On April 1st, 2023, over 200 blockchain enthusiasts gathered at the In-service Training Sunyani in Ghana to discuss the potential of blockchain technology in Africa. The event, organized by VIBRA, attracted professionals from diverse fields such as finance, technology, including students.
The meetup began with an opening remark by the VIBRA lead ambassador, James Owusu, who introduced the topic and highlighted the importance of blockchain technology in Africa's development.
The first keynote speaker, Evans Nketia who delivered on the topic, "The Revolution of Money" took the stage and delivered an informative presentation on the stage-by-stage evolution of money.
He described money as one of the most fundamental inventions in human history. He said, money has been an integral part of our lives, allowing us to trade goods and services and measure their value. However, the concept of money has evolved over time, and it's fascinating to look at how money has changed over the course of human history.
He went ahead to talk about the stages of money.
He said the earliest forms of money were simple barter systems where people traded goods and services directly. However, as populations grew and economies became more complex, barter systems became impractical.
The first step towards the modern concept of money was the invention of commodity money. Commodity money was based on the exchange of goods that had intrinsic value, such as gold, silver, or salt. These commodities were used as a medium of exchange and a unit of account, allowing people to measure the value of goods and services.
Over time, commodity money evolved into fiat money. Fiat money is based on the authority of a government or central bank, rather than the intrinsic value of a commodity. The value of fiat money is based on the trust and confidence people have in the government or central bank that issues it. Fiat money allows for greater flexibility in monetary policy and is the dominant form of money used today.
The most recent development in the evolution of money is the rise of digital currency. Digital currency is a type of currency that exists only in electronic form, without physical coins or notes. Bitcoin is the most well-known example of digital currency, and it operates on a decentralized network that uses blockchain technology to ensure the integrity of transactions. Digital currency has the potential to revolutionize the way we think about money, as it offers greater security, efficiency, and transparency in financial transactions.
Salifu Mumin, the main speaker, gave a thrilling presentation on the topic "Blockchain Technology in Africa". He said Blockchain technology has been making waves in the world of finance, trade, and governance, and Africa is no exception.
He described Africa as the perfect candidate for the adoption of blockchain.
In his words "Africa has unique challenges that make it a perfect candidate for the adoption of blockchain technology. For one, the continent is home to a large unbanked population, with a significant portion of the population lacking access to formal financial services. Blockchain technology offers the potential to bring financial services to these unbanked populations through decentralized financial systems".
Another area where Mumin thinks blockchain technology can have a significant impact is in governance. He said Africa has a history of political instability and corruption, which have impeded the continent's growth and development. Blockchain technology can help ensure transparency and accountability in governance systems, reducing the potential for corruption.
However, at the end of his speech he raised concern on the lack of necessary infrastructures to power the rapidly growing tech. He said, for blockchain technology to truly take hold in Africa, there are several challenges that must be addressed. These include issues of infrastructure, access to technology, and education. The continent must invest in building the necessary infrastructure and providing access to technology, particularly in rural areas. Education and awareness campaigns are also necessary to help people understand the potential of blockchain technology and how it can benefit them.
James Owusu, VIBRA lead Ambassador in Ghana, took the podium again to give the final keynote. He wrapped up the meet up by giving the audience various tips on how to make money on VIBRA wallet. He described VIBRA as a get-it-all platform for everything crypto. He said VIBRA wallet serves you for almost every purpose. In VIBRA; you can save, store your digital assets, trade P2P and spots, make cross-border payments as well as interact with other traders on the platform.
Trading: You can buy and sell cryptocurrencies on VIBRA to make a profit from price fluctuations. He said just make sure you buy low and sell high most of the time.
Saving: VIBRA allows you to earn interest by saving your coins on its platform. This can be a relatively low-risk way to earn passive income.
Investing: With VIBRA, you can safely invest in cryptocurrencies for the long term, betting on their potential to become more valuable over time.
Join the VIBRA Ambassador Program: You can earn money as a VIBRA ambassador for creating awareness about VIBRA and bringing in new users to the platform.
Become a VIBRA Merchant: As a VIBRA merchant you become the only link that users can exchange their crypto for fiat. The extra check of your authenticity gives you the opportunity to determine your buy and sell rates. This gives you room to predetermined how much money you will make at the end of each order.
The event concluded with a Q&A session, where participants had the opportunity to ask questions and share their thoughts on the topic. The general consensus was that blockchain technology has the potential to transform Africa's economy by improving transparency, efficiency, and security in various sectors.
In summary, the meetup was a great success, bringing together blockchain enthusiasts from across Ghana to discuss the potential of blockchain technology in Africa. The event provided a platform for networking and collaboration, inspiring attendees to explore new possibilities and opportunities for innovation in the field of blockchain.