When it comes to business, the digital age has caused the middleman to become somewhat of an endangered species, but blockchain may surely render the final blow.
Blockchain technology, which originated to support Bitcoin transactions, shifts responsibility for creating and managing an audit trail from manual to automatic. It is an open database distributed among multiple users, thus capable of handling massive amounts of data. It also features built-in cybersecurity, due diligence and transparency preventing fraud. In other words it is system that ensures fairplay.
The KEY highlights at the #AfricaBlockchainUG 2018 conference was very instrumental and an insightful driver tool for Uganda, and Africa at large as we embrace #Blockchain technology in our business operations. The WMC Africa team was honoured to be apart of this event.
As new players like SafeBoda, Uber, Taxify, Jumia, Airbnb and other peer-to-peer enterprises have online, they have nibbled at the market share of legacy companies by removing layers that once stood between the consumer and vendor. The result has been improvements in speed and efficiency, as well as cost savings for end users.
Interestingly but not surprising, in this digital age, the disruptors themselves are also ripe for some more disruption. Uber and the like have broken down traditional business obstacles, these newbies still rely on a ‘middleman of sorts.’
Blockchain technology involves a centralized data collection and processing system that imposes control and monitors fees. But this layer could be pared back by implementing blockchain technology that comes with a digital ledger system that increases efficiency and lowers costs by reducing the reliance on centralized coordination.
Blockchain shifts responsibility for creating and managing an audit trail from manual to automatic. Because it is an open database distributed among multiple users, blockchains are capable of handling massive amounts of data. This means any enterprise that relies on a centralized authority for data management can achieve more efficiency by adopting blockchain technology.
The benefits go beyond the disruptors. Any enterprise in Uganda that relies on a spoked-wheel system for data management can gain from blockchain that is, banks, supply chain companies, audit firms and procurement firms.