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Blockchain Technology

While Bitcoin Faces Resistance, Blockchain Adoption Soars in Kenya

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blockchain adoption kenya

While the Central Bank of Kenya (CBK) continues to hamper the adoption of bitcoin, blockchain technology is increasingly gaining traction in both the public and private sectors in Kenya ranging from the transport, security, and health sector to the insurance industry.

The blockchain is a digital ledger that allows for the incorruptible exchange of data without the need for a middleman. Although the blockchain technology was originally created for bitcoin, the world’s first digital currency, the technology is now finding more uses from the tech community.

Blockchain technology has also allowed for the creation of other digital currencies such as the recently launched bitcoin cash but can also be used for much wider applications than purely financial transactions.

Kenyan Industries Are Being Revolutionised By Blockchain Technology

The National Transport and Safety Authority (NTSA) disclosed that in a month’s time it will be mandatory for Kenyan motorists to have electronic stickers for their motor vehicles. The electronic motor identification service will ensure that all drivers have the stickers on the windscreens of their cars and will be detected by use of special gadgets. This move will help in the recovery of stolen motor vehicles and rid the Kenyan roads of old cars.

The said e-service from NTSA will operate on a shared blockchain platform that will link key state agencies like the Kenya Police and the Kenya Revenue Authority. This will allow for the sharing of critical information thus alerting officers about a vehicle’s ownership, inspection, and insurance status.

The Health and Security Sectors

Kenya’s health sector is making use of the technology that will see the installation of a smart platform that will enable all the 98 public hospitals to monitor important patient data such as a patient’s health history as well as for the use of public health and hospital management.

The programme that is being streamlined by Kenya’s Seven Seas Technology in collaboration with Japan’s Toyota Shusho will eradicate the manual re-write of patients’ health history that has always been the norm in Kenyan hospitals.

Furthermore, the blockchain-driven platform will drive the creation of a professional hub for the medical practitioners. The online shared hub will serve the purpose of information sharing that will allow for nurses in remote health locations to get advice on treatment procedures from doctors based in different areas.

Specialised treatment services will undergo a complete revamp as X-rays and Magnetic Resonance Imaging (MRI) diagnostics will be performed centrally. This will help cut costs for various hospitals and health institutions as specialised doctors in certain medical fields will be able to remotely diagnose and treat different ailments using the imaging results sent to them.

The platform, built on the blockchain technology, will also allow for the scrutiny of diagnostic notes made by doctors. In return, this will help diminish the number of wrong diagnoses made.

In the security sector, the government – through the Ministry of Interior & Coordination of National Government – is working to link the database of the National Registration of Persons Bureau with that of the manned Closed-Circuit Television (CCTV) Cameras by the Kenya Police that are installed in both Nairobi and Mombasa to allow for immediate face recognition using the blockchain technology.

The Insurance Sector

America Insurance Group (AIG) partnered with banking group Standard Chartered to run a pilot using blockchain technology where it ran cover offers for their policy holders across America, Kenya, and Singapore. The pilot saw the two companies attend and process real-time payments for their clients on a unified platform that linked their agents and financial institutions.

Payments were made on time and policy renewals happened automatically once premium payments had been received. The two companies stated that the use of the blockchain technology to process payments would eradicate the need for physical company set ups in the said regions thus helping cut on expenditure.

BitPesa, Kenya’s first blockchain technology startup, which to date has raised more than $10 million USD to allow for its expansion to other markets, stated that use of digital currencies in transactions was more favoured by large companies with local subsidiaries as it saves them the hefty and costly transfer fees incurred when making international payments through the local Kenyan banks.

Resistance from the Financial Industry and the Central Bank

Although the technology is getting recognition and its use is being utilised in various sectors, the financial industry in Kenya continues to resist its adoption citing fear of criminal related activities as the reason.

The CBK’s governor, Patrick Njoroge, has been on record issuing a warning in the use and adoption of the digital currency saying that bitcoins operations are done on decentralised systems that could make Kenyans an easy target for online fraudsters.

Ally-Khan Satchu, a financial markets consultant, in an interview with Daily Nation, however, suggested that the Kenyan government review its stand on bitcoin and the use of the blockchain technology as it can no longer be disregarded as a mode of transaction.

Satchu stated: “Essentially blockchain platform payments and crypto currencies are being mainstreamed and that is why we have been seeing the material share price appreciation of leading blockchain platform provider bitcoin.”

As the head of Rich Management Services, Mr. Satchu stated that Kenyans need to be made aware on the functionalities and modalities of digital currencies so that they can take part in investment opportunities that blockchain technologies provide.

He added, “The Kenyan investor has certainly internalised the cryptocurrency universe. I think we need to review our regulatory stance and seek a way to carve out ahead of the curve position commensurate with our mobile money leadership.”

Blockchain Technology

Blockchain Technology Key to Fighting Corruption in Ghana

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Corruption in Ghana

NikGroup, a consulting firm based in Ghana, wants to push for the adoption of the blockchain for social change as the government struggles to fight corruption in Ghana. 

Corruption in Ghana

Corruption The government of Ghana has a strong anti-corruption legal framework in place but faces challenges of enforcement. Corruption is illegal and both agent and principal are liable while the nationality of the offenders is irrelevant.

