Thursday, 25 October 2018

Blockchain To Change Ways Zimbabwean Business And Economy Works For Better

Blockchain To Bring Major Transformation In Zimbabwean Business And Economy

The blockchain is the hottest thing currently and certainly can bring a massive change in the way Zimbabwe’s business and economy can work. It can change the social and economic position of the country by solving the major problem of inflation as trading in crypto-coin is much cheaper than returning a physical currency.

Blockchain can help the country solve its transportation management system issues by integrating it with Central Vehicle Registry through blockchain protocol. It will provide easy access to vehicle records to the police. In such cases, the police can immediately track down who did an offense, where they live and the cars they own. It means with the help of blockchain applications the regular systems will never suffer a downtime because the servers work on a decentralized platform.

In this case, if one server goes down, other servers can be used for tracking down the truth since all of them have the same data. Another way Zimbabwe can use blockchain in its working is by integrating the Central Registry for births and deaths as well as the Passport office with blockchain platform.

Blockchain will make the data available everywhere for all the purposes including business, government, and finance, Techzim reported. It will make the work faster and the Zimbabweans will be saved from standing in queues for a long time.

In the case this information is integrated with the police records, checking up with the criminals will take only a few minutes thereby increasing the level of security that the country offers to its citizens. It means Zimbabweans will get their passport and the certificates of death and birth faster and the information will be accessible from even a remote place through distributed ledger technology (DLT).

The government has understood the importance of blockchain in Zimbabwe’s business and economy and hence is coming up with devolution strategies to take advantage of disruptive and innovative technologies such as blockchain, ITWeb Africa reported. The Minister of Finance and Economic Development of Zimbabwe even indicated recently that they might use cryptocurrency to address the challenges of its economy.

The post Blockchain To Change Ways Zimbabwean Business And Economy Works For Better appeared first on OWLT Market.



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