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.

It is time to take a closer look at the potential of “blockchain”!


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About the Guest

Lorien Gamaroff, is South Africa’s foremost blockchain expert. He has been invited around the world to speak on digital currencies and distributed ledgers and their benefits for emerging economies. He has addressed the IMF, World Bank, FBI and Commonwealth Secretariat, the South African Reserve Bank and a host of banking professionals and attorney generals throughout the world. He offers insight and guidance to business executives and advises government on blockchain technologies and their implications. He is also a co-founder of the Blockchain Academy which educates professionals on all aspects of blockchains from regulations to software development.

About Bankymoon

Bankymoon is a software and consulting firm with expertise in blockchain technologies. They develop bespoke solutions for clients who require Bitcoin and other crypto-currency integrations.

About the Host of Risk Roundup
Jayshree Pandya (née Bhatt) is a visionary leader, who is working passionately with imagination, insight and boldness to achieve “Global Peace through Risk Management”. It is her strong belief that collaboration between and across nations: its government, industries, organizations and academia (NGIOA) will be mutually beneficial to all—for not only in the identification and understanding of critical risks facing one nation, but also for managing the interconnected and interdependent risks facing all nations. She calls on nations to build a shared sense of identity and purpose, for how the NGIOA framework is structured will determine the survival and success of nations in the digital global age. She sees the big picture, thinks strategically and works with the power of intentionality and alignment for a higher purpose—for her eyes are not just on the near at hand but on the future of humanity!
At Risk Group, Jayshree is defining the language of risks and currently developing thought leadership, researching needed practices, tools, framework and systems to manage the “strategic and shared risks” facing nations in a “Global Age”. She believes that cyberspace cannot be secured if NGIOA works in silo within and across its geographical boundaries. As cyber-security requires an integrated NGIOA approach with a common language, she has recently launched “cyber-security risk research center” that will merge the boundaries of “geo-security, cyber-security and space-security”.
Previously, she launched and managed “Risk Management Matters”, an online risk journal and one of the first risk publications, publishing “Industry Risk Reports of Biotechnology, Energy, Healthcare, Nanotechnology, and Natural Disasters” over the course of five years. Jayshree’s inaugural book, “The Global Age: NGIOA @ Risk”, was published by Springer in 2012.

About Risk Roundup

“Risk Roundup” is an “integrated strategic security risk dialogue” for nations: its government,  industries, organizations and academia (NGIOA) in cyberspace, geospace and space (CGS).Risk Roundup is released in both audio (Podcast) and video (Webcast) format and is available for subscription at (Risk Group WebsiteiTunesGoogle PlayStitcher RadioAndroid, and Risk Group Professional Social Media).

About Risk Group
Risk Group believes that risk management, security and peace walk together hand in hand. Though security is related to management of threats and peace to the management of conflict, risk management is related to management of security vulnerabilities as well as management of conflict, and it is not possible to conceive any one of the three without the existence of the other two. All three concepts feed into each other. Risk Group believes that the security we build for ourselves is precarious and uncertain until it is secured for everyone across nations. Tradition becomes our security-so if we build a culture of managing risks effectively it will lead us to security and security will lead us to peace!

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