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Kenya Gets Blockchain Based E-certificate of Origin

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The blockchain technology is revolutionizing the way we do business and the commercial industry is buying into the technology. The Kenya National Chamber of Commerce and Industry (KNCCI) will be working with a Fintech company, vCargo Cloud (VCC) to issue blockchain based Electronic certificates of origin (eCOs) in the country. The first Blockchain bases Electronic certificates of origin was Launched in Singapore in May, 2018. It is not a surprise that Kenya is taking a leap in that same direction. The country is making a move to modernise its trade facilitation processes.

Export is one means of generating revenues in a country and eCOs are export documents that certify the country a shipment was manufactured. They are  usually among the documents used in a trade finance transaction and are required by customs, banks and traders to verify goods. But with the application of blockchain based eCOs, a more instant digital capture and processing of eCOs is provided. The solution will be built on the blockchain and stored in a private ledger. This means that only customs, banks or any other parties related to the trade cycle can gain access to them.
The CEO of VCC, Desmond Tay tells GTR that the solution will be similar to the one used in Singapore, it will be  slightly converted to suit the specifications of the KNCCI. He explains, “After the success in Singapore, we have been trying to bring the blockchain eCO solution to other places around the world. We are in discussions with a few chambers in Africa and Southeast Asia and expect to see further expansion soon.”
Numerous use cases of the Blockchain technology to  trade and commerce has been explored by other companies who have begun launching blockchain-based solutions for trade in Africa. For instance,  IBM has started on a supply chain finance platform that utilises artificial intelligence (A.I) and the blockchain technology to extend micro-loans to small businesses in Africa. Also, Wala and Block Commodities, a fintech and trader platform respectively, have partnered to launch a cryptocurrency micro loan and  commodity financing solution which would provide up to US$10m worth of loans to about 50,000 grassroot farmers in Africa.

On the other hand, VCC is focusing on trading documents. The company already has an office in Nairobi and has plans to expand to Sri Lanka, Japan, Myanmar, as well as numerous East African countries. CEO Tay explains that they are already in talks with chambers in these countries about bringing their platform there.


 

What do you think about blockchain based e-certificates? Share your opinion with us in the comment section below.
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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.

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Draft Cryptocurrency Law Released in South Africa

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Earlier in April, the South African Revenue Service (SARS) announced its plans to tax cryptocurrencies. The SARS just released a draft cryptocurrency tax legislation to define the framework of digital currency taxation in the country.
SARS aims to place a tax on incomes generated from crypto trading and operations.

Since April 2018, the tax agency had laid out plans to tax cryptocurrency income. The SARS confirmed by press release in April stating,

“In South Africa, the word “currency” is not defined in the Income Tax Act (the Act). Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange. As such, cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, cryptocurrencies are regarded by SARS as assets of an intangible nature.”

However, under the draft taxation legislation, cryptocurrencies will be classified as intangible assets subject to income tax. South Africans may be mandated by the Law to declare every income accrued from cryptocurrency if this law is adopted.

The draft equally added that cryptocurrency transactions are excluded from value-added tax (VAT). This is because such transactions are viewed as separate financial services transactions by the SAR. So, if you sell, purchase, transfer ownership, issue or hold cryptocurrency there will be no VAT to be paid.

Despite the looming presence of regulations and scams, the S.A cryptocurrency industry continues to thrive. A recent survey even revealed that about 38 per cent of South Africans expressed their regrets in not investing in cryptocurrencies earlier.

 

What do you think about the taxation law? Share your opinion with us in the comment section below.
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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.

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Blockchain transforms Cocoa Farming in Ghana

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The blockchain technology has proven that financial inclusion can be made possible to all. Farmers in Ghana are beginning to employ the technology to increase the production of Cocoa. The Olam Farmer Information System (OFIS) is helping to change the profits of farmers, tripping their production and reducing dependency on the pesticide. Farmers now share farm data with advisors using the OFIS app and receive recommendations on how to increase their yields.

Olam apps allow products to be tracked from the farm, and farmers can check cocoa prices and trade online, achieving a better price for their crops. Olam technology is applying the blockchain technology to the supply chain management of cocoa. Allowing products to be tracked from the moment it leaves the farm. Farmers can also use the Olam app to check cocoa prices and trade online, receiving a better bargain price for their crop. This is increasing the farming yield as a farmer from Sefwi, Muhammed Adams, explained that since he started using the OFIS farm development plan, he now harvests 25 bags of cocoa instead of his usual 7 bags.

