Connect with us

MARKET UPDATES

Africa Blockchain Conference Set to Hold in Uganda

Published

on

Uganda is set to host the “African Blockchain Conference” in Kampala. Uganda, which is one of the East African countries that is representing Africa in the blockchain space.

The Conference which is scheduled to hold on May 23 and 24 is massively supported by the Ugandan Government in Kampala at the Kampala Serena Hotel. The conference, which is scheduled to host policymakers, leaders in Industry, academia, youth, entrepreneurs and blockchain enthusiasts. is themed: “The role of Blockchain Technology in Africa’s transformation.”

The Blockchain Conference which was made possible by the Ministry of ICT and National Guidance, Stanbic Bank, and Binance Foundation is the backbone for the event.

Blockchain technology is a distributed ledger platform that allows creation and management of decentralized systems and processes, which enhance efficiency and transparency of transactions across institutional or business operations. Blockchain Technology, also described as the ‘technology of trust’ is disrupting and redefining traditional governance and business models across the world from the way information is created, managed and shared to the way products and services are delivered.

 

Chairman of the Blockchain Association of Uganda, Kwame Rugunda made remarks on the need to change Africa’s lag in innovation while addressing the journalists at the Association offices at the Nakawa Business Park. He also corroborated the remarks made by the President Yoweri Museveni regarding the need to change Africa’s lag in innovation. While addressing delegates at the World Customs Organization Conference in March 2018, President Museveni told delegates that Africa has largely missed out on the industrial revolution, but however stressed that Africa should not be left out in the current digitalization process going on. Stating that Africa is entering the digital revolution and that “Africa will not miss out again!”

While reiterating these same remarks, Kwame Rugunda, explained that:
“Africa is at the right time to adopt this technology. “We have already seen glimpses into how it is disrupting traditional models in areas such as finance, procurement, insurance, health, identity management, contracts, governance, to mention but a few. Now is the right time to engage with this novel technology, because each wave of technology presents a profound opportunity, particularly for the early adopters,” he said.

The goal of the conference is to drive engagement from both the public and private sectors of the economy by sharing ideas and understanding how things are done to speed up the adoption process and also focusing on how to build a blockchain eco-system and position ourselves to be a part of the global discussion.

The conference panellist which will comprise of stakeholders who will be building a case for the adoption of blockchain technology in Uganda and in Africa. The topic of discussion will include governance, regulation and policy, cryptocurrencies and digital assets, cybersecurity, innovation and technology, risk and investment opportunities among others and the speakers would majorly be from the African continent.

Some of the immediate benefits of using blockchain include enhanced efficiencies with greater transparency and accountability in our business and governance systems which are key factors in enabling Uganda to become an investment destination, and catapulting our economic growth” Rugunda noted.

We are actively engaged in the discussions on blockchain and have collaborated with different stakeholders to ensure we have the right information to advance our agenda as government,” The Permanent Secretary at the Ministry of ICT and National Guidance, Vincent Bagiire affirmed.

The government is keen on embracing the technology because the government recognizes the growing trends in the technology sector and is positioning itself to be at the forefront so as to take advantage of these opportunities. The blockchain conference would focus on showcasing the relevant and different use cases in different sectors to demonstrate the value and importance of blockchain technology.

According to Stanbic Bank Head of Information Technology, Herbert Olowo, “Blockchain technology offers lots of benefits to the overall development and transformation of Africa and more importantly of Uganda. At a very high level, it will play a large role in improving operational efficiency both in the private and the public sector.”

Spread the news
Continue Reading
Advertisement
Comments

Cryptocurrency

National Cryptocurrencies; Is There a Need?

Published

on

Cryptocurrency is gaining rapid popularity and countries which were once sceptical of it are now adopting it. The first cryptocurrency, Bitcoin was created in 2009 and since its creation, there have been more than 1500 different crypto tokens on the market. Although it is not sure how many of these coins will survive or make a difference in the world. For a while, most countries in the world remained sceptical while some adopted a regulatory approach regarding cryptocurrencies. However, more countries are beginning to see the benefit of cryptocurrencies. Countries like Venezuela and Cambodia have already had a National cryptocurrency country like Russia, Estonia, Denmark, China, Canada, Iran have also revealed their intention to develop their own national cryptocurrencies.

