The announcement was made on 3rd July during the Africa Blockchain Conference which graced by the president of Sierra Leone his excellency Julius Maada Bio, Uganda’s Prime Minister, Dr Ruhakana Rugunda, the State Minister for Finance David Bahati, Rose Malango, UN Resident Coordinator in Uganda and Dr Elsie Kanza.
Ms. Athena YU, Executive Director of
The government yesterday said it has already formed and inaugurated a national taskforce to advise in adopting the Blockchain technologies, which has become the driving force in the Fourth Industrial Revolution era.
During the event, Uganda’s Prime Minister, Dr Ruhakana Rugunda, read a statement on behalf of the President Museveni which noted: “We have inaugurated the National Taskforce on the Fourth Industrial Revolution in April this year, whose work will guide our policy direction in this area we are discussing.” President Museveni said Uganda has come a long way over the last 33 years.
“We have made many great strides in the politics, social economic and economic gains,” he said.
President Museveni said Uganda’s transformation is unstoppable saying in the last thirty years it has prioritised education, transport, energy, defence and security.
A blockchain is a public, digital ledger that anybody can verify. It is distributed globally among a network of computers. Placing our focus on technology.
Experts say the key point is that there is no need for a central authority to add new transactions to the ledger. The distributed nature of the ledger means that it is highly secure.
This is because each participating computer on the network needs to validate each transaction and agree on it. The computers use complex cryptographic algorithms to validate a given transaction.
During his two-day official visit to Uganda, Sierra Leone president Julius Maada Bio urged African governments to embrace the use of blockchain technologies to curb high incidences of high levels of corruption, which is costing the continent billions of US dollars.
While delivering a keynote address during the 2nd Africa blockchain Conference at Kampala Serena Hotel, Mr Maada said: “Corruption is costing Africa $150 billion annually.”
Emerging technologies, including the Internet of Things (IoT), virtual reality and artificial intelligence (AI), are enabling societal shifts as they systemically affect economies, values, identities and possibilities for future generations.
He added that the continent must embrace blockchain technologies by putting in place enabling environment to foster the development of blockchain technologies.
A blockchain is a database that is shared across a network of computers. Once a record has been added to the chain it is very difficult to change. The computers in the network, called ‘nodes’, check the details of the trade to make sure it is valid.