British legal consultancy Livesilver unveils plans to tackle financial corruption in Africa through new Blockchain Legal Tech project
London, United Kingdom–(Newsfile Corp. – Aug 01, 2022) – Livesilver, the UK-based independent Legal Tech consultancy, has launched a new project designed to increase financial transparency and reduce the digital divide in Africa. It aims to achieve this through its integration of blockchain technology into its existing suite of legal technical services.
Senior officials at Livesilver stress that this blockchain technology gives them the ability to offer decentralized financing across the continent, which will improve financial access across regions in Africa. Currently, large areas of Africa are in digital poverty, only a tenth of those in sub-Saharan Africa have access to the internet. The global app economy, for example, resides in a handful of high-income nations, while developing economies only account for 1% of its total value. Due to the decentralization of Livesilver’s Blockchain Legal Tech project, it aims to close the digital divide by making it easier for Africans to access new digital-based opportunities. Decentralization also defends against cyber attacks because there is no single centralized server that can be left vulnerable.
In addition to this, the blockchain’s indestructibility means that all transactions will be completely transparent. A 2015 study found that 58% of Africans report an increase in corruption, while 18 out of twenty-eight governments were seen as completely failing to address this problem. Furthermore, bribery has been shown to affect more than one in five Africans, with this negatively affecting the poor more than any other demographic.
Livesilver’s Blockchain Legal Tech Africa project hopes to reduce the prevalence of corruption throughout the region through the fact that blockchain technology can be used as an open ledger for recording transactions between companies, organizations and members of the public. Data security can also be improved, as the blockchain cannot be tampered with, a quality that is particularly beneficial in countries where access to official records is limited by bureaucratic corruption.
Anthony Silver, CEO and founder of Livesilver concludes, “We are very excited about the potential our Blockchain Legal Tech Africa project has to reduce corruption and increase widespread financial transparency. We are the first company in the world to offer physical and financial technology together with cyber technologies. With the enhanced access that our blockchain technology can provide, we hope this initiative can have a long-lasting impact across the region.”
Livesilver is a UK-based consultancy offering a range of services relating to cyber security, eDiscovery, financial technology and legal technology. It oversees globally minded projects such as Blockchain Legal Tech Africa, MetaverseJusticeVR, Livesilver Britannia Group, I~Quantum JusticeSoft 1.0 and RoboAdvisor.
Media contact:
Name: Anthony Silver
Email: [email protected]
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