The high cost of getting goods to and from borders or ports in Africa is restricting the continent’s potential gains from international trade.
The technology that started out as the basis of cryptocurrency is now disrupting the way dozens of industries are operating.
In a recent study, found that government organisations around the world are prioritizing blockchains to help reduce innovation roadblocks and inaccurate or incomplete information across their organisations.
Economic crime has gone up by seven per cent in Africa over the last two years (to 57 per cent against a global average of 36 per cent). Over 20 per cent of fraud in Africa is caused by an ability to override existing internal control.
The high cost of getting goods to and from borders or ports in Africa is restricting the continent’s potential gains from international trade.
The cost of moving goods domestically remains high and can be up to five times higher in Africa than in the US. Exporters and importers require 50 per cent more time to get exports to market in Africa than in East Asia.
As I read headlines on blockchain from around the world, I realize that its far-reaching implications – for business, government and trade -- are only just being uncovered.
Nobody anticipated blockchain to usher in such a revolutionary change. The technology that started out as the basis of cryptocurrency is now disrupting the way dozens of industries are operating.
In the public sector, nine in ten government organisations globally plan to invest in blockchain for use in asset management, contract management, identity management, open supply chain, regulatory compliance and citizen services by 2018.
Blockchain is a distributed database that can be used by individuals who want to complete transactions involving multiple parties. Large organisations can use it to collaborate across multiple organisational silos.
Large, cross-industry ecosystems may want to use blockchain to handle complex and mission-critical business processes across multiple jurisdictions, or governments may want to use blockchain to help their citizens.
Trust is of utmost importance for governments around the world in this day and age. Globalization means that governments must eliminate lack of transparency, find ways to expand the economy, and find new ways to improve citizen engagement and accountability.
Integrating blockchain technology into government activities can help overcome lack of trust and improve efficiencies. Blockchain presents a wide range of uses for central and local governments; it can be used to register and record property transactions, preventing traders from defrauding banks, healthcare initiatives to track medical records, citizen services – making sure that one voter uses one vote, government-issued digital identity secured on blockchains to unlock access to essential services for billions while achieving key Sustainable Development Goals (SDGs).
On a day-to-day level, blockchain technology could also make government tendering processes and purchases more efficient, and reduce the potential for fraud and error. Finally, government organisations do not just stand to benefit from the greater trust promised by blockchains; they are uniquely charged to create it for the benefit of all.
In a recent study, IBM’s Institute for Business Value (IBV), in collaboration with the Economist Intelligence Unit, found that government organisations around the world are prioritizing blockchains to help reduce innovation roadblocks and inaccurate or incomplete information across their organisations.
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