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Africa News of Friday, 9 July 2021

Source: thecitizen.co.tz

Tanzania sets up crypto advisory team

ICT minister gave the c'ssion 14 days to setup a taskforce to advise gov't on blockchain technology ICT minister gave the c'ssion 14 days to setup a taskforce to advise gov't on blockchain technology

In response to a rise in global popularity of the blockchain technology, Tanzania is now putting its experts together so they can effectively advise the government on its use.

Information and Communication Technology (ICT) minister Faustine Ndugulile yesterday gave the ICT Commission 14 days within which it (the Commission) should set up a taskforce to advise the government on blockchain technology. Blockchain is among technologies behind the Fourth Industrial Revolution (4FIR) including crypto-currencies like Bitcoin.

The Bitcoin is a decentralized digital currency which exists without a central bank or single administrator. It can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

So in short, the blockchain is a specific type of database. It however differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together.

It works in such a way that as new data comes in, it is entered into a fresh block and once the block is filled with data, it is chained onto the previous block, which makes the data chained together in chronological order.

Dr. Ndugulile said in Dar es Salaam yesterday that the taskforce to be formed must involve not more than 10 experts.