Uganda as a nation has suffered a lot of poverty due to lack of better economic ideas and opportunities that can help the citizens of Uganda improve on their financial lives. However, this soon is becoming history in Uganda.
With the steady growth of Ugandans getting to know about cryptocurrencies and block chain technology, the future of the people of Uganda shines bright.
The founder of Binance, the world’s largest crypto-currency exchange, Mr. Zhao Changpeng, had a 2-day working visit to Uganda to explore opportunities for using Blockchain technology in the country, has called on President Yoweri Museveni at State House, Entebbe.
Mr. Changpeng, a renowned world billionaire, was in Uganda at the invitation of the Blockchain Association of Uganda, to deliver a keynote address at the Africa Blockchain Conference. The Kampala conference will bring together policy makers, industry players and academia to address the role of Blockchain technology in Africa’s transformation.
Blockchain technology allows digital information to be distributed but not copied thereby creating the backbone of a new type of Internet.
This new technology has gained global attention that it has built trust into systems used for transfer of value information such as money and intellectual property.
According to experts, Blockchain technology can be used in Uganda, to address several ongoing challenges in the country like authentication of land titles, eradicating the problem of counterfeit drugs entering the country and authenticating of university degrees.
The first application of Blockchain technology globally was crypto currency, a type of digital currencies that are cryptographically secured and distributed on network. Binance is a platform that is used for exchanging crypto-currencies.
During the meeting that took place last evening, and also attended by Prime Minister, Dr. Ruhakana Rugunda, Mr. Zhao Chengpeng told President Museveni that he wants to set up Africa’s largest crypto currency exchange in Uganda to lead to the inflow of capital into the Ugandan economy. The President welcomed this development and pledged Uganda’s commitment to becoming a global Blockchain destination
Through Binance Foundation, Mr. Zhao Changpeng will also develop Uganda’s talent pool, in partnership with Crypto Savannah, a blockchain innovation center in Kampala.
The talent pool project is slated start with the training of 1,000 blockchain experts, who will in turn train others. The training is expected to empower the youth to build various businesses that can attract investment through Initial Coin Offerings (ICOs) which are a blockchain based crowd sourcing mechanisms.
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