National Cybersecurity Advisor, Dr Albert Antwi-Boasiako, has emphasised on the need for Ghana to integrate blockchain technology into its IT environment, as its superior security mechanism stands to be crucial for the country’s digital transformation.

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

It is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

Ghana Blockchain Network organised the event with support from Mobile Web Ghana, Ghana Dot Com, and Bank of Ghana to deepen the multi-stakeholder approach to the governance of blockchain technology in and around the world.

Dr Antwi-Boasiako stated the technology could help in Ghana’s land administration, support research by industries and academia, and emphasise the country’s need to explore the know-how. He added that it was necessary to have the technology under the National Information Technology Agency’s (NITA) stable regulation to bridge the technological gap in the country.

Dr Antwi-Boasiako said for the technology to be adopted in the country, awareness creation was needed, especially amongst policymakers, and tasked the stakeholders to engage.

Also speaking at the event, Mr Pindar Wong, Commissioner, Global Commission on Internet Governance, said the world was facing a “Financial Pandemic” due to the rapid substitution of currencies.

He defined currency substitution as the usage of a foreign currency in place of, or in addition to, a country’s domestic currency, primarily due to the considerable stability of the foreign currency.

Mr Wong, therefore, charged regulators to fix the challenge with “financial vaccination.”

He said, “Financial Vaccination” is about “immunising one’s mind and not the body.”

“It involves a drastic change in mindset and leaving behind a linear way of thinking in an exponential world and evolving exponentially.”

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