3 technologies that can foster economic development in Zimbabwe (Part 1)
The Zimbabwean economy faces a number of challenges that require a lot of innovation in order to overcome them.
Technology can play an important role in dealing with these challenges and help the country move forward. Ecocash is one example of an innovation that has helped many Zimbabweans transact with ease, but more still needs to be done to make sure our economy thrives again. There are a number of readily available technologies that can be used to further improve the situation in our country.
We have come up with 3 trending technologies that can be considered by the government and business community to make life easier for zimbos.
1. The Blockchain
This is the technology that powers crypto currencies such as Bitcoin and Litecoin. These currencies, though relatively in their early stages in Zimbabwe, can help in numerous ways. Firstly, digital currencies can help alleviate the cash problems currently affecting our country. With bitcoin people can transact a very little charge which makes it viable for small transactions such as buying tomatoes at the market.
The government has done a great job in pushing for the widespread use of plastic money but one challenge that still remains is the fact that the transaction charges for plastic money are not sustainable for small transactions.
It is possible for crypto currencies to be adopted as a form of money acceptable for public transactions. Japan and Germany have already legalized the use of bitcoin. Our country can learn from these countries and promote the use of crypto currencies by the general public. A lot of work will need to be carried out in educating the general public on the importance and possible benefits of this technology.
Blockchain technology can be used in the fight against corruption. Through the use of what are known as “smart contracts”, companies and organizations can reduce corruption significantly. Smart contacts use the concept of immutability inherent in all blockchain transactions. This means once data is stored it cannot be changed.