Expert Group Meeting: concept note Blockchain technology in Africa

Abstract

The Internet continues to spawn new technologies that change the way people interact with their environment in significant ways, in areas as diverse as social relations, the way business is done, and economies. One such agent of change is “blockchain”, a revolutionary technology that allows parties to transact directly with each other without the need for intermediaries as central trusted third parties. The Economist calls the blockchain technology “the trust machine”, because “it lets people who have no particular confidence in each other collaborate without having to go through a neutral central authority.” In Africa, there are very few concrete cases of the use of or adoption of blockchain technology. Solutions are developed within the constraints of a poor understanding and knowledge of the technology, especially in sectors other than banking. The general objective of the meeting is to review a policy document on the theme of the expert group meeting. The document assesses the broad concepts, state of knowledge and practices of blockchain technologies in Africa and provides a set of recommendations for consideration by African policymakers and decision-makers.