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Unlocking The Real Potential Of Blockchain Technology

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You have probably heard of blockchain. The underlying technology that powers bitcoin and other cryptocurrencies. And if you are conversant with the bitcoin and blockchain scene, chances are you have heard claims of how this new technology will revolutionise lives, industries, create new economies, disrupt old systems, redefine organisations and governments. 

Can blockchain make this possible? Probably yes, but how will it happen, and how do we unlock its full potential? This is what we will discuss in this article.  

Let me start by defining blockchain.

Blockchain is a distributed ledger technology (DLT) that can record transactions, contracts, store data, assets between individuals, businesses or organisations in a secure and verifiable way that can hardly be altered.

The advantages of this innovative technology are many. The obvious one is decentralisation – a system using blockchain does not operate on a central server or controlled by a single authority. This eliminates the need for a third-party or middle man. 

Other advantages include security, and transparency of information recorded. Blockchain-powered systems, for instance, do not store records in a central location, but across millions of computers on the network. therefore, its almost impossible to hack.

Blockchain can be very versatile. There’s no doubt about its potential, and how it can be utilised to transform what forms the basis, and core aspects of businesses, organisation, and many governments. 

Having said that, it’s important we fully understand the concept of this innovative technology, before we can think of how to unlock the inherent potential in it.

Understanding the concept of blockchain as an innovative technology

Blockchain is not disruptive, but a foundational technology. – Harvard Business Review

Blockchain is not as disruptive as acclaimed? Disruptive innovations displace existing systems by providing a cost-effective solution and renders incumbent companies obsolete. 

But we’re not witnessing any of this, rather we are seeing companies, larger corporations, embrace this technology.

For instance, the invention of the internet and web technology completely changed the way we do business, brought a new model that never existed before, and companies who were unwilling to use it then become extinct.

Another point; a disruptive innovation often leads to the creation of a new market, which provides low-cost solutions over existing ones. The invention of email, for example, displaced letter writing and postal industry changing the way we communicate. 

Will blockchain creates a new market or improves existing ones? 

Blockchain is a foundational innovation. A continuation of the history of internet technology.  At its core, the blockchain is a new layer on the internet. 

Just like the web, blockchain cannot exist without the internet. This new layer talks about trust. The ability to transact between two parties with no middleman. 

We can liken blockchain to an operating system (OS) where new applications can be built upon. Google, Facebook, amongst others are examples of web applications.

Already, we witnessing a hybrid of blockchain and web applications. Microblogging platform Steemit and some cryptocurrency wallets are popular examples.

But, the real blockchain-based applications will totally differ from all the existing ones we are witnessing, as they will be decentralised, trust-based and peer-to-peer focused. 

Unlocking the real potential of blockchain

While blockchain promises to disrupt the tools and system put in place to manage and keep our society in check, however, we are still in the early phase and there’s much needed to be done if we are to realise the full potential.

The blockchain led transformation we are hoping for won’t happen fast as many suggest. Rather, it will be a gradual process. 

The technology is nascent and still finding its feet. Research and development are ongoing and there’s a growing list of new ways to apply this technology.

To unlock the full potential of blockchain, being a foundational technology, there’s a need for a conscious approach. Governments, organisations, companies, and businesses must first put the needed structures in place. 

In Africa, for example, many cities still struggle for basic needs like electricity and internet infrastructure, which are needed for blockchain to thrive.

There’s also a need for active blockchain education, so people can understand how the technology works. Businesses must educate their customers on how to use their blockchain-based products, organisations must train their employees of this technology, likewise, governments must do the same.

There are many blockchain innovations we would yet witness in coming years. Maybe the future Google, Facebook, and Amazon. But to maximise this technology, we must first educate and transform society to take advantage of its capabilities to make systems more efficient. 

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Blockchain Technology

How blockchain can bridge the trust gap in governance

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Governments and authority figures have existed throughout history to serve many purposes amongst which trust is central. In matters of social and economic concern, some form of trust and/or distrust has enabled people in all cultures across all times to transact and interact, to exchange value and advance cultural agenda. This is so important that our very concept of money is built on trust or value induced by trust.

