Blockchain to fuel Africa’s innovation economy


Blockchain technology

from DION HENRICK in Cape Town
Western Cape Bureau
CAPE TOWN, (CAJ News) – THE revolution of blockchain technology heralds good news for the rapidly developing African continent.

This is the word of experts as the technology transcends the world of finance and expands into sectors such as retail.

In Africa, its application in payment technology has demonstrated blockchain’s ability to revolutionise several touchpoints from supply chain to final sale.

“Blockchain will provide the rails for Africa’s ‘innovation economy’,” said RCS Chief Commercial Officer, Gavin Lomberg.

He said in a short space of time, they had seen how several retailers had utilised blockchain to expand their reach. Additionally, they have introduced new levels of efficiency to their operations.

“As part of the financial services sector, we have found great value in using data at scale to make retail safer, easier and more convenient,” Lomberg said.

He added, “We therefore look forward to exploring ways to enhance our capabilities using blockchain technology.”

Lomberg was commenting on the main takeouts from an address by blockchain visionary and technology expert, Don Tapscott.

The latter’s talk formed part of a recent business series facilitated by the Blockchain Research Institute and Standard Bank. The Cape Town event, hosted by leading consumer credit firm RCS and Level Up, was aimed at providing global insights and forecasts for the retail and insurance industries.

Blockchain technology is forecast to bring to African retailers more secure customer identity management.

Currently, many retailers rely on outdated customer relationship management systems powered by legacy technology such as email to track sales, gather data and inform marketing strategies.

Blockchain technology is rated as a powerful enabler of the decentralised identifier (DID) or sovereign identity.

Retailers are set to enjoy access in a way that does not contravene privacy laws and allows for the trusted exchange of data.

“Digital identities will prevent large data aggregators from getting to know you better than you know yourself,” Tapscott asserted.

Lomberg concluded that blockchain technology would provide the tools for building a safer, consumer-first retail landscape.

Going forward, he believes regulators will play a key role in creating an enabling environment for trade in a data-driven economy.

“As such, the next few years will undoubtedly mark a turning point for the continent as we look to reimagine a more inclusive and accessible retail industry,” Lomberg said.

– CAJ News



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