With the unique capabilities of blockchain technology set to revolutionise transparency, record-keeping, efficiency, and the effectiveness of transactions in the business world – boardrooms across Africa are beginning to incorporate the technology and applications such as Web3.0, decentralised finance (DeFi), and the metaverse in discussions around corporate innovation and digital strategy.
But while conversations around blockchain are becoming popular amongst board members, more could to be done to enhance executive-level knowledge, understanding, and buy-in of blockchain technology and its applications for businesses in traditional African industries such as mining, agriculture, and manufacturing.
This is according to Ian Putter, head of the Blockchain Centre of Excellence at Standard Bank Group and regional director of the Blockchain Research Institute Africa.
“Peer-reviewed research has found that, on average, only 11% of executives have a good understanding of blockchain, with only 4% having had hands on experience with the technology,” he says. “As a result, companies have limited knowledge of how blockchain can be used in their organisation.
“Despite this, research shows a clear appreciation amongst business leadership for the significant role that blockchain will play in the transformation of traditional industries and business models.”
To enhance knowledge and understanding of blockchain, and its applications towards driving sustainable development on the continent across multiple industries, the Standard Bank Group has partnered with Canada-based Blockchain Research Institute (BRI) to expand its research capabilities to Africa.
In doing so, the organisation seeks to bring together top industry leaders, academics, policymakers, entrepreneurs, and researchers from across the continent, to collaborate on ground-breaking research on blockchain technology in an effort to bridge the gap between its technological functionality and real-world needs of the market.
BRI co-founder Don Tapscott comments: “As I always say, the future is not something to be predicted, it is something to be achieved – and this is no different in Africa. We are thrilled to be extending the incredible research capabilities of the BRI to leaders in one of the world’s fastest-growing markets.
“We believe that blockchain will help solve some of the most pressing challenges across Africa, and we look forward to adding new value to a continent that offers so much potential in the way of blockchain adoption.”