Companies are advised to adopt blockchain technologies

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

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

The president of an American technology company, VX Technologies, Justin Pauly, who gave the advice, explained that innovative blockchain solutions can create a safer and more secure digital future for the country, as well as promote legacy storage systems and future-proof the country’s digital infrastructure.

Pauly, who gave advice last Thursday at a blockchain conference organized by VX Technologies in partnership with the American Chamber of Commerce (AMCHAM), Ghana, in Accra on the theme: Ghana’s Future on Blockchain said: “Many records including health documents, educational certifications and professional licenses can benefit from being on the blockchain.

Income generation

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

“As a leader in blockchain technologies in healthcare and education, we are honored to lead this important event in the country. We have pioneered the immutable storage and verification of information on a trusted network to prove the integrity of the data at all times.

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 (US) Embassy in Ghana, Laurie Kellecher, described the conference which was part of the outfit’s efforts to bring US Information Communication Technology (ICT) to the country as an important conference.

What she said is because it came at a critical time to help track the rapid technological development associated with blockchain.

She said initially many people were introduced to blockchain technology in connection with digital assets such as cryptocurrency or central bank digital currencies.

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

Commercial and even public applications are rapidly emerging for enterprise blockchain ranging from agricultural product tracking to CO2/carbon tracking, to healthcare (sample data tracking, the pharmaceutical supply chain, COVID vaccinations) and education to name a few applications. VX Technologies is leading the way in these innovations,” she said.

Kellecher said the U.S. Embassy’s commercial section looked forward to working with everyone to identify uses for enterprise blockchain for businesses or agencies in the country.

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

Possibility

The country manager of VX Technologies Ghana, Prince Akoto Adepa, said that blockchain was a platform that was relevant and therefore developing countries including Ghana have the chance to take advantage of the opportunity to have a new technology that came with security and lower cost of data storage.