Telos blockchain network, a leading player in blockchain technology is gradually transforming the local economy offering business solutions to enterprises and developers in Africa.

The network, built to power the next generation of global economies makes it easy for different businesses in different sectors to create a trusted and universal medium to store and share data.

Mr Blaise B. Bayuo, Chief Executive Officer (CEO) and Co-founder, Sesacash, a local partner of Telos network, in an interview with the Ghana News Agency (GNA), said the network was suited for building decentralised financial application in the areas of digital loans, financial asset transfer and cross-border transactions towards financial inclusion.

He said the network provided unique opportunity for securing and tracing movement of goods in the value chain industry, allowing third parties “to trust and use this information”.

Mr Bayuo said the network had an immutable public voting system that could enable national and local elections to be deployed and monitored using the Telos network.

He said Non-Governmental Organizations (NGOs) could also use Telos network to share their reports and pay field workers openly with opportunity for donor partners to verify and monitor project status and implementation.

Mr Bayuo said operating on Telos blockchain was free with reduced overhead cost for companies and invited banks, hospitals and pharmaceutical companies to explore the opportunity for rapid growth.

He said Telos had an active developer and resource ecosystem to meet clients’ needs and allowing them to test servers to build prototypes before launching live applications.

Mr Bayuo said up and coming developers could also take advantage of grants from Telos Foundation to develop application on Telos network.

He said Sesacash.com app, a multi-currency platform where individuals and companies could send and receive payments across Africa, for instance, was running on Telos network.

Mr Bayuo said another app being implemented on Telos is “Seeds” or “Joinseeds.com”, which allowed NGOs and individuals to earn money by engaging in environmental regenerative activities such as planting trees.

He said it was a reward based financial tool to encourage people to engage in valuable activities for ecological and social regeneration.

Mr Bayuo said another app is Havuta, built to help NGOs in their operations and bringing smartphone and blockchain-based solutions to the data collection challenges facing the development sector.

“It creates a blockcahin-based feedback loop benefiting NGOs, engaging their beneficiaries, and promoting transparency,” he said.