- African Countries could become a leading force in integrating blockchain technology to improve trade finance and supply chain says Thavash Govender.
- Cryptocurrencies were here to stay says Anrich Daseman.
- South African Reserve Bank set up a task force to regulate cryptocurrencies.
The proposed Blockchain Africa Conference event in South Africa earlier
reported by
Enat DigitalBiz went ahead as planned in early March despite the global coronavirus panic that has made headlines around the world.
But the viral outbreak led to keynote speaker Charles Hoskinson, founder of Cardano, cancelling his trip to South Africa due to travel restrictions.
The event also suffered a drop-off in attendance due to fears around the virus, but there were still over 230 delegates present on day one while day two numbers dropped slightly, according to Cointelegraph news.
One of the major talking points at the conference was trade finance and supply chains that have been working on use cases being powered by blockchain technology.
The Tech company giant Microsoft was represented at the event by its South African Data and AI specialist Thavash Govender.
The industry already has it's own blockchain-enabled enterprise solution Azure and is working hand-in-hand with Etherum among other projects.
Govender believes that
blockchain technology is specifically suitable for overhauling trade finance by improving traceability, transparency, auditability, efficiency and security of a wide variety of working parts, data and real-life goods.
He also claims that African countries could become a leading force in integrating blockchain technology to improve trade finance and supply chains comparing it with the development in MPesa mobile payments systems in Kenya.
South African Reserve Bank to Regulate Cryptocurrency
The South African Reserve Bank (SARB) also gave a positive update on its stance towards cryptocurrencies in the country.
According to Anrich Daseman, senior fintech specialist at the Reserve Bank told delegates that the institution had acknowledged that
cryptocurrencies were "here to stay," proven by the fact that task force had been set up to develop regulatory frameworks for the sector.
South African government also sees blockchain boosting economic growth.
Members of branches of the South African government also made some positive statements about the potential of blockchain technology and cryptocurrencies to uplift South Africa and the wider continent.
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