Businesses advised to adopt blockchain technologies

Businesses advised to adopt blockchain technologies

Businesses have been urged to take full advantage of blockchain technologies to transform their operations.

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

The President of an American technology firm, VX Technologies, Justin Pauly, who gave the advise explained that innovative blockchain solutions could create a safer and more secure digital future for the country as well as advance legacy storage systems and future-proof the country’s digital infrastructure.

Mr Pauly who gave the advise last Thursday at a blockchain conference organised by VX Technologies in collaboration with the American Chamber of Commerce (AMCHAM), Ghana, in Accra on the theme: Ghana’s Future on Blockchain said, “Many records, including healthcare documents, education certifications, and professional licenses, stand to benefit from being on blockchain.

Revenue generation

Mr Pauly said; “Blockchain innovations generate revenue, lower costs, and provide special features to governments and businesses. It also reduces the time, energy, and cost for verification of data authenticity while storing information permanently and immutably,” he said.

“As a leader in blockchain technologies in healthcare and education, we are honoured to be leading this important event in the country. We have pioneered immutable storage and verification of information on a trusted network to prove the integrity of the data at any time.

He noted that the company’s partnership with AMCHAM will bring together government and business leaders to explore how blockchain solutions will transform the continent, with Ghana leading the way.

A Commercial Officer at the United States of America (USA) Embassy in Ghana, Laurie Kellecher, described the conference which formed part of her outfit’s effort to bring US information communications technology (ICT) solutions to the country as an important one.

That she said is because it came at a critical time to help track the fast-moving technological developments related to blockchain.

She said initially, many people were introduced to blockchain technology in the conteWxt of digital assets like cryptocurrency or central bank digital currencies.

“Today we are focusing on enterprise blockchain – which can be defined as a shared, trusted, record of information held to a group of companies and selected third parties to inspect, but which no central user controls.

Commercial and even government applications are rapidly emerging for enterprise blockchain that range from agricultural product-tracing to CO2/carbon tracking, to healthcare (tracking trial data, the pharmaceutical supply chain, COVID vaccinations), and education to name just a few applications. VX Technologies is a leader in these innovations,” she said.

Ms Kellecher said the US Embassy Commercial Section looked forward to working with all to identify uses for enterprise blockchain for businesses or agencies in the country.

“We also look forward to helping to connect you with US companies such as VX Technologies that can provide world class blockchain solutions,” she added.

Opportunity

The Country Manager for VX Technologies Ghana, Prince Akoto Adepa, said blockchain was a platform which was topical therefore, developing countries including Ghana has the chance to take up opportunity to have an emerging technology that came with security and a lower cost of storing data.

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