Graphic Business News

Confab on blockchain technology slated for Nov 18

By: Graphic Business
Professor Nii Narku Quaynor
Professor Nii Narku Quaynor

THE Chairman of the Ghana Dot Com Limited, Professor Nii Narku Quaynor, has asked for stronger support from various sectors of the economy to help encourage the patronage of the ‘blockchain technology’ in the country.

The support should precede the creation of an enabling environment that would thrive on a strong commitment to the smooth operation of the blockchain technology in Ghana as it is gradually becoming a force to reckon with globally, Prof. Quaynor, who is also known as the father of internet in Africa, told the Graphic Business on November 11 in Accra.

He said the technology had generated a lot of interest in the global business and financial market and was gradually penetrating the local market.

Prof. Quaynor explained that the blockchain technology was an incorruptible digital ledger of economic transactions that could be programmed to record not just financial transactions but virtually everything of value.

He observed that blockchain was a digital ledger technology for recording ordered sets of cryptocurrency transactions securely such as bitcoin and etherum.

“The advent of blockchain or cryptocurrencies has undoubtedly changed the paradigm of business transactions worldwide and Ghana is no exception as a significant number of Ghanaians are signing on to various, different blockchain platforms.

“Believe it or not Ghanaians have started getting interested in the technology and what the government needs to do is to create the enabling environment for its smooth operation,” he said.

He said from its inception in 2008, riding on the back of blockchain technology, it had made huge inroads into the mainstream currency and investment landscape.

Blockchain conference

Prof. Quaynor was speaking to the paper ahead of a conference on blockchain technology slated for Thursday, November 16, 2017, at the Golden Tulip Hotel in Accra.

On the theme: “Blockchain Technology for Development,” the event is expected to bring policy makers, private sector and government officials to share knowledge on how best the technology could be embraced in the country.

The conference will be preceded by a two-day blockchain training workshop with resource persons drawn from the world as well as the local communities.

The Organising Committee Chairperson of the conference, Mrs Nancy Dotse, said all was set for the first ever conference on blockchain technology to take off in the country.

“It is critical, therefore, to ascertain whether or not we are well-informed about this technology that is taking the world by storm; do we have the requisite policy, legal and regulatory frameworks to embrace the blockchain technologies and most importantly how well equipped in terms of capacity are our regulatory institutions to regulate and facilitate activities in this emerging sector?” she asked.

Mrs Dotse observed that there was also the urgent need to assess how prepared Ghanaians were to absorb the potential displacement of trusted institutions and corporate entities involved in executing and recording transactions in traditional, fiat currencies, such as registries, banks and others.

“We need to examine and identify what we can do to make this better, and last but not least how Ghana can position herself to benefit from this emerging trend,” she added.

It is against this backdrop that Blockchain Network will hold a day’s blockchain conference to seek answers and also engage the blockchain community with regard to a wide array of potential applications for finance transactions.

Creating awareness

The conference brings together the blockchain community, policy makers, technology leaders, economic commentators, and the regulatory authorities to deepen their understanding of this new trend that is reshaping global business.

The event will include a two-day bitcoin & etherum technologies workshop & amp; hackathon (a pre-conference workshop), training in technologies & amp; applications, policy and regulations, financial inclusion, as well as other crucial issues.

The conference is aimed at creating awareness and enabling networking with peers, creating a good policy environment for Blockchain technology to flourish, knowing the policy issues; meeting stakeholders and sharing best practices, having first-hand demonstrations on some of the tools and hearing from the experts.

The blockchain conference is being organised and hosted by the Blockchain Network, a non-profit organisation established as a forum for blockchain community. —GB