Director of Centre for Coin Liberty Nathaniel Dwamena has argued that blockchain technology could be the future for Ghana in fighting corruption, dealing with electoral fraud and initiating development in all sectors of our economy.
Speaking at the inaugural launch of the newly established centre by the Institute of Liberty and Policy Innovation, he said blockchain could increase the fairness and efficiency of government systems while reducing opportunities for corruption.
In his view, the technology has the potential to improve the transparency and disclosure of procurement processes, and investments which can be lost to corruption.
He went on to state that blockchain could be explored by different industries, stressing that it could be used for elections just as done in the United States presidential election (Utah County), South Korea among others.
He said the system could also be used to address the challenge of over-voting, double counting, and other electoral irregularities.
Nathaniel Dwamena said the blockchain would promote accountability, transparency and equity in terms of the execution of government projects.
In the real estate sector, he said we can explore blockchain for land registration, and manage asset transfers, regulatory obligations, and financial transactions.
”It enables the instant and secure transfer of property. It enhances transparency with Smart Contracts,” he added.
On social enterprises, he said the blockchain could help in poverty reduction, eliminate middlemen (goro boys) and also ensure financial inclusion.
The centre was set up to focus on achieving impact by influencing public policy for blockchain solution integration for development and building readiness for the use of blockchain and decentralized solutions in Ghana and Africa.
The centre forms part of the policy think tank, Institute for Liberty and Policy Innovation (ILAPI).