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AFRICA'S BLOCKCHAIN ADOPTION STUNTED BY LACK OF REQUIRED SKILL

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The Distributed Ledger Technology (DLT) or Distributed Database Technology (DDT), commonly known as blockchain technology is an internet based technology acclaimed for its openness, truthfulness and immutability.
A report released by Liquid Telecom highlighted that the shortage of skilled manpower is an obstacle to blockchain adoption in Africa. Dr. Ndemo, Chairman of Kenya’s Blockchain and AI task-force sounds a note of warning:
“If countries don’t begin to build new capabilities for these technologies, then they will be bystanders”.
Why Africa should care?
The African continent has been known for burgeoning youth unemployment, corruption, hunger just to name a few. Africa loses about 25% of its GDP ($148) to corruption annually.
On employment, Bloomberg in a study says blockchain-based jobs increased fourfold on professionals social platform LinkedIn in 2017 alone.
on the other hand, the United Nations World Food Program (WFP) Communications Officer, Leighia Bowers commented on its fight against hunger: “blockchain is proving to have the biggest impact to the organisation’s operations” on hunger alleviation.
George Etheredge, research analyst at Digital Transformation Practice for Frost and Sullivan on anti-corruption: “Blockchains can be accurately verify the identities if individuals while offering a method to register assets and track transaction, all of which can contribute to limiting the potential for corruption. Despite the immerse benefit the technology presents, it is sad to note that there is still a shortage of the required skills needed to turn the industry around.
Changing the narrative
Upgrading the curriculum at tertiary institutions with blockchain related courses was fingered as a way of bridging the gap. Already, the university of Johannesburg in its Cyber-security and Financial engineering courses is in the lead with it’s  addition of blockchain-based content.
Babu Paul, Director in the Institute for Intelligent Systems at the University of Johannesburg agrees educational institutions are the best placed to groom DLT based talent.
“The technologies required in the fourth industrial revolution are becoming more and more multidisciplinary and multi-sectional. This is why universities with expertise from various displaces are best suited for the task of training entrepreneurs and developers with the skills they need to prepare for Blockchain.”


 

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Blockchain News

I Didn’t Own Any Cryptocurrency Before Beam, Not Even Bitcoin – Beam CTO, Alex Romanov 

I did not have any relation or experience with any other cryptocurrency or blockchain.

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The Chief Technical Officer of Beam Alex Romanov has revealed the first cryptocurrency he ever owned. He said in the CryptoTvplus AMA Series on the 25th of November that Beam was the first cryptocurrency he owned. Not even bitcoin, he emphasized. 

He said the Beam project was the first blockchain related project he undertook. Before I started, he explained, “I did not have any relation or experience with any other cryptocurrency or blockchain. In fact, I didn’t even own any other cryptocurrency before Beam. Beam was the first cryptocurrency I actually first owned.”

This is like true for most of the team I think. We were new to this space and had to learn everything from scratch very quickly, which we did and eventually we produce Beam, Alex added. 

In the AMA session which was focused on the Beam Confidential DeFi Ecosystem, Alex also revealed the project did a hard fork in July and added a feature amongst others called Confidential Assets. 

This feature allows anyone to create a confidential token easily without special development skills. 

He also expressed his opinion on the future of the industry with emphasis on regulations as it affects privacy coins.

He said “we’ll see regulations moving forward to adapt to the new reality and understanding privacy is not something bad but something good that people need to be able to trade on blockchain”

You can watch the full session here. 

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Beam is building Decentralized Bridges Between Chains to allow Interoperability- Beam CTO, Alex Romanov 

According to Alex Romanov, there’s a current strong trend in the industry in terms of interoperability. Beam is building  decentralized bridges between Beam, Polkadot and Ethereum. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way. 

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The CTO of Beam and Tech Lead has been revealed Beam is building decentralized bridges between blockchains. The bridge is designed to allow interoperability between blockchain networks such that values can be easily transferred between chains. 

This was made known on the CryptoTvplus AMA Series which aired on Wednesday, the 25th of November, 2020.

According to Alex Romanov, there’s a current strong trend in the industry in terms of interoperability. Beam is building  decentralized bridges between Beam, Polkadot and Ethereum. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way. 

The Beam CTO went on saying Beam definitely will lead the direction of building blockchain connecting tools. In his words 

Alex Romanov, CTO & Tech Lead, Beam
Alex Romanov, CTO & Team Lead, Beam.

Interoperability is happening, there will be more projects that connect to each other in the future and Beam will definitely lead this direction by building completely decentralized bridges that will allow to freely move value across chains and trade confidentially.”

Considering the development in the industry as regards to regulatory impact on privacy coins which Beam is one such, Alex Romanov said, in few years, we’ll see regulations moving forward to adapt to the new reality and understanding that privacy is not something bad but something good that people need to be able to trade on blockchain. 

He also said the industry will see much more serious trading on blockchain because it’s convenient and has lots of advantages. 

You can watch the AMA Session here below:

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Cypherpunk Ditches its Investment in Monero and Ether to Purchase BTC 

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A Canada-based investment outfit dubbed Cypherpunk Holdings recently ditched its store of value in two different Altcoins, Monero and Ether and stashed its gains from both into Bitcoin BTC.  

Cypherpunk Holdings revealed on Thursday the 26th of November,  2020 that its store of BTC is now worth 276.479 BTC. Its Bitcoin holdings rose from  72.979 BTC to its current 276.479 BTC estimated to be the remainder for the second quarter of 2020. This stands as a whopping 279% increase.

The holding company liquidated their investments in the privacy coin dubbed Monero, and Ether, one of the most valuable cryptos. They in turn used the money they got to buy more and more BTC. 

Cypherpunk also used monies obtained from the private placement of CA$505,000 which is approximately USD 400,000, a deal closed on the 27th of August to buy BTC. 

Cypherpunk is not the only company that took the BTC route, publicly quoted companies like MicroStrategy and Square have diversified their investments into BTC in 2020.

These trends suggest that BTC is a worthy store of value and an alternative hedge for inflation. 

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