AFRICA’S integrated digital payment and e-commerce company, Interswitch Group, has unveiled its whitepaper on blockchain technology to grow African businesses and explore innovations.
This development was revealed in a press release issued by Interswitch over the weekend.
The whitepaper, titled “Blockchain Technology: The Future of Africa’s Digital Economy”, seeks help to drive the growth of African businesses, and contains details on how businesses can leverage blockchain technology to transform their businesses and the prospects it portends for the future of Africa’s digital economy.
The blockchain technology is a digital ledger that stores transactions. Essentially, it is a digital system for recording transactions in multiple places at the same time thereby making it impossible to falsify the data stored on it.
Managing Director, Transaction Switching and Payment Processing at Interswitch, Akeem Lawal, said, “The whitepaper document was inspired by the need to demystify the ambiguity around blockchain technology for African businesses thereby driving digitization and socio-economic growth across African markets. We are passionate about empowering Africans and advancing the African payment landscape, and we are consistently identifying opportunities and exploring innovative ways to enable businesses transform and scale.”
He revealed that the whitepaper document encapsulates the benefits of blockchain technology and how it will help strengthen businesses because of its efficiency, better security in keeping records and safety.
“While the blockchain technology is a relatively new phenomenon in Nigeria and Africa, we are particularly excited about our partnership with Interstellar with whom we are developing a native blockchain infrastructure that is tailored to suit the African market. This initiative will deepen digital payment, lower the cost of local and cross border payment as well as champion the cause for localization of emerging technology,” he added.
Lawal urged the public to read the whitepaper document because it addresses existing challenges in the Fintech sector and simplifies the use of blockchain technology in unravelling these challenges.