An Escape Route

There are many reasons why these countries adopt cryptocurrencies.
Venezuela, for example, released the
Petromoneda in February 2018 as a means of avoiding U.S sanctions and accessing international financing. The country had been faced with hyperinflation and coupled with the sanctions from the US, the economy was practically crumbling. Basic amenities such as food, water and healthcare services became difficult to access. Initially, the government was rigid with those mining cryptos in the country but, after it came up with its own cryptocurrency, mining became acceptable.

Cambodia is also facing threats of international sanctions and on Wednesday 7th March, 2018 the Deputy Prime Minister  of Cambodia, Men Sam during a blockchain summit held in Phnom Penh launched Entrapay, the Cambodia national cryptocurrency. He explained that, “the connection between integration payment of encrypted currency and the real world. It has the great potential to even replace Visa as the new mainstream payment mode.”

Sustaining the Country’s Financial Infrastructure

Countries like Russia, Iran and North Korea are also venturing into creating a national cryptocurrency. The Russian national cryptocurrency – the CryptoRuble is set to launch in the middle of 2019, the currency is likely to be tied to ruble. However, instead of decentralized mining it will be issued, tightly controlled, and monitored by the government. Most of these countries are trying to use the cryptocurrencies to help sustain their financial infrastructure.
The Chinese government is also looking to create a national digital currency. They aim is to control the total money flow in and out of the country. This will enable the central bank issue and distribute money thereby reducing cost of transactions and creating more accessible money services.

The Other Side of the Coin

However, there is another side to having a national cryptocurrency. Cryptocurrency refer to a currency that is digital, decentralized and distributed and the term “national” negates that purpose. Having a national cryptocurrency will grant the government full control over the money flow and this is not the true purpose of cryptocurrencies.

 

What do you think about your country having a national cryptocurrency? Share your opinion with us in the comment section below.
Image credit: pixabay,

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading

Blockchain

Samsung’s Bitcoin Mining Chip On High Demand

Published

on

Korea has been the country on the headlines pioneering the blockchain technology and cryptocurrency adoption as businesses within the country are making waves with record-breaking revenue. The South Korean division of Samsung Electronics is the company in focus as it saw its profit surge in the first quarter of the year compared to previous years. For those in the cryptocurrency space, this would not come as a surprise as they know the potential of technology.

The companys spike in revenue is as a result of its semiconductor division which manufactures bitcoin mining chips. Hopes are high as well as expectations that the trend would continue.

In an announcement, the world leader in advanced semiconductor technology, outh Korean Samsung Electronics Co. Ltd. posted its first quarter earnings. Samsung Electronics is the flagship company of the Samsung Group with assembly plants and sales network in 80 countries. The companys consolidated earnings recorded 60.56 trillion won ($56 billion). Its operating profits were 15.64 trillion won (~$14.5 billion), a 58% increase from 9.9 trillion won (~$9.2 billion) achieved during the same period last year. Meanwhile, its year-on-year sales grew approximately 20%.

According to Seoul Newspaper

Demand for the semiconductor division increased due to sales of system LSIs [ASICs] for flagship smartphones and demand for virtual currency mining chips. The samsung electronics semicoundutor division accounted for almost three-quarters of total operating profits, which makes it a record high, an official from samsung explained.

In January, Samsung confirmed it has commenced the manufacturing of ASIC chips used for mining cryptocurrency. Although no evidence exist to support this, but as a spokesperson told techcrunch previously that, “Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips.”

The manufacturing of ASIC designs has provide the company offering design services which connect “mid-to-small sized companies”. In January, the Samsung Advanced Foundry Ecosystem program was launched to ensure deep collaboration between the Samsung foundry, ecosystem partners, and customers.

Halong says their rig is “the world’s most efficient bitcoin miner, operating at 16TH with Asicboost technology inside for greater power efficiency.” Halong who is a minig rig manufacturer has revealed that miners success is attributed to samsungs chips.

Its almost a monopolist market with just fa ew competitors within the space, with the largest being TSMC which supplies mining chips to hardware makers Bitmain and Canaan. TSMC also recorded a record high in sales dues to the high demand for the hardware.

 

 

What do you think about possibilities of the technology beyond exchange and trade? Let’s hear from you. Leave your comment in the comment section below.

 

Image source:  XDA Developer
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading

Blockchain

Zebpay Launches Crypto-to-Crypto Trading App

Published

on

A leading cryptocurrency exchange in India, Zebpay, has introduced crypto-to-crypto trading on its platform. The launch closely follows the Reserve Bank of India banning banks from servicing crypto exchanges. Meanwhile, Zebpay celebrated its 3 millionth app download.

