Ghana is one of the Asian countries looking forward to embracing blockchain ledger technology in their various industrial sectors. One of the particular reasons to adopt this transforming technology is to reduce corruption in the government and land frauds. In fact, this can also help in improving financial inclusions significantly and facilitate better trade options in the country.
According to Coin Rivet, it is stated that a Ghana-based consulting firm NikGroup, International LTD is endorsing the government to adopt a blockchain ledger in order to break the sadistic cycle of corruption in Ghana. NikGroup CEO Nick Owusu mentioned that there are many cases of corruption in both the public and private sector that are amassing wealth for them. He also added that the ineffective system of law and punishment make perpetrators easily escape out. The country is facing a severe problem of loss of state funds due to payroll fraud, illegal transactions, manipulation of documents, and abuse of contracts.
Blockchain Powered System In Ghana
The government has already collaborated with Ghanian firm Bitland in May this year to implement a blockchain ledger-based system. It is speculated that this is going to reduce land fraud drastically. It is revealed that about 80% of the country’s land is not registered with any government agency which has lead to various disputes of ownership.
Computer Scientist, Professor Nii Narku Quaynor has advocated the adoption of this new blockchain ledger technology which is going to improve the ease of business in African countries. He explained that, since the fee implied on crypto coins is low it is probably going to encourage financial inclusion in Ghana. The only requirement is a smartphone which will be used to operate the virtual currency wallet. (Via My Joy Online)
Professor Quaynor will be a keynote speaker for the upcoming blockchain conference in Accra which is scheduled for October 25.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]