Tanzanian Government Looks to Explore Blockchain Use Cases and Favorable Regulations
In line its global counterparts, Tanzania is looking to explore blockchain potential and see how they can be used in the country and its economy.
This was stated by its Deputy Permanent Secretary and Minister for Works, Transport, and Communications, Dr. Jim Yonazi at the country’s 2nd Annual ICT Professionals Conference, held in Dar Es Salaam. As reported in the October 29, 2018 issue of The Citizen, a South African Tabloid based news outlet, he said
“Although we (the government) can have a national blockchain committee, I also challenge you (experts) and universities to conduct thorough research on this technology to understand its potentials and challenges before full adoption.”
This is pursuant to the country’s efforts to see how blockchain can be used for foster economic and national development.
The country’s official stance on blockchain and cryptocurrency has been optimistic. This is clear in the wake of the country’s Central Bank choosing to study blockchain with the aim of preparing a welcoming climate as well as creating the appropriate regulation that will drive its growth in the country.
Tanzania’s practical approach to the adoption of blockchain is quite similar to that of other countries looking to explore the technology’s potential. While blockchain and cryptocurrency are currently in their early stages, that could change very quickly if there are enough innovative products and projects created from them.
They could play a significant role in driving the budding tech sector in the country, encouraging the growth of SaaS, communication, fintech and ecommerce. All of these can run effectively on the blockchain platform if fully harnessed.
Blockchain awareness is growing rapidly across the globe, with many African nations looking to adopt and deploy its solutions to solving the myriads of problems plaguing the continent. If the country can actively harness the potential of both technologies, they would be at the forefront of blockchain revolution in East Africa and by extension, other parts of the continent.
As one of Africa’s budding economies, Tanzania is looking to actively increase its relevance in the continent and the world. A thriving economy with an environment that promotes active blockchain innovations might just be crucial to making that a reality.