Blockchain Technology & Its Applications in Africa
Prof. Nnamdi Nwulu from the University of Johannesburg demystify blockchain technology moving beyond cryptocurrency to explore its practical applications for solving socioeconomic issues.
Listen to Episode
Listen On
Facilitating Inclusivity
Available on Springer & Amazon
Episode Summary
Prof. Nnamdi Nwulu, an electrical engineer and researcher, discusses his transition into blockchain technology, initially using it for food traceability to improve food security and safety. He clarifies that blockchain is often mistakenly conflated purely with cryptocurrencies like Bitcoin. Instead, it is a specific type of Distributed Ledger Technology (DLT) that decentralizes control, allowing every participant in the network to maintain a copy of the ledger.
He highlights three fundamental design principles of blockchain using the acronym DTI: Decentralization, Transparency, and Immutability. For a blockchain to function, the network must agree on Access, Control, and Consensus policies. Also, a major focus of the discussion is how blockchain can solve specific socioeconomic issues in Africa by eliminating inefficient and corrupt intermediaries. Use cases discussed include transparent voting systems, secure procurement and contracts, tracking the authenticity of pharmaceuticals to combat fake drugs, and enabling peer-to-peer energy trading via microgrids to counter failing central power grids. Finally, Prof. Nwulu explains "smart contracts" and recommends programming languages like Solidity and Go for young people wanting to enter the space.