However, according to the CEO of NikGroup, Nick Owusu, due to ineffective mechanisms and systems, it is often difficult to trace and punish the offenders. This he blames on logistical and administrative challenges.

“Ghana has had to contend with the loss of state funds through the manipulation of documents, payroll fraud, fraudulent licensing, illegal transactions, abuse of contracts and office among others,” Owusu stated.

Owuso’s NikGroup is attempting to reverse this trend with the use of blockchain technology. According to Owusu, introducing a system to control these irregularities is a good move and that the blockchain revolution makes it difficult to manipulate data.

The Blockchain Technology Summit

The NikGroup will hold a Blockchain Summit with the theme “The Impact of Blockchain on Businesses for National Development”. It is to take place on October 25, 2018, at 9:00 am at the Marriot in Accra. Owusu, also a motivational speaker, is expected to talk about how the blockchain can be used to fight corruption in Ghana.

Experts from industry and academia, policymakers in the public and private sectors, as well as key players in Ghana’s financial sector will speak of the blockchain and how to adapt and explore this new technology to transform Ghana’s economy.

NikGroup wants the summit to bring sanity into the system. It also wants to help bridge the financial gap between Ghana and the developed world as Ghana embraces this technology.

Topics at the summit include introducing the blockchain, its uses and applications, Bitcoin and its history, present and future, alternative coin offerings, basics to cryptocurrency trading, and emerging opportunities in the blockchain space for Africa.

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Blockchain Technology

eCampus Integrates Blockchain Technology in Its Latest Update

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The eCampus app has integrated blockchain technology in order to allow students across Ghana to ascertain how prepared they are before taking an examination.

This latest update is designed to honour the memory of the past United Nation Secretary Kofi Annan and his positive involvement in the educational sector.

What is eCampus

The eCampus app is an education-focused mobile app, making use of blockchain technology, artificial intelligence, and machine learning to help students learn and prepare for upcoming exams. This is done using a rewarding, fun and responsive interface.

The lasted updates to the 3.0 version of the app include:

  • Blockchain Integration
  • Test Prep
  • Course Suggestions
  • Lab

Blockchain Integration

blockchainAccording to a blog post by eCampus, the blockchain Integration on the app makes it possible for app user to gain points from the general usage and interaction on the app. These points are expected to be exchangeable for service or products offered on the app.

Furthermore, certification can be generated using the points received on the app. The certificate is usually in form of a digital badge. This badge, in turn, can be used to secure employment outside the app.

Test Prep

The app makes it possible for a student to prepare for various national exams by letting them know how well prepared they are to take on such an exam. This is made possible using the test prep feature on the app. All that is required by the student is to select the type of test that intend to take and the app provides them with a test matching the examination.

Course Suggestion

For a student struggling with the choice of courses to undertake. The latest version of eCampus also possesses AI features, making it possible for it to suggest courses which are relevant to the students based on the profile of such student.

Labs (Beta)

This feature incorporates the use of virtual reality technology to help students explore numerous laboratory tests connected to their field of study.

eCampus version 3.0 is available on Google Play Store, Apple App Store, and Windows App Store.

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Blockchain Technology

Block Commodities and Pure Grow Africa to Launch First Crypto Project for Ugandan Farmers

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crypto project for Ugandan farmers

Block Commodities, a commodity trader operating in Africa, has announced a partnership with Uganda-based Pure Grow Africa to launch the first crypto project for Ugandan farmers. 

The Pilot Ecosystem

Block Commodities Limited, a London NEX exchange-listed company whose objective is maximising value through the blockchain ecosystem, has announced a partnership with Pure Grow Africa Limited (Pure Grow), a leading supplier of high-quality agricultural products based in Uganda. Block Commodities and Pure Grow are working together to bring the first pilot of a food project commodity cycle ecosystem.  

UnbankedPure Grow Africa, started in 2015 and focuses on promoting communities to sustainable agri-business and agro-value chain development. It supports farms in Africa by embracing modern technologies and applications to promote economic growth as well as creating community awareness and shared values. Farmers who are with the company strive to keep to the highest standards of food safety, environmental and sustainable policies. To start, Pure Grow will introduce 1,000 farmers and buyers to the Pilot Ecosystem.

Block Commodities will implement and support the ecosystem by providing finance and fertiliser products, as well as supplying the technology.

It will also coordinate loans in cryptocurrency – in the form of Dala tokens – for the already selected team of farmers, according to a company press release. This loan will provide the farmers with cash to purchase fertilisers cheaply and with better repayment plans, which will then enable the farmers to increase the production as well as to scale up and become commercial.

The Food and Agribusiness

Pure Grow’s Director Bobby Juuko Kimbugwe, said: “We are placing smallholder farmers at the centre of our work; they are at the core of what we do. We want them to understand that they do not need to have money in their hands to be able to grow production. Block Commodities is the ideal partner to support growth in African farming.”

Chris Cleverly, Executive Chairman at Block Commodities added that he was delighted about the partnership and hopes to support small-scale farmers and advance the ecosystem.

According to the African Development Bank, the food and agribusiness market is estimated to reach a value of one trillion dollars by 2030. Therefore, highlighting the great opportunity for African agriculture to become a leading player in this market. 

If the pilot phase succeeds, Block Commodities and Pure Grow will introduce the scheme to 50,000 more Pure Grow farmers. Further plans for the project are to expand and cover other countries in sub-Saharan Africa in due time.

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