However, for most of history up till now, authorities have wielded central power and that has always been an avenue for corruption, a lack of transparency which leads to wastage of resources and spirals down to a lack of trust by a populace in the authority over them. Evidently, this is paradoxical, the governments are to be trusted by virtue of the authority given to them but it’s this centralization that ends up upending it down the line.

Evidently, many people in many countries do not trust governments to do things the way they say they’d do them. The question is, what can a hypothetical government do about massive distrust from citizenry?

Enter the blockchain. As with many things, technology often has something to offer. The blockchain which underlies cryptocurrencies like most famously, Bitcoin, has been imbued with a certain peculiar philosophy; one of democratization. Although this is more of a mantra within crypto circles, it’s not difficult to see why. First is the blockchain’s nature; distributed ledger built on cryptography with certain features which make it functionally immutable. It’s most famous and defining uses have been with crypto but it could be so much more. A record keeping system for example, one that would be immutable and most importantly, transparent, open to all to see.

So, in the administration of nation states, blockchain technology has the ability to fit into a lot of places. The main idea is to be able to carve out trust from distrust i.e. the apparent reality of being watched and having all records secure is an incentive for governments to act transparently. In some use cases, governments (as well as private businesses of course) could leverage smart contracts, a task built into a blockchain that’s executed when the conditions specified are met. These systems in governance would undoubtedly improve transparency, cut down on corruption as well as its accompanying wastes and overall be more efficient.

So, will we see a trend where governments would like to use blockchain technology? Overall, this is for now unlikely. World governments, it would seem, do not understand blockchains very well and hence are apprehensive about them even to the point of banning the cryptocurrencies built on them. At the end of the day, the use of blockchain at the governmental level of any nation depends on the nation’s own unique set of problems and issues. All in all, the next few years will be interesting no doubt in this regard.

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Africa Blockchain Institute

Africa Blockchain Institute Organized The First African Blockchain Summer Bootcamp For Teenagers In Ghana

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In the spirit of catching them young, the Africa Blockchain Institute organized the first-ever Blockchain Summer Bootcamp for teenagers (age range 13 to 19 years old). A successful Bootcamp, according to the participants’ testimonials and stakeholders, held at the OpenLabs, Ring Road, Accra Ghana, between Monday 2nd August, and Friday 6th August 2021. 

The teenagers applied from across Africa, and selected participants all converged at the OpenLabs, Ghana, for an intensive five days of learning, interacting, and implementing personal  Blockchain projects. The participants were divided into three significant tracks, thus; Blockchain Development, Blockchain for Creatives and Blockchain Entrepreneurship. 

Blockchain Summer Bootcamp for Teens by ABI
Blockchain Summer Bootcamp for Teens by Africa Blockchain Institute

Across these three tracks, the teenagers learnt introductory units to Blockchain Development for societal challenges, Blockchain evangelism, Non-Fungible Tokens, and how Cryptocurrency works. Another highlight of the program was the excursion to the Accra Digital Centre, where the Boot Campers were introduced to the tech ecosystem and feel of the Ghana Tech Lab and Accra Innovation Hub spaces. A visit was also made to the Museum of Science and Technology, and the teenagers got to understand the history of technology in Ghana. 

Worthy of mention was the panel session aimed at motivating the students to pursue a career in technology. While making his comments during the panel session, the founder of BankLess Africa, Mr. Muntala Mohammed Shaibu, urged the teenagers to stop seeing themselves as too young to experiment with new technologies. In her remarks, Ms. Elohor Thomas, CEO & Co-Founder of CodeLn, urged the teenagers to continue to explore their interest in technology and blockchain early.

Blockchain Summer Bootcamp for Teens by ABI
Panel Session, Blockchain Summer Bootcamp for Teens by ABI

The Bootcamp ended with personal project presentations from the Blockchain Development and the Blockchain for Creatives & Entrepreneurship tracks. Projects such as NFT blogposts, Blockchain product reviews and Blockchain for transport and logistics were presented. The best presentation won the OpenLabs scholarship for Robotics Course. Thanks to Dr Sujith Jayaprakash, the Director of OpenLabs, Ghana, for the offer of scholarship. In his closing remark, the Executive Director of the Africa Blockchain Institute, Mr. Kayode Babarinde, urged the teenagers to continue using the  skills and knowledge gained during Bootcamp to explore Blockchain-related solutions further. We also appreciate Mr. Ganzaro Omar, Chairman, AfroBlocks, for his supports, and fostering collaborations with the Ghanian Blockchain community.

