More opportunities as use of blockchain tech increases

Tuesday January 7 2020

Industry experts argue that the decentralized

Industry experts argue that the decentralized ledger technology is the key to solving developmental issues in the country. PHOTO | FILE  

SAMUEL BAKER BYANSI
By SAMUEL BAKER BYANSI
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The use of blockchain technology is on the rise in the country. The number of companies utilizing decentralised ledger technology (DLT) across the country are also increasing.

Industry experts argue that the decentralized ledger technology is the key to solving developmental issues in the country.

It also provides a platform for Rwanda to elevate itself to a position of greater relevance in the continental affairs.

Attending the blockchain meet up on December 11 2019, Minister of ICT Paula Ingabire argued that the central government was looking into supporting and regulating the technology.

“We plan in recent month to pursue regulations and greater co-operation with all concerned authorities to leverage the benefits that accrue from the blockchain utilisation,” said Paula Ingabire.

She also added that the government will allocate a portion of the ICT budget in the next financial year to support the emerging technologies.

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In 2017, the government a announced the use of blockchain technology in land registration to reduce land disputes.

Currently, the central bank and the Rwanda Utility and Regulatory Authority has set up a sandbox facility around blockchain technology which is being tested.

In 2018, the government announced the first blockchain technology to track tantalum — from pit-face to the plant as part of the endeavor to lift the investor’s self-assurance that the state is a conflict-free source of minerals.

This is a project which came following other blockchain initiative such as SPEN — a mobile banking application that help in arranging financial transactions of circular — a British start-up specialised in blockchain, and miner-refiner Power Resources Group, which operates in Rwanda and Macedonia.

On December 11, 2019, the Africa blockchain institute announced that in 2020, it will establish its headquarters in the Rwandan capital Kigali.

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