Securing better prices for their products is one thing that farmers do not really get. But, now with the benefit of digital technologies, farmers can now choose who to sell their products to, picking the price that suits them best. Simon Brayn-Smith, head of cocoa sustainability at Olam explained that Money can be paid directly into the farmer’s mobile money wallets. The company is also setting up Olam Direct in Indonesia which will allow farmers to sell cocoa directly to the company at a much better daily price. Since accessing the internet is still a problem for most farmers, the firm designed their apps in such a way that most of them can run using text messaging. The future of farming is being built on the blockchain and very soon we anticipate a world of change.

 

 

What do you think about applying blockchain in Agriculture? Share your opinion with us in the comment section below.
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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.

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Blockchain Accelerator Funds Kenyan Startups

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Sofia-based æternity Starfleet Incubator for blockchain startups has enabled two Kenyan based startups secure the needed funding for their projects. The startups, UTU Technologies and RideSafe took the top position in the final event of æternity Starfleet. UTU Technologies had developed a machine learning algorithm optimised for trust while RideSafe was a startup which provided health services to motorcycle taxi drivers.

The two startups were not the only ones to benefit from the event as
æternity and æternity Ventures, overseers of the global incubator programmes and partnerships, announced that a total nine projects made it to the finals and they will receive a combined sum of US$1.3 million in investment. US$150,000 went to a Croatian startup while RideSafe and the remaining teams had the remaining funds distributed amongst them. The platform was a great one for these startups as a number of investment funds and angel investors followed the event online.

Earlier in April, UTU had raised funding from Hong Kong-based accelerator Zeroth receiving US$200,000. The team also got an additional US$50,000 from æternity Ventures’ partner network. Jason Eisen, chief executive officer (CEO) of UTU Technologies was excited about the out come and said, “Even being invited to take part in the final event of æternity Starfleet was a huge privilege for our team, and winning the top prize is vindication for our tireless efforts to date. This is a strong vote of confidence from one of the leading authorities within the blockchain sphere, and æternity’s support has been incredibly beneficial during the Starfleet programme.”

On the other hand, Nikola Stojanow, CEO of æternity Ventures explained, “We are beyond excited to continue working with the æternity Ventures team, and look forward to taking our project to the next level with their guidance and vision.” Nikola was impressed by the dedication, potentials and passion of the teams. He also added, “The finalists have demonstrated an innate ability to take our feedback and fine-tune their business model and roadmap accordingly. I’m very excited to see the project progress to the next phase of development.”

 

 

What do you think about these startups? Share your opinion with us in the comment section below.
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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.

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Ditcoin Goes to the Grassroot

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Cryptocurrency is going to the grassroots and Ditcoin is at the forefront. The CEO of Ditcoin, Tony Nwabishop was in the  Northwestern state of Katstina in Nigeria over the weekend and he spent his time explaining the basics of the blockchain technology and importance of cryptocurrencies to the people. It is no news that about 40% of Nigeria’s population are still Unbanked and it is important to include these people in the financial revolution that is currently ongoing.

Building a Solid Foundation

Speaking on the theme, Awareness on the Blockchain Technology, Cryptocurrency and Ditcoin, Mr Tony enlightened the people on the importance of the blockchain and the need for a privacy coin such as Ditcoin. He explained that, Ditcoin which happens to be Africa’s first privacy cryptocurrency is particular about protecting the privacy of its users.

The CEO posted on his social media handle, “And finally the Prince of  Katsina goes Crypto, Ditcoin now has 100% support from the prominent men in katsina. The first crypto city Powered by ditcoin supported by Katsina state Loading…….. #cryptoAfrica #cryptotvplus #ditcoin #privacycoin #blockchaintechnology.” This spells better things for the crypto space in Nigeria.

A Future For Crypto Adoption

Currently in Nigeria, people own more sim cards than bank accounts and this is making crypto adoption possible. As there is no need to go to a bank before owning a crypto account. The popularity of cryptocurrency is rapidly growing in Nigeria and sometime this month the trading volume hit 170 billion naira mark. With cryptocurrencies such as Ditcoin preaching the crypto gospel in Nigeria we look forward to seeing a future where crypto adoption is made possible.

 

What do you think about building Insurance on the blockchain? Share your opinion with us in the comment section below.
Image credit: pixabay, cryptotvplus

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.

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