Zimbabwe has been in the news recently over the ban of cryptocurrency trading by the central bank. There has been lots of debate about whether such a ban was necessary or not and even the courts are involved now. The debate has pulled in blockchain enthusiasts as well who of course have made the debate about the development of blockchain technology in Zimbabwe.
By now, most of us are familiar with blockchain technology – not all the bells and whistles, but enough to know what this new technology can do.
Blockchain technology is the technology which makes cryptocurrencies like bitcoin possible. The first application of the technology was bitcoin and this led to literally thousands of other digital currencies. As a result, blockchain technology has always been associated with cryptocurrencies.
However, blockchain technology is much more than that. The technology has more applications than that. Various industries stand to gain from it. Indeed many companies are utilising the technology in Zimbabwe.
Looking at the distinct advantages it brings, it becomes easier to see just how wide the pool of its potential applications is.
Summary of blockchain technology characteristics
- Immutable – no records on the blockchain can be modified
- Transparency – all transactions in the chain can be viewed and monitored
- Permanence – records are safe on the blockchain for as long as it kept operational
- No intermediation – the decentralized blockchain is trustless and users can interact with each other directly
- High speed of operations – the speed of transactions is higher than in centrally-controlled systems
- Data safety – since all network members have a full copy of the registry, data loss and fraud is as good as impossible
- Data security – all records in the ledger are encrypted through cryptography
The technology is still new though and use cases are still being discovered. As organisations are experimenting all across the world, Zimbabwe is not to be left behind. There are some exciting blockchain-based solutions here in Zimbabwe.
The state of blockchain technology in Zimbabwe
Techzim has come up with a report on the state of blockchain technology in Zimbabwe. The report focuses on:
- The practical applications of the technology, looking at how it can and is being applied in various industries around the world.
- The companies currently utilising blockchain technology in Zimbabwe, looking at what they are using the technology for.
- The challenges that will need to be solved for blockchain-based solutions to take off in Zimbabwe.
To buy the State of Blockchain Technology in Zimbawe report simply Ecocash the fee of $4.99 to Techzim Merchant Number 83688 and then send an email with the reference number to firstname.lastname@example.org. For other forms of payment please email email@example.com