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Business News of Monday, 17 September 2018


Firm pushes for adoption of blockchain technology in Ghana for social change

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions

A consulting firm in Ghana is pushing for the adoption of blockchain technology in the country for social change as government strives to fight corruption.

Blockchain is a decentralized system of encrypting information. It is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

As government contends with the loss of state funds through the manipulation of documents, payroll fraud, fake licencing and illegal transactions among others, NIKGROUP International Limited, is stepping in with the blockchain technology to reverse the trend.

Chief Executive Director of NIKGROUP, International Limited, Nick Owusu observed that while successive governments continue to find lasting solution to this canker, authorities mandated by law to assist government in tracking and monitoring contracts and the disbursement of funds for procurement purposes, have not lived up to their task.

This, he attributed to logistical and administrative challenges.

Mr. Owusu who is also a renowned speaker and entrepreneur said it is good news that a system to curb this anomaly has been introduced.

According to him, this new blockchain revolution, which uses a digitalized signature called the harsh system, makes it difficult for people to manipulate data.

“The system can only be altered or updated through a consensus, which will require alteration of all subsequent records and even the collusion of the entire network,” he explained.On October 25, 2018 at 9:00am at the Marriot in Accra, he said the NIKGROUP INTERNATIONAL LIMITEDwould hold a Blockchain Summit on the theme “The Impact of Blockchain on Businesses for National Development”.

He said experts from industry and academia, policymakers in both the public and private sectors, as well as key players in Ghana’s financial sector will speak to the issue of blockchain while employing its benefit to businesses.

He said individuals and companies controlling Ghana’s capital market such as financial and investment experts, bankers, insurance brokers and forex traders, chief executive officers, government Officials and young professionals will be introduced to the Blockchain Technology, particularly on how to adopt and explore it to transform Ghana’s economy for accelerated development.

NIKGROUP International Limited is hopeful the summit will not only bring sanity into the system but will help bridge the financial gab between Ghana and the developed world as Ghana positions herself to embrace this new technology, he said.

Topics to be discussed at the summit will included, the introduction to blockchain; uses and application of Blockchain; Bitcoins, its history, present and future; alternative coin offerings; basics to Cryptocurrency trading; and emerging opportunities in the blockchain space for Africa among others.

Interested persons should click here to register to participate in the Blockchain Summit

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