Dr. Albert Antwi Boasiako, Ghana’s National Cybersecurity Advisor, has emphasized the importance of integrating blockchain technology into the country’s IT ecosystem, citing its superior security mechanism as critical to the country’s digital transformation.
Blockchain is a data-storage technology that makes it difficult or impossible to alter, hack, or defraud the system.
It’s basically a digital log of transactions that are duplicated and spread across the blockchain’s whole network of computers.
The event was organized by Ghana Blockchain Network with cooperation from Mobile Web Ghana, Ghana Dot Com, and the Bank of Ghana to enhance the multi-stakeholder approach to blockchain technology governance in Ghana and around the world.
Dr. Antwi-Boasiako claimed that the technology might aid Ghana’s land administration, boost industry and academic research, and emphasize the country’s need to investigate the technology. He went on to say that in order to bridge the country’s technical divide, technology must be regulated by the National Information Technology Agency (NITA).
Dr. Antwi-Boasiako noted that in order for the technology to be accepted in the country, awareness must be raised, particularly among policymakers, and that all stakeholders must participate.
Mr. Pindar Wong, Commissioner, Global Commission on Internet Governance, also spoke at the event, claiming that the world was facing a “Financial Pandemic” due to the fast substitution of currencies.
Currency substitution, he stated, is the use of a foreign currency in place of or in addition to a country’s local currency, owing to the foreign currency’s high level of stability.
As a result, Mr. Wong has tasked regulators with “financial immunization” to address the problem.
“Financial Vaccination,” he explained, is about “immunizing one’s intellect rather than one’s body.”
“It necessitates a significant shift in perspective, leaving behind a linear style of thinking in order to evolve exponentially in an exponential world.”