Infrastructure – Existence and variety of use cases in the public sector, level of investment, and tax credits
Based on the trends, the report has also set out 5 key policy recommendations for governments and public sector bodies around the world. These include:
Carry out a cost/benefit analysis of upgrading public sector IT systems using blockchain / DLT based on the successes at the local level
Promote international and cross-border cooperation to allow blockchain projects to scale
Establish sandboxes and innovation hubs supported by adequate levels of investments and continous dialogue in order to mitigate regulatory uncertainty and promote innovation
Avoid premature termination of use cases by assigning sufficient resources to test applications while offering economic rationale of blockchain-based models
Define public procurement criteria that is blockchain-based to increase transparency, traceability, and trust in government purchases and improved access for SMEs in order to prmote local growth and support regional policies
Both the Nigerian and South African regulatory spaces have published papers and information that show they are willing to consider cryptocurrencies and blockchain in a positive light. Kenya and Ghana, on the other hand, have shown interest in the technology by supporting partnerships with IBM and establishing investigative taskforces to look into the technology.
While the report highlights only 4 African countries, a few other countries, notably Uganda, Rwanda, and Tanzania have also shown interest and consideration for the technology and cryptocurrencies.
The GovChain Project report aims to paint an accurate picture of the state of implementation and regulatory treatment of blockchain by the public sector around the world. Using a traffic light rating system, the report provides a rough guide to the varying levels of blockchain adoption across the targeted jurisdictions, identifying emerging patterns and trends.
Sign Up for the upcoming Centonomy Cryptocurrency event featuring the Blockchain Association of Kenya, Lawyers Hub Kenya, and Luno Africa Crypto Exchange, on September 27th, 2019 in Nairobi, Kenya.
Like our content? Please support our work by tipping us.