Data value has been an underestimated factor that has continued to pin down several sectors. When looking at the global economy and our financial systems, there is a need to address this issue of reliable data. When these centralized analyzers pull out data, how trustworthy can it really be? Every day we are sinking into an economic crisis because we normally get what is not actual and factual.
It has been one of the inflation and poverty leading mechanism especially in the African continents where the manipulations are too bizarre. They just sit down on a system and assume what is and what isn't and put it out for the whole world to see and boom!, the crash begins.
Just like what is currently happening in Nigeria, the US dollar has a high dominance against the Nigerian naira reaching an all time low of N1,900 naira per dollar. The blame just shifted to the cryptocurrency industries, something that just emerged a decade ago. Bureau de Change said the manipulation is mostly in binance (exchange) trading market and you're left to ask, is it binance that makes the market or the outcome of a country's economy?.
When several things are not put in place the results are likely to show. How can a mere $3 million a day transaction of NGN-USDT be able to outpace over $250 million of a country's official Forex market? It is too funny and at the same time gives you a headache. All I see here is Binance and several other crypto exchanges helping Bureau de change to do the right mathematics of the current Nigeria's economy and they feel the cat is out of the bag.
All those data coverups are not accepted by crypto exchanges and this is exactly why even beyond what is happening in Nigeria, global governments don't like the adoption of blockchain technology; they are not just ready for transparency.
Data is beyond what people say
What is data? Without going into the ABC definition, it can be a mere report or translated information. When looking at the numeric part of it, there have been lots of flaws and disappointment from the agency we so trust to deliver at this point. If what people say is data then the modern world economy will continue to sink. We know accurate data can be gotten from blockchain through cryptocurrency, tokenization and smart contract looking at immutable(and decentralization) nature of it.
Whenever I see a report coming from a centralized system I am personally not always convinced. When they say it is bad, just know that it was actually worse and when they say it was only good, probably it was better than good; they can't just give it to you raw enough. Why not adopt blockchain technology for proper data management?Why are we abstaining from data transparency? If the world economy was transparent from inception I don't think we would be here at this current stage. Data has been mixed up, information has been deterred, resources have been shifted and hoarded just because centralization has always been alpha.
Accountability Challenge in Africa
Accountability is a key feature of blockchain tech, information can easily be referenced on a chain as it remains immutable. Adding the decentralized nature of it, carelessness would have been closely monitored. As earlier said, the African continent are the ones suffering it most with several countries having abundant resources are left not knowing exactly where the government have been channeling these resources to.
When blockchain and transparency is mentioned, they'll always kick against. The cases of missing files and information in a system during auditing is always a funny yet painful scenario when you hear about it. Trying to put some sense in it, you know this data might have been altered or replaced and even deleted. I personally don't know how long we wish to stay in the dungeon? Yes I must say it's currently favoring the unethical players. Saying we don't have a solution to our current economy in the modern era is a half done statement, blockchain has proven we do.
It has spread many tentacles; it can help the educational sector, the health sector, the security sector, the agricultural sector, (mostly the financial sectors), and every sector you can imagine that the world is slacking. I feel Africa needs it most in this current economic instability. If I want to talk of what tokenization can do to our resources we would come out as one of the world's economic giants. Mismanagement has been the underlying factor to extreme poverty in Africa, adding to that, improper resource allocation can be curbed by this tech.
We need to embrace accurate data
Data accuracy has been lacking in the world system for ages until the introduction of blockchain tech yet I am surprised it has been pushed to one corner. The idea of blockchain has always been pushed to a certain community known as the crypto enthusiasts. Truth be told, this technology goes beyond cryptocurrency and ventures into global economic transparency if put into massive adoption. Is it actually that a lot don't understand the importance of accuracy or we care less for it? I guess the latter makes more impact in our current centralized stage.
To conclude, let me add, the incorporation of blockchain tech can go a long way to mitigate the problem for unhealthy data management. I see the world continue in an unfavorable direction unless we choose to give more attention and value to data.
The issue of data carelessness is worse in Africa and we urgently need to deploy this tech. Inasmuch as there are people who rely solely on unfairness, we have a choice to push for blockchain massive adoption or we continue watching and seeing what belongs to many mismanaged by the few.