ICT Clinic (Punch Newspaper)

Blockchain technology in a post COVID-19 world [ICT Clinic]

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.

Blockchain, like other types of technologies, can serve a dual purpose depending on the goals of the individuals involved. This is why I believe that the technology has a major role to play in a post COVID-19 Africa.

According to International Data Corporation, the overall spending on blockchain in 2019, saw an increment of 80 per cent. Another report from Deloitte indicated that out of 1,300 senior executives around the world, 53 per cent identified blockchain as an essential priority.

More start-ups such as Domineum, Digita and iBSmartify, among others are rising up to put blockchain to good use.

Areas like supply chain, land registration, maritime, logistics, healthcare, data management, e-commerce are all being tackled at various levels.

The reality is that based on the design of the technology, it is truly what Africa needs because of its inherent transparency and decentralisation.

Africa is faced with the two-hydra headed monsters of corruption and poverty, which technology can help to resolve to a large extent.

Again, COVID-19 has been a most terrible experience for the world. Besides its toll on the global economy, hundreds of thousands of people have died, which is indeed very sad. However, on the flip side, it has presented a good opportunity for emerging markets like Nigeria to re-tool, re-focus and re-strategise and technology of various types have evolved as tools of change, of course, for those that are willing. Put simply, COVID-19 has turned to a necessary accelerator in adopting the blockchain technology for good.

Blockchain is not just a hedge on the way a traditional business model is run anymore; it has now formed an integral part of finding out creative solutions that is in current existence, for solving the society’s problem. Let me also state that Blockchain is not all about crypto currencies alone, the technology Blockchain serves a multi-purpose in supporting enterprises and more solutions coming ahead will prove this.

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.

COVID-19 has come with its impact on the financial ecosystem, thus, a big fiscal and monetary response to the pandemic has resulted in the consideration of bitcoin. Coming out of the pandemic and even, as at present, the combination of blockchain technology with the traditional credit cards, enables people to pay for goods and services, from the comfort of their homes.

During a recent chat with Amos Omotade-Sparks, who doubles as the Chief Executive Officer of IBSmartify and President of InksNation Foundation, both focused on deepening blockchain in Africa, he declared that the only hope for Africa in a — Finish Reading on the Punch

About the author

Chukwuemeka Fred Agbata Jnr

CFA hosts Tech Trends on Channels Television, writes the ICT Column in the Punch Newspapers & also blogs on cfagbata.com.

CFA currently serves as the African Regional Director of Founder Institute.

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