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Zimbabwe Stock Exchange to adopt Blockchain technology.

Zimbabwe Stock Exchange to adopt Blockchain technology.

May 22, 2019 7:59 am,

Blockchain technology can be considered as the backbone of every successful cryptocurrency. The technology enables the storage of data in blocks which are encrypted for extra security. Bitcoin adopted blockchain technology for its transactions and has also tackled the scalability issue by increasing the block size. The main advantage of blockchain is that every person has the ability to verify the transactions that have been taken place, providing a feature of transparency to the whole system. Ever since the success of Bitcoin, a lot of organizations and even stock exchanges have eyed the blockchain technology. The reason behind every entity for adopting the concept is different. Zimbabwe is the latest addition to adopt blockchain technology.

Zimbabwe Stock Exchange

The Zimbabwe Stock Exchange is planning on adopting the blockchain technology, and they have their reason to do so. The stock exchange has been going through a rough patch lately. They have even removed their online website launched in 2013 and has replaced it with something far less competent. This has seriously affected the country’s economy. The nation has also faced the downfall of its Fiat currency in the year 2015. Adding up all these recent events, one can say that the economy of Zimbabwe is facing it’s an all-time low. At this point, the only wise step to be taken is adopting blockchain technology.

Adopting Blockchain

The single best thing that ZSE can do to the economy is to adopt blockchain technology. The chief executive of ZSE, Justin Bgoni, is all set to bring about the change, as soon as the regularity certainty can be achieved. There have been some regularity certainty issues going on, which has led to the slowing down of the enactment of the decision. Along with this, they are also planning to invest more in blockchain based services and other products offered by them in real estate investment and mineral commodities exchanges. There have been numerously debated going on discussing the future prospects of the nation if they decide to go with blockchain. Most people are in favor of the concept, as they say, that Zimbabwe can provide the best environment for the development of a proper blockchain based economy.

In conclusion

At the end of the day, like most other nations, the reserve bank of Zimbabwe considers Bitcoin as illegal. This can stand as an issue because the nation must surely need the approval of their central bank to move forward with the proposal. On the other hand, the country has been exploring the magnitude of risk associated with the bitcoin and blockchain technology for the past few years. The regulatory certainty or the regulation in the framework of the bitcoin and blockchain is what the nation is waiting on. If the technology can prove itself to be safe, Zimbabwe can safely adopt the idea and create a new and prosperous economy for the nation.