Blockchain Network hold media interaction in Accra

By
Eunice Hilda Ampomah, GNA

Accra, Sept. 20, GNA – Professor Nii Narku
Quaynor, Convener of the Blockchain Conference in Ghana has said that the
Blockchain system was the most effective tool to ensure successful
implementation of the right to information bill.

He explained that Blockchain system allows
permanent storage of any amount of information, therefore an approval of its
use would allow the populace to have easy access to any information of an
organisation or individual.

He said this during a media and stakeholders’
forum organised in Accra by Blockchain Network to discuss the benefits of
adopting the system into the operations of individuals and organisations.  

Prof Quaynor said Blockchain is a mechanism by
which a group of people that may or may not trust each other can agree on an
idea without necessarily verifying whether there is trust or not.

“It brings the ability to work directly among
two people and by this you don’t need a trust intermediary because if I can
trust you, I don’t have to send money through a bank account for our dealings,
I can just send it directly to you and that is the trust Blockchain can build”,
he said.

He noted that the system could be used in
almost every institutions to store accurate data and information constantly
that could be assessed by its clients and auditors.

He mentioned the Registrar General’s
Department, Estate Developers, Educational Institutions, Financial
Institutions, medical centres, agriculture, and Governmental departments and
agencies as some of the areas the system can improve.

“All that is needed is that one’s data or
information is loaded onto the system with its checking mechanism uploaded onto
the Blockchain system for anybody who wants to verify to get access to it
quickly and easily,” he said.

Prof Quaynor later in an interview with the
Ghana News Agency said the system can be used by employers to check the
transcripts of students; monitor the efficiency of insurance companies before
partnering with them; track inventories to reduce losses; and verify the
authenticity of an individual or a company.

He said the system can also be used to assist
the populace in identifying true real estate developers that are backed by
right and legal documents.

He said: “It is also necessary to use
Blockchain as a digital system to access documents and verify land sellers
without necessarily going to make inquiries at the lands commission. All
technical barriers should be removed”.

Considering the adoption of this technology,
Prof Quaynor said Ghana was far behind and therefore encouraged the country to
do away with damages that would occur if it waits much longer before adopting
the system.

Mr Kobina Hughes, a Blockchain Enthusiast told
the participants that Blockchain could be used for almost everything including
all financial transactions within the next 10 years, considering its
effectiveness and reliability.

He said modes of payment could be improved in
the country with adoption of good digital systems to meet societal needs and
prevent problems associated with lack of transparency in its institutions.

GNA

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