Blockbuild a blockchain media platform some weeks ago hosted The Converge, a quarterly Blockchain and Crypto meetup.
The virtual event focused on two topics which are: Understanding the Block Revolution and Cryptocurrencies and Africa’s Rapid Development.
Blockbuild would be dishing out to you all the engagements of the speakers at the virtual event.
Today, we commence with Adedeji Owonibi, the Founder and COO at Convexity. He is a Blockchain Solutions Advocate with sound knowledge of cryptocurrencies and the workings of both public and enterprise blockchain solutions.
In his introductory statement, Adedeji spoke about the essence of the Converge Meetup, stating that the blockchain is meant for Africa as it is enabling the continent to leapfrog most of the innovations that appear to be lagging behind in this part of the world.
Adedeji went ahead to discuss the importance of blockchain technology to the average citizen on the African continent.
He explained citing the instance of the debate among Nigerian lawmakers around electronic voting in the country, stating that the lawmakers vehemently voted against it, stating that they prefer it to be rather manual.
“This tells you that we are not set for transparency. So if we, for instance, decided that as a country, we’re embracing blockchain to unwrap our elections, of course, it brings value to the citizenry, because what it shows us that the person we elected will eventually be there without anybody tampering with the voting”
Adedeji asserted that the acceptance of electronic voting alone is enough to add value to the citizens. Stating further he referred to Chart a solution developed by his firm Convexity. Chart was created as a result of experience with a lack of transparency with the international humanitarian organizations.
For instance, Adedeji stated that as a Financial Forensic Investigator he observed while working with some of these organizations (USAID Fund, Save the Chilren, Oxfam) most of the released funds hardly get to the vulnerable members of their targeted communities.
As stated by him, even with lots of documentation that indicates successful humanitarian projects, the funds do not penetrate to the intended households and communities. They rather use local NGOs to unwrap the projects, these local NGOs in return recruit their cronies, sign the necessary papers and then the fund vanishes.
“But we today, now have a technology, that will allow us to see that the donor has actually given money to a humanitarian foundation to reach a particular community, you can actually track it from the donor to the NGO to the beneficiaries to where they spent it.”
This according to Adedeji is one way blockchain can add value to vulnerable communities seeking humanitarian support.
“So the issue of lifting people out of poverty is not going to help Well, however, now that we have a technology that will assist that transparency to be able to unwrap, and therefore lift a lot of people out of poverty”
Stating another instance Adedeji mentioned how blockchain technology aids users to easily withdraw their money without being bugged with unnecessary questions from traditional banks.
According to Adedeji, it would be easier to put and withdraw your money in Xend Finance than a traditional bank, as Xend Finance solution is backed by blockchain, therefore there are no unnecessary delays when trying to take out your funds.
Adedeji also mentioned a Startup that is looking into a decentralized ID, stating that this can be enabled by blockchain technology.
The solution according to him affords individuals to show their digital presence without revealing their personal information, so issues around decentralized identity are built into solutions that are being used today.
Concluding Adedeji also stated that with a blockchain backed credential solution, the challenge around the confirmation of higher institution certificates can be solved at a go or rather getting to authenticate school certificates without waiting for feedback from the schools which can be highly untimely.
“So now with my blockchain-enabled credential, you and your HR can just click on the QR code that directs it to the blockchain, see who issued it, see when it was issued, knowing fully well that there is no power to alter the credentials
So that is citizenry and digital transformation for the citizens. It brings a whole new level, I don’t call it a revolution, I call it a natural evolution to a new life where we wait.”
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