Experts are gathered in Addis Ababa to review a new Economic Commission for Africa ( #ECA) report which aims to explore opportunities for blockchain technology in Africa.
Blockchain is an ingenious invention that allows digital information to be distributed but cannot be copied.
Originally devised in 2008 for the digital currency, Bitcoin, by an anonymous person or group known as #satoshi #Nakamoto and implemented in 2009, the tech community is now finding other potential uses for the technology.
Addressing an Expert Group Meeting (EGM) on Information and Communication Technologies on the theme "Exploring opportunities for Blockchain technology in Africa", Kasirim Nwuke, Chief of the New Technologies and Innovation Section, said there currently was a lot of hype about blockchain though much remains unknown about the technology. "Like every new technology, blockchain faces many barriers which must be understood and overcome in order for Africa to take full advantage of it," he said.
Mr. Nwuke said Africa lacks extensive infrastructure, advanced financial institutions, a high degree of political stability and large pools of capital that enable rapid adoption and diffusion of #technologies, adding there are also #technicalconstraints to widespread adoption of blockchain #technologies in Africa.
These include, scalability and transaction speed of distributed ledger systems, interoperability of different ledgers, network security and resilience of the #system against potential cyber-attacks from cyber-criminals. And regulatory and cultural barriers as well. "It is with the above in view that we commissioned the report which we are presenting to you today, as experts in the field, to review and advice. Our aim in the report is to #explore the opportunities and challenges that #blockchain #technologypresents in the context of skills and resource limitations as is the case in most #African countries," said Mr. Nwuke. "We #hope that this report will contribute to ongoing efforts on our continent to understand blockchain technologies, to harness it and to fashion adequate responses to it. #bitcoins #bitcoinnews #bitcoinafrica #price #bitcoinexchange #btc #bth