News Tech Tackling Challenges Facing Nations: Blockchain Technology The Way Out By admin Posted on June 22, 2018 6 min read 0 0 305 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr An associate partner of Chief Blockchain Union China, Libin, has said Blockchain Technology, is the way to out of the mess countries find their selves now. Blockchain Technology is a new technology that seeks to develop solutions and guarantees digital trust which can be applied to address the challenges at various sections of the country’s supply chain system. Mr. Libin who was speaking to some section of the Ghanaian media in Accra laso said Blockchain Technology is a decentralized, distributed storage database system that allows people to write entries into a record of information, where a community of users could control how the record of information is amended and updated. According to him, Blockchain Technology is fast taking over businesses and sectors relevant for growth and development. He explained that the financial sector, health, agriculture, commerce, real estate sectors among others ccould hook onto the Blockchain technology to speed up their day-to-day business transactions. Mr. Libin also noted that trust is a risk judgment between different parties, and in the digital world, determining trust often boils down to proving identity and proving authorization and that Blockchain has passed the trust test since it provides a powerful ownership tool that fulfills authentication requirements of data. He said since it is a storage and distribution network, it reduces the risk of centralized corruption or failures and the issue of hacking is ruled out completely. He also explained that the root cause of risk in businesses especially in the banking sector is that all data are stored by the intermediary agency. “There is a way to avoid these risks. With the Blockchain Technology the intermediary storage is secure, so if it is stored data separately, then this can effectively solve this problem. This technology has also gradually gained attention from the banking and financial industries due to its safety and convenient.” He also said the Blockchain technology is becoming the trend of doing business the easiest way explaining that “For example, we may copy a piece of music for you. We can copy a movie from someone else’s computer. And something of value like money is no way to replicate on the internet. If it can be simply copied, then the social economy will be in disorder.” The associate partner said: “Even when we both don’t know each other, I am in Ghana and you are in China. If I want to transfer money at this time, you can tell me your address directly and I can transfer it to you, and you can do it without the assistance of a third party intermediary.” Mr. Libin revealed that the Chief Blockchain Union in China has begun expanding its frontiers into Africa and currently in Ghana hoping to cover Nigeria, Zimbabwe, Uganda, Kenya and the whole of Africa in the next three years. Speaking on some benefits of Blockchain Technology for industries and businesses, Joseph Khalil also Chief Bloackchain Union partner, noted that there the technology is the easiest way to do business so far, it builds trust, remove intermediaries in businesses. According to him, there is speed, flexibility and mobility as far as the use of the technology in money transfers whilst boosting investments in Africa. Joseph Kalib also explained that transactions on Blockchain would be reshaped and completed like traditional credits from centralized institutions. He said Blockchain technology will increase jobs and impact standard of living and government revenue positively. Mr. Silas N.A. Mettle also in his remarks submitted that Blockchain would help uplift technology in the country to the highest level. This, he said, would accommodate a lot of the youth to be smart in the arrear of doing business.