With an aim to blockchain technology in the country and its economy, the Tanzanian Government has invited researchers and academicians to join hands to produce favorable blockchain regulations, South Africa-based tabloid The Citizen reported.
Dr. Jim Yonazi, the Deputy Permanent Secretary Minister for Works, Transport, and Communications, said this in a speech at the second Annual Information and Communications Technology Professionals Conference 2018 organized in Dar Es Salaam.
He also reached out to the researchers and academicians engaged in the sector to devise novel use cases for the blockchain technology so as to determine suitable regulatory moves.
Even though the Tanzanian Government can have a national blockchain committee place, he challenged the experts, researchers and academicians to carry out thorough research on the blockchain technology to determine its challenges and potentials prior to its full adoption.
The eastern African country remains practical in its approach to blockchain technology as well as its other aspects such as cryptocurrency. Since December last year, the Bank of Tanzania, the central bank of the United Republic of Tanzania, is studying the technology with an aim to prepare a favorable climate and devise effective regulations pertaining to the technology that will propel its growth.
Both blockchain technology and cryptocurrencies are in their infancy in Tanzania, however, the blockchain technology is being experimented by several organizations.
The country’s pragmatic approach to the fostering of blockchain technology is identical to the approach of other countries that are considering exploring the potential of the technology.
Even as cryptocurrency and blockchain are presently in their nascent stages, they can gain momentum when there are adequate innovative projects and products created from them.
Both the cryptocurrency and blockchain technologies can play a considerable role in propelling the fast-rising Tanzanian tech sector, driving the growth of communication, ecommerce, fintech and SaaS – all of these can run perfectly on blockchain when completely harnessed.
The awareness with respect to the blockchain technology is increasingly fast around the world, with several African countries considering adopting and deploying its solutions with an aim to solve several problems associated with the continent.
In Tanzania can harness the potential of both blockchain and cryptocurrency technologies, it will lead the blockchain revolution in the continent. As one of the fast-rising economies in the continent, the eastern African country is planning to actively enhance its relevance in Africa as well as in the world. A robust economy with a favorable ecosystem that favors blockchain innovations and adoption will play an important role in making the country a frontrunner in the continent’s development.