The blockchain ecosystem is one that continues to manage a crisis of perception.
This is no thanks to one of its offspring known as cryptocurrency, which is today linked with all sorts of scams, frauds and hacks. This perception seems to have darkened the immense positive possibilities of blockchain technology itself.
More start-ups such as Domineum, Digita and iBSmartify, among others are rising up to put blockchain to good use. Africa is faced with the two-hydra headed monsters of corruption and poverty, which technology can help to resolve to a large extent. Pre-COVID-19, the world was already going down into large scale global financial crisis. This has result in governments of various countries through their federal reserves to support their plunging economy.
I have always been a big believer that the most sensible way to deal with the issue of corruption is to go digital or electronic as much as possible. Fighting corruption is beyond long sentences or public appearances but actual implementation of policies to effect change. The story of Treasury Single Account, powered by Remita is a testimonial that the right technology and political will can lead to great results.
I would at this point, admit that blockchain technology is not yet 100% guaranteed to be a game changer for the future, due to some flaws that are still being exploited. The technology has taken the opportunity of the pandemic to re-state its ability in the digitalisation of supply chain management, giving companies incredibly good opportunities, to execute a decentralized system, as well as remote working.
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