September 11, 2018: The Faculty of Accounting and Finance in collaboration with Core Afrique Investment Limited/SikaBit organized a one-day Seminar for faculty and students on the topic;“Crypto Currencies and Block Chain Technology-its Application in Financial Institutions.”
The aim of the Seminar was to create awareness around the emergence of the use of Crypto Currencies and various chains of Block Chain technology, it’s benefits, opportunities and the prospects of Digital Ledger Technology [DLT], which are emerging trends being driven by the Internet.
According to Mr. Frank S. Tawiah, founder and co-founder of Core Afrique Investment Limited and SikaBit respectively, Crypto Currencies and Block Chain Technology would replace the use of fiat currency in the future, therefore the need to get information of how it works.
Mr. Tawiah, who was the main presenter at the Seminar, explained that Ghana has not yet embraced the use of Crypto Currencies and Block Chain Technology, unlike countries like South Africa and United Arab Emirates, specifically Dubai, thereby slowing down development within the banking and insurance sector.
Stating the advantage of cryptocurrencies as a medium of exchange, Mr. Tawiah mentioned that it allows the transfer of money within banks without a third party, which he believes is a way of eradicating corruption and ponzi schemes within the financial fraternity. This is because their system is centralized and can be hacked into as opposed to block chain which cannot be breached in terms of security due to decentralization.
Again, the presenter intimated that by design, a blockchain is resistant to modification of the data. It is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. He said, the technology was not only limited to financial services, but could be used in the Industrial, Transport and Agriculture sectors, and other professions such as Accounting, Auditing and Law.
The Seminar is the first of series of seminars that the Faculty will be organizing this academic year.