Blockchain Applications for Emerging Economies

Lorien Gamaroff, CEO of Bankymoon, based in South Africa participates in Risk Roundup to discuss “Blockchain Applications for Emerging Economies” Overview Across nations, we are witnessing the beginning of convergence of technologies, processes, data, and assets across an integrated cyberspace, geospace and space (CGS) ecosystem. As internet of things, blockchain, artificial intelligence, robotics, biometrics, and other technologies merge and converge, it seems clear that digitization has moved far beyond machine-to-machine (M2M) process automation and has become a driving force of digital global age. Across nations, the blockchain promise is getting visible and clear. It has raised expectations from everyone. This technology is not only making waves as cryptocurrency, but its applications are expected to have a huge impact for individuals and entities across nations: its government, industries, organizations and academia (NGIOA). As I write this, blockchain is re-writing the rules for competition and collaboration. With the tumbling of boundaries between cyberspace, geospace and space, the promise and potential of blockchain technology seems to have energized everyone. It is important to evaluate the impact brought on due to blockchain driven technology transformation and the tumbling CGS boundaries. Blockchain has a potential to supply nations a trustable digital infrastructure for a fair and balanced economic ecosystem that is based on shared information and distributed trust that is transparent and trackable. If we look at nations economic system today, blockchain technology has the potential to transform the monetary ecosystem at all levels (local, national and global). Perhaps the most encouraging benefit of blockchain technology seems to be the incentive it creates for individuals and entities across NGIOA to work honestly where rules apply equally to all. It will be important to see how it is being received in emerging economies. In addition, we also need to evaluate: * What is the state of digital transformation in emerging economies? * How are decision makers responding to the blockchain potential? * What are the challenge for emerging economies to reimagine the nature of changes they would broadly see in the next decade? * Where will the emerging economies have the most success with the blockchain technology? * What applications are emerging in Africa today? * How will virtual currencies like bitcoin create pathways for people in emerging economies like Africa? * Can blockchain technologies demonstrate tangible value to policymakers? * Can permissioned distributed ledgers improve financial services infrastructure in ways that permissionless alternatives cannot? * Which assets, supply chains or financing needs could benefit most from blockchain uses in developing countries? * Where are the immediate opportunities? * What kind of blockchain driven innovations are necessary for emerging economies? * How will blockchain technology revolutionize finance in emerging markets? * What is the nature of investment pouring in for the emerging economies with reference to blockchain? * Is blockchain technology closing the financial service gap that is seen across many emerging economies where the financial infrastructure is shallow? * Are there any problems or issues that needs to be resolved for using blockchain technology in the emerging economies? As we evaluate the above questions and more, it is important to realize that blockchain seems to be a much-needed digital infrastructure for socio economic development across nations.  While blockchains are causing a technology revolution across many emerging economies, including Africa, it is important to evaluate what else is necessary for the technology transformation to succeed.