This is the largest blockchain deal ever to be signed by a government and has been making waves in the crypto-asset industry. The deal involves providing IDs for 5 million students across 3,500 schools which will be used to store educational records. In April the Ethiopian government confirmed that it had signed a deal to create a national database of student and teacher IDs using a decentralised digital identity solution. Unlike most other cryptocurrency blockchains which focus on private sector use in developed regions like Europe and North America, their approach has been to target the governments and public institutions in the developing world. Little attention has been given to its potential to contribute to the social and economic welfare of people.Ī few companies have begun showcasing blockchain capabilities to various African countries. In addition, developments and projects in the crypto-assets space since the launch of bitcoin have been largely driven by commercial interest and investment returns. There is also an argument that it is bad for the environment because it uses so much electricity. This is unlike other asset classes from which value can be derived such as gold (jewellery), real estate (rent), stocks and bonds (interest).
Its price is driven largely by what investors think of it rather than any intrinsic value. These include the fact that it’s speculative and volatile, and that it doesn’t provide any utility. Unfortunately, bitcoin, the project that introduced blockchain technology, has hogged the limelight, diverting attention from the technology’s underlying potential benefits.īitcoin has been embroiled in massive controversies, attracting a host of criticisms. New data can be added only after it is verified by everyone in the network. Data stored on it is immutable and cannot be changed easily. This is key as it enables parties to transact directly without using intermediaries or third parties.
In addition, it enables peer to peer interaction between those connected to the network. Control of the services built on the blockchain isn’t in the hands of an individual or a single entity but involves all those connected to the network. Another significant feature is that it is decentralised, democratising the operation of the services built on it.
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This makes its source code legally and freely available to end-users who can use it to create new products and services. These include the fact that it is an open source software. What has not been fully exploited is the unique features of blockchain technology that can improve the lives of people and businesses. At the launch of bitcoin in 2009 the size of the potential of the underlying technology, the blockchain, was not fully appreciated.
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