effectiveness and reliability.
He said modes of payment can be improved in the country with the adoption of good digital systems to meet societal needs and prevent problems associated with lack of transparency in its institutions.