Blockchain to drive Africa’s innovation economy – CAJ News Africa
from DION HENRICK in Cape Town
Western Cape Bureau
CAPE TOWN, (CAJ News) – The revolution in blockchain technology heralds good news for the rapidly developing African continent.
These are the words of the experts as the technology transcends the world of finance and expands into sectors such as retail.
In Africa, its application in payment technology has demonstrated blockchain’s ability to revolutionize multiple touchpoints from supply chain to final sale.
“Blockchain will provide the rails for Africa’s ‘innovation economy,'” said RCS Chief Commercial Officer, Gavin Lomberg.
He said that in a short time they had seen how several retailers had used blockchain to expand their reach. In addition, they have introduced new levels of efficiency in their operations.
“As part of the financial services industry, we’ve found great value in using data at scale to make retail safer, easier and more convenient,” said Lomberg.
He added, “We therefore look forward to exploring ways to improve our capabilities using blockchain technology.”
Lomberg commented on the key takeaways from an address by blockchain visionary and technology expert, Don Tapscott.
The latter talk was part of a recent business series facilitated by the Blockchain Research Institute and Standard Bank. The Cape Town event, hosted by leading consumer credit firm RCS and Level Up, aimed to provide global insights and forecasts for the retail and insurance industry.
Blockchain technology is predicted to provide African retailers with more secure customer identity management.
Currently, many retailers rely on outdated customer relationship management systems powered by legacy technology such as email to track sales, collect data and inform marketing strategies.
Blockchain technology is considered a powerful enabler of the decentralized identifier (DID) or sovereign identity.
Retailers are set to enjoy access in a way that does not violate privacy laws and allows reliable exchange of data.
“Digital identities will prevent big data collectors from getting to know you better than you know yourself,” Tapscott argued.
Lomberg concluded that blockchain technology would provide the tools to build a safer, consumer-first retail landscape.
Going forward, he believes regulators will play a key role in creating an enabling environment for trading in a data-driven economy.
“As such, the next few years will undoubtedly mark a turning point for the continent as we look to recreate a more inclusive and accessible retail industry,” Lomberg said.
– CAJ News
