Blockchain propels finance, trade and government initiatives

Looking at the burgeoning blockchain scene through the lens of ecosystem players on the African continent.

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Smart contracts ease trade

In the sugar deal, a letter of credit confirmation and a discounting transaction were executed digitally in a private blockchain, reducing the duration for deal completion by four days when compared to a conventional paper-based process. The process also minimised all parties’ risks by eradicating potential errors and inconsistencies in the exchange or amending of documents, Awori said.

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