Civilization is a term often used by historians to describe the beginning of a documented existence. it is the stage of human development where human actions are considered advance in his bid to solve his daily routine responsibilities. Many historians have agreed that ancient civilization started somewhere along the southern Mediterranean sea(Egypt) and spread north and eastwards. Africa can be said to be the cradle of ancient civilization of which most of that fact is negative due to the state of the continent in these contemporary age. Many will argue that Colonialism changed Africa in several ways and affected its development in such a way that it took us a while to rid us of its shackles. Nonetheless, Many post colonial African nations have come a long way in terms of financial development and infrastructure. In the past, a quality education was only attainable by the rich and powerful within these states. Recently, there is a surge for knowledge and skills in the post colonial Africa especially in Information and Communication Technology, Software Development, Programming and Business initiatives. Blockchain technology has the potential to foster innovation and broaden access to banking systems for entire countries and provide greater access to financial services in emerging markets. Many of these so-called 'developing' countries are off the financial grid and are often seen as poor investment havens own to the fact that corruption, insecurity , poor central bank regulations, miss-management of funds are usual popular trends and common practices among the countries hence there is a need for a more inventive and and genuinely structured financial system.
What blockchain is not?
BlockChain is not bitcoin?
Blockchain technology is not bitcoin. bitcoin is built on blockChain Technology just as your web applications are built on database
BlockChain is non-disruptive?That's because blockChain is not a “disruptive” technology, which can attack our old ways of doing business and cannot neccessary take over the job man's place in labour. Blockchain is a foundational technology
BlockChain Technology is not a single world currency?
Each blockchain uses distributed nodes: it runs on hundreds of super computers provided by minners around the world. The technology is public and anyone can view and modified the codes form its repositories, and not with a single institution charged with the responsibility of auditing transactions and keeping records.
What BlockChain Is?
- A distributed ledger for secured financial transactions. it is also a list of continuous financial records which are linked by cryptographic signatures.
- The records consist of groups of blocks which when put together consist of a defined number of transactions which are linked to previous transactions.
- Blockchain prevents double spending by checking or reconciling financial transactions against a ledger which is done with secured token.
- The Blockchain Technology works on Unspent transaction Output(UXTO)model. payments are usually a UXTO of payments gathered into a pile which must be agreed by all networks
Why Blockchain Technology is the solution to robust business and regional integration in Africa?**
Blockchain Technology is structured on building dependable and reliable financial systems. Distributed technology model can eliminate double spending has the potential to eliminate huge amounts of record-keeping and save money . since ledgers form a secured hash chain all current state information on transactions set advance the ledger and can support more complex transactions.Also,Blockchain technology can be traded and verified electronically over a network of computers without a central ledger hence eliminating the issue of double spending or disappearance of public funds since transaction hash codes can be used to verify and follow up transaction details of previous and future financial transactions. it also provides a digital signature for accountability, measurement and follow up through hash signatories.,these implies that public finances can be monitored effectively and bureaucratic bottleneck eliminated with ease.
BlockChain technology can also be used for trading,holding and transferring digital assets since it works on distributed agreement protocol and also requires substantial agreements of participants hence suitable for central banks and commercial banks to use as the base for inter bank activities, borrowing, lending and other statutory banking regulations and activities wish will result in faster fiscal and financial implementations of government monetary policies.
The Technology will provide regional integration since it makes use of sophisticated cross currency and cross-issuer payment system. business and trade can be seemingly done in any country or region without the need to swap local currencies to the individual countries currencies, this can speed up commercial activities and reduce the bottleneck of cross border trade transactions.
BlockChain technology help solve the issue of social credit, instead of borrowing money from international monetary bodies who loan repayments are usually high, Blockchain provides a means of borrowing money through arbitrary assets swapping. this is done through the exchange of assets of equal values or equivalent. the balances are tracked automatically using a system agreed upon by both parties and settlement is done by both parties as need.
The Technology can help create private BlockChain where cyber attacks can be mitigated and also can react to legal processes. they can promote or foster good relationship between competing organizations by introducing an instrument of understanding(IOU) which can build redundancy or can govern self interest.
Final Thoughts
BlockChain Technology which is seen as a digital ledger technology can be use to protect trusted records and simplify interactions with government,financial institutions and its citizens. since it's an encoded digital ledger that is stored on multiple computers in a public or private network. Given the promise and peril of such a disruptive technology, many organizations and financialbodies in the financial industry, from commercial banks and investors to audit and professional service firms(insurers), are investing in BlockChain solutions.
Investment management industries are now using BlockChain as a preferred means of investing and will be using the technology in the next upcoming years.The World Economic Forum estimates that by 2027, assets equivalent to 10 per cent of global GDP could be held on a blockchain. The technology will allow for faster, more transparent, and more secure transaction verification
BlockChain Technology can help insurance firms prevent multiple claims from different parties for the same accident. which can help in regulation which is an important part of the insurance business, and the Technology will facilitate transparency and decrease operational costs associated with following these stringent regulations.