The Africa Blockchain Institute will continue to hold future Blockchain Summer Bootcamp series in various African cities to drive Blockchain knowledge into innovators early enough. 

Oluwaseun David ADEPOJU

Head of Research,

Africa Blockchain Institute. 

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Blockchain Technology

Africa Blockchain Hackathon 2021 Edition Begins Registration 

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Africa Blockchain Hackathon
Image Credit: Africa Blockchain Institute (ABI)

The 2021 edition of the Africa Blockchain Hackathon, a brainchild of the Africa Blockchain Institute (ABI) is ready for take-off. The initiative was created to allow young professionals, tech enthusiasts, students and policymakers amongst others to gain exposure to the opportunity of Blockchain/DLT Digital Innovations through mentorship, career and business opportunities. The Hackathon Program is a product of the partnership with FreeTON Africa (Sub Governance). The Hackathon provides a controlled, structural and sustainable mentorship model as well as a community to nurture and empower developers with potential towards building DLT and blockchain solutions. Registration for the Hackathon is already underway and the deadline is fixated on August 25, 2021. 

The contest is done in collaboration with FREE TON, an Open Source (OS)  community project created by developers of the Telegram Open Network (TON). TON OS  has more features than the Ethereum Virtual Machine and is designed as a decentralized operating system capable of handling decentralized applications. TON OS also has a stack of components that can be used by developers to create powerful applications. By making these components Open Source, anyone or everyone can view and copy fragments of the code.

The contest is open to all Africa Blockchain enthusiasts, newbies, artists, developers, policymakers and students. There is a prize of over 62,000 TONs up for grabs for the winner. The contest is open to the 54 countries in Africa for participants to build Blockchain Applications on Free TON. The aim is to add value to the FreeTON Network and the continent will equally benefit from the applications.  

According to John Kanyiri, FreeTON Africa Representative and the FreeTON Africa Team, “… we once again look forward to identifying projects culminating from this hackathon as being not only a showcase of what Africa can offer the global blockchain space but also solutions to the continent’s challenges. The creativity, ambition and sophistication of our localized developers are quite evident in the Hackathons and this time around we hope to see the same. Discovery of new talent and exposure of the same from very remote locations of Africa was witnessed in the last Hackathon and we look forward to the same this time too.”

The Hackathon is open to covering aspects of the blockchain that academia needs to know giving ample information about how the blockchain works and the current and future applications needed to change the world from the blockchain Point of View. The contest is open to both newbies and experienced developers as some of the best technical experts in the blockchain community will be there to aid you. In other words, the event is open to all who seek blockchain knowledge. 

The contest will be carried out in three sections: country competition, regional competition, and continental competition. The country and regional competitions will be held virtually however, winners of the regional competitions will get an all-expense-paid trip to South Africa for the Finals. The winners will attend the Grand Finale which will be hosted in South Africa. Participants are allowed to work on topics or applications that are peculiar to the needs of the African continent. However, some applications may include: 

  • National voting platforms
  • Fintech infrastructure/Digital Wallets (to help those who do not have access to banking)
  • Land ownership and registry
  • High tech job creation
  • Human rights protections

There are lots of prizes to be won including an all-expense paid trip to South Africa for the winners of the regionals. Other prizes includes:

1st Prize: 25,000 TONs

2nd Prize: 15,000 TONs

3rd Prize: 5,000 TONs

4th – 20th Prize: 1,000 TONs

Participants will have to follow a simple process leading up to winning amazing prizes. The first step is to submit applications for the hackathon, meet all the requirements and pitch ideas. Next, participants have to receive Acceptance Confirmation Notification/Onboarding, form a team and then join the opening session. The last part of the process involves building the application and collaborating with team members. 

Notable Dates 

Applications open July 2021.

Application Deadline: August 25th, 2021.

Hackathon Dates:  September 6th – 24th 2021. 

Begin your application here:  https://bit.ly/africablockhack 

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