Blockchain Network Meets Journalists In Accra

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.