Often confused with crypto bitcoin, blockchain technology is described as a decentralized digital ledger that is kept in public domain but in encrypted records of peer-to-peer transactions. The technology aids in storage of records across different locations and utilizes computer algorithms in reinforcing its security while bitcoin basically refers to a token representing a given currency.
Kenya, a country whose general elections are marred by violence and irregularities due to mistrust of the electoral system, The Independent Electoral and Boundaries Commission (IEBC) can use block chain technology to create a tamper-proof system that deters voter fraud and provide an authentic record of votes cast thus enhancing credibility of the elections hence preventing violence in future elections.
Financial institutions including banks are counted as key beneficiaries of this technology. By integrating blockchain into the banking system, consumers have their transactions processed faster, in reference to time taken to complete a transaction. Banks also have the opportunity to exchange funds between institutions swiftly and steadily.
In the fight against corruption the technology can be used to provide audit trail by the fact that it is tamper proof, and that inaccuracies made by individuals in different department like procurement can be flagged and traced to the person.
Nevertheless, the advent of blockchain technology in Kenya had a majority of the citizenry believe it to be a solution to all their problems. However, it is important to note that the technology is not a silver bullet to all the development issues for an ecosystem to thrive it needs to be plugged in with other systems. In addition, there is need for the government to come up with policies that will ensure and help in implementation of the technology across the country
As the saying goes change will always face resistance it is important for Kenyans to embrace the technology, find a niche to position oneself and decide wisely on how they can work within the new system