Oluwaseun David Adepoju, creative technologist and digerati speaks with Tracy Yekaghe, IT Edge News.Africa, on challenges faced by organisations when adopting blockchain solutions. A top voice on blockchain technology in Africa, Adepoju says lack of regulatory frameworks and standards creates uncertainty and hinders widespread adoption of blockchain which has potential to transform industries. With over a decade of working on technology and innovation within the academia and entrepreneurial ecosystem in Africa, Adepoju is the curator of a collective called ‘Ghetto Resilience’ seeking to accelerate technological resilience in underserved communities across Africa.
How do you envision blockchain technology revolutionizing different industries, and what are some key examples of its transformative potential?
Blockchain technology has the potential to revolutionize various industries by introducing trust, transparency, and efficiency into their operations. One key example is the financial industry, where blockchain can streamline transactions, reduce costs, and enhance security. It enables faster cross-border payments, eliminates intermediaries, and improves transparency in auditing and regulatory compliance. Supply chain management is another area where blockchain can transform the industry by providing end-to-end visibility, traceability, and authenticity verification of goods. This ensures the integrity of the supply chain, reduces fraud, and improves consumer trust. Healthcare is yet another sector that can benefit from blockchain’s capabilities, such as secure and interoperable medical records, transparent drug supply chains, and incentivizing data sharing for research and development. These are just a few examples, but the potential for blockchain to revolutionize industries is vast.
What are the primary challenges that organisations face when adopting blockchain solutions, and how can they overcome these hurdles to maximize the benefits?
Organisations face several challenges when adopting blockchain solutions. One major hurdle is the lack of regulatory frameworks and standards, which can create uncertainty and hinder widespread adoption. Scalability and performance limitations of blockchain networks are also concerns, as they may not be able to handle the transaction volumes required by large-scale applications. Additionally, organizations must address the issue of interoperability between different blockchain platforms to ensure seamless integration with existing systems.
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Overcoming these challenges requires collaboration among industry stakeholders, active engagement with regulators to establish conducive environments, investment in research and development to improve scalability and performance, and the development of interoperability protocols and standards.
In the public sector, blockchain can be used for transparent and verifiable voting systems, preventing electoral fraud.
What are some of the most promising use cases of blockchain outside of the financial sector, and how might they impact society in the near future?
Beyond the financial sector, blockchain has promising use cases in various domains. In healthcare, blockchain can revolutionize medical records management, ensuring secure and tamper-proof storage and enabling patients to have control over their data. It can facilitate data sharing for research purposes while maintaining privacy and security. In the energy sector, blockchain can enable decentralized and peer-to-peer energy trading, promote renewable energy adoption, and improve grid management.
Blockchain also has potential applications in supply chain management, enhancing traceability and transparency to combat counterfeiting and ensure ethical sourcing. In the public sector, blockchain can be used for transparent and verifiable voting systems, preventing electoral fraud. These use cases have the potential to impact society by improving data privacy, enhancing trust and security, promoting sustainable practices, and fostering participatory governance.
As blockchain continues to evolve, what emerging trends or advancements do you find most exciting, and how do you think they will shape the future of the technology?
The evolution of blockchain technology holds exciting possibilities for the future. One emerging trend is the integration of blockchain with other transformative technologies, such as artificial intelligence and the Internet of Things (IoT). This convergence can enable autonomous smart contracts and decentralized autonomous organizations, unlocking new levels of efficiency and automation. Another exciting development is the rise of scalable and energy-efficient consensus mechanisms, such as proof-of-stake and sharding, which address the scalability concerns of traditional blockchain networks. Interoperability solutions that facilitate communication and data exchange between different blockchains are also gaining traction, enabling seamless integration and expanding the possibilities for cross-chain transactions. The emergence of decentralized finance (DeFi) and non-fungible tokens (NFTs) are also reshaping the financial landscape, offering new avenues for investment, lending, and digital asset ownership. These advancements will shape the future of blockchain by enhancing scalability, efficiency, and interoperability while expanding its use cases across industries and unlocking new economic models.
Lack of regulatory frameworks and standards, which can create uncertainty and hinder widespread adoption …. Issue of interoperability between different blockchain platforms [are some of the several challenges].