With the advent of the ban on banks servicing cryptocurrency exchanges, Zebpay has launched its crypto-to-crypto trading platform. Zebpay which a leading cryptocurrency exchange in India, celebrating its 3millionth app download, chose to innovate and refused to be stuck in the box.

Its three years since its inception in 2015, Zebpay which claims to have had more than three million downloads, making it the most downloaded cryptocurrency app, both on iOS and Andriod in India. The new updates feature of the app will be available in the new update. It will feature Android version 2.0.14 and iOS version 2.0.24,” the exchange clarified, adding that the fees for all crypto-to-crypto transactions will be charged in bitcoin.

In a statement, stating that their engineers have been working round the clock to launch the trading platform;

Zebpay is excited to announce the launch of crypto-to-crypto trading. Now, you can easily exchange one cryptocurrency for another…The first pair we’re introducing is ETH/BTC. 

“We remain committed to keeping customer funds and assets secure, and are exploring various options,” Zebpay responded to RBI’s announcement. “However, a sudden disruption in banking services could affect our ability to service deposits and withdrawals, until banking services are restored. Please keep this risk factor in mind while making your investment decisions.”

In a tweet, “Initially the new feature was meant for a limited number users.”

With the growing rate of cryptocurrency investors, Zebpay had no choice than to create an alternative support system to continue to provide quality service to its clients.
People are looking forward to seeing how the new platform would thrive. Watch for more as the story unfolds.

 

 

Do you think this is a welcomed development that would be accepted by the Indian Investors and Government?Lets know what you think. Please leave a comment in the comment section down below.
Featured Image: Zebpay

 

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading

Blockchain

JPMorgan Experiments On Quorum For Debts Issuance On Blockchain

Published

on

Quorum is the technology of focus. JPMorgan, the biggest US-based bank is joining forces with the national bank of Canada amongst others to develop an application for debt issuance with Quorum technology on blockchain.

The app would be designed to perform debt issuance across origination, distribution, execution, settlement as well as interest rate and maturity payments. The intention is to slash the cost and the need for service providers. The leading institutional investors were attracted by the Yankee COD.

Goldman Sachs Asset Management (GSAM), pharmaceutical giant Pfizer and a Legg Mason subsidiary Western Asset, are amongst others that were attracted by the Yankee COD. The attraction is the open-source Quorum which is an enterprise version of Ethereum which is designed for financial institutions.

According to JPMorgan’s Blockchain Program lead Christine Moy, In a press release statement:
“This is an exciting example of how J.P. Morgan leveraged our combined capabilities in capital markets and blockchain technology, delivering results to a diverse set of clients. We look forward to exploring blockchain-enabled capital markets applications … and how working together on open source technology like Quorum can enable and accelerate this progress.”

Amber Baldet was the former JPMorgan’s Blockchain Program Lead, before being replaced by Christine. Amber who was one of the key architects of Quorum left to begin her own company.

Quorum is a move in the right direction, however, it’s not the first of its kind as it follows after UK-based Nivaura in conjunction with Microsoft’s Azure cloud technology. The pair successfully structured nodes to retail investors.

In a bid to showcase the power of Quorum and what it can offer, Nivaura made reference to a retail investment firm that completed a bond issuance last year. In that deal, the expenses were reduced from GBP 30,000 to GBP 50 for the product’s duration.

Banks are beginning to adopt the technology not wanting to be left behind. National Bank of Canada’s David Furlong said: “Blockchain-related technologies have the potential to bring about a major change in the financial services industry.”

GSAM’s David Fishman said: “We’re excited to have the opportunity to learn from this test and to help develop more efficient ways of trading – from providing more transparency to streamlining processes and minimizing transaction costs.”

What’s your opinion about the innovative Quorum technology? Would it stand the test of time and be adopted by users, or will it be just a regular blockchain technology? Let’s know what you think by leaving a comment below.

 

Featured Image: JPMorgan

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading
Advertisement
Advertisement

Find Us

Address: 7 Kafi Street, Beside City Mall, Shoprite, Alausa, Ikeja, Lagos.

Hours: Monday—Friday: 9:00am–5:00pm

Contact: +234 817 866 6900

Advertisement
Advertisement

Trending