How Blockchain Technology Can Help Ghanaians Manage Their Finances

By | August 11, 2020

How Blockchain Technology Can Help Ghanaians Manage Their Finances.

Blockchain technology is still a relatively new phenomenon, and one that a majority of people don’t fully understand. Most still tend to think of it as a technology tied to bitcoin, and a Slate report on blockchain indicated that generally speaking, people don’t trust it. However, we’ve begun to see blockchain’s utility expand well beyond bitcoin. Moving forward it’s going to be fundamentally significant for a variety of types of financial transactions. This is going to require that people learn a bit more about the blockchain, and hopefully come to trust it. Provided some natural evolution in these respects though, there are a few particular ways in which expanding blockchain tech can help Ghanaians to manage their personal finances.

A Digitised National Currency

One trend we’re beginning to see as blockchain technology continues to expand is the issuance of digital currencies by national banks. The idea is that even if bitcoin and other established cryptocurrencies are not the way of the future, they may have helped ushered in a method by which digital transactions can become the norm. Thus, a number of countries are exploring what it would take to release functional but wholly digital versions of their existing currencies. Bloomberg covered the Bank of Ghana and its intent to do the same, indicating that Ghanaians may soon be dealing in a crypto-like version of the GHS. Such a currency would almost certainly work via some version of the blockchain, and would in theory make it easier for people to store and use currency in a secure manner.

Trading Via Blockchain

Those Ghanaians who choose to invest in cryptocurrency may already be used to blockchain-based speculation. However, other forms of trading area also starting to take advantage of this technology, with the primary example being the forex market. A report on what is forex by FXCM states that it makes for a larger market than all the world’s stock exchanges combined, and that trades are conducted simply by “buy” or “sell” orders on different currency pairs. These points indicate a great many people interested in forex, and a relatively simple method of trading, which makes for a suitable climate for blockchain adoption. Speedy, secure, tech-based transactions are all the more necessary in such a vast market, and the simplicity of forex should make it relatively uncomplicated for people to get used to new systems. That said, forex is only one example. Blockchain tech may ultimately make it easier to access and trade in a variety of investment markets.

Online Shopping & Peer-to-Peer Transfers

A digitised GHS may make it easier for Ghanaians to make online purchases and conduct peer-to-peer transfers in and of itself. However, the blockchain is also well on its way to producing other currencies that can also serve these purposes. Most notable among them might be Libra, the long-awaited crypto product from Facebook. Our piece on ‘Libra: The New Facebook Cryptocurrency and Wallet’ explained that this is in fact a blockchain-based currency that will run through Facebook’s own digital wallet (called Calibra). The currency will reportedly enable a variety of transactions, and is designed to work quickly and easily. With a product like this, people could soon be relying on the blockchain for personal purchases even if a digital GHS doesn’t become a reality in the near future.

Through all of these existing and potential applications, blockchain technology is poised to help Ghanaians make purchases, exchange funds, and engage in trading.

In summary, this is How Blockchain Technology Can Help Ghanaians Manage Their Finances.

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