Executive Director of the Center for Coin Liberty at the Institute for Liberty and Policy Innovation (ILAPI) has explained Blockchain technology could be used for several activities, including organizing free, hair and transparent elections.
He explained that the cost of transactions across all levels is far cheaper when you deploy the use of blockchain technology.
He disputed the assertions that blockchain technology is a Ponzi scheme.
He said there is more to the technology than what we know and those making these assertions are ignorant.
He stressed that there was a need for Ghana to prepare for the digital future and put in leverage for us to benefit fully from blockchain technology.
Speaking on Rainbow Radio 87.5Fm’s Frontline, he stated that it is critical that we influence public policy for blockchain solution integration for development and building readiness for the use of blockchain and decentralized solutions in Ghana and Africa.
Mr. Dwamena believes that regulators in the space must take steps to achieve this goal because blockchain is a technology that is transforming various aspects of society.
“Blockchain technology has gained acceptance in a number of countries and is being used to transform their societies in various ways. Some have used it for land management and voting in Japan. However, when technology arrives in Ghana, we only see it as an investment. It is more than just an investment. We need to get ready for it. If used properly, it will aid in the fight against corruption while also ensuring efficiency, transparency, and accountability,” he added.
He said the posture taken by our regulators when it comes to Blockchain technology is not the best. They need to be proactive, and it is time for the Bank of Ghana to put in the investment and buy the infrastructure for the emerging technology instead of playing the ostrich.
He stressed that ”our regulators should embrace the technology and put in place the proper structures and the regulatory framework for the technology.