Where to Find Blockchain

blockchain

Blockchain at a Glance

Blockchain technology is something of a favorite technology and hashtag at the moment. Conclusion undeniably, the Blockchain technology provides solid security as can be understood in bitcoins. In the end, it may not be the savior of our online lives. If it comes to Blockchain technology, you don’t need to stress yourself on the front. Just like any new technology, you’ve got to understand it to have the ability to implement it. Enterprise level technology with the capacity to elevate your business and it’s processes over the competition, protect data at the crux of your company and drive efficiency, security and financial streamlining.

Many markets don’t work together. They fail to work with one another in a way to improve progress for global warming issues. It’s critical that you know your neighborhood housing market and how much similar properties are renting for.

The Tried and True Method for Blockchain in Step by Step Detail

Without buyers, do not have any small business. The company requires more than just an excellent idea, naturally, it wants a superb small business plan to coincide. As a small business owner in the current market, you’d be a good idea to explore how blockchain technology can propel your organization into the future. As businesses expand their worldwide reach, and as the financial demands on the environment intensify, the degree of societal suspicion about big company is very likely to increase. Most people and companies utilize intermediary services every single day, and they are totally charging hefty fees.

A Guide to Blockchain Info Wallet

The wallet will be equally as functional, apart form the ability to renew the wallet in another system. Therefore, while your physical wallet is excellent and all, you’ve got to do all of the thinking and record keeping. Although both will be living in exactly the same wallet, the payment still needs to experience the network. Though the wallet also consists of various other data, like the transaction history of your own account. There are a few wallets which likewise allow users to get cryptocurrencies directly from the wallets.

blockchain info wallet

The Foolproof Blockchain Info Wallet Strategy

For the majority of people spending ungodly amounts on supplements isn’t feasible nor do I think it is crucial. You then have to deposit money into it to be able to begin sending money. If you believe you are likely to earn money at Forex, by following an inexpensive software package and earn money free of effort, then your going to lose. Once it seems rather absurd to maintain a substantial sum of money on a digital file, its strong cryptographic algorithm assures that it’s distinctive and safe. In the event the systems soundly based, it is going to generate income over the very long term. The sum of money it is possible to get in 1 country’s currency in exchange for your own currency differs based on the present world financial circumstance. There’s an 8-week no risk money-back guarantee so I guess I just need to check it out on paper trades to determine if my dreams of my Lamborghini is anywhere later on.

Blockchain: the Ultimate Convenience!

blockchain

What You Need to Do About Blockchain Beginning in the Next Five Minutes

Today, a great deal of businesses are creating shared ledger systems that typically function with more of blockchain instead of bitcoin. Our business is your business enterprise, that’s why our consulting is totally free. Poor credit small business loans for smaller businesses By Shophia Williams There are several smaller businesses that are looking for small business loans, without good fico scores. Any firm could prove that it has produced a technology on a particular date without needing to earn a formal application to register the patent prior to any centralized entity. You’ve got to meet up with top blockchain growth companies that focus on the growth of Blockchain.

Structure of Blockchain The notion of blockchain began with the word cryptography. Moreover, lots of people aren’t alert to the idea of Blockchain. Now, they have seen the potential of using the concept of blockchain, its benefits and advantages, in the industry of real estate in Dubai.

Blockchain Ideas

As of this moment, the Blockchain technology has been utilized in digital media and advertising in an entire collection of means. It is like the internet in that it has a built-in robustness. It has a large potential to transform business operating models in the long term. It involves a completely new vocabulary.

Blockchain technology has many benefits and is constantly being explored for more applications. It has recently been touted as one of the greatest inventions since the internet. Identity management The blockchain technology enables users to make their own identity digitally. Currently, it is among the most prominent technology trends in the market today besides artificial intelligence. It would also be extremely useful with the medical wearables that are being developed today. It will greatly improve the healthcare system in the United States.

The Bitcoin Price Trap

At present, the price has retreated from the cap of the range and is very likely to find support at the 20-day EMA. The Bitcoin price has ever been hard to estimate on account of the cryptocurrency’s many variables, so hoping to guess an upcoming value becomes a challenging job. Also, though the bitcoin price reached incredible levels a number of months before, there continue to be uneasy feelings of financial uncertainty.

bitcoin price

Bitcoin Price at a Glance

Price will go on to typically go back to the neckline to verify support. As a consequence, it’s important to take a look at the cost of Bitcoin not in regard to the latest crash but in regard to price year in, year out. For reference, the amount of bitcoin increased 26% on a similar period during the very first halving in late 2012.

The Appeal of Bitcoin Price

After the price goes up, the majority of people hodl their bitcoins rather than spending them. At the present time, prices of bitcoin change from one exchange to another. So, the cost of bitcoin fluctuates in the present time, based on who you speak to. It continues to crash today with sellers forcing the price down below the cost to mine in many countries. It is very volatile anyway. Considerably, Bitcoin price is most likely waiting for the upcoming huge catalyst, might be the results of the next network upgrade in November. The price of Bitcoin is tough to predict as various things impact the worth of the digital currency.

What Everyone Else Does When It Comes to Blockchain and What You Must Do Different

Blockchain technology will develop into the foundational layer for a new method of doing insurance enterprise. It creates a dilemma for the cryptocurrency market. The blockchain technology gives instant and total access to a patient’s medical records which may lower the healthcare errors. It would also eliminate expensive intermediary fees that have become a burden on individuals and businesses, especially in the remittances space.

The technology isn’t only shifting the way we use the web, but additionally it is revolutionizing the international economy. As stated above, blockchain technology is really revolutionary with respect to identity administration. It has many advantages and is constantly being explored for further applications. In essence, it allows you to control and automate the circulation of any piece of data you wish. As much as the decentralized public blockchain technology is beneficial and has an excellent potential, we want to appear at the industry network which will use blockchain.

Understanding Blockchain

In spite of the increase and success of entertainment firms, nobody really knows what company is likely to shine or what portion of the industry will soar above expectations. What’s clear is that plenty of companies seeking to use the blockchain aren’t really wanting a blockchain whatsoever, but rather IT upgrades to their distinct industry. It is possible to also opt mobile app development business to make your own healthcare app now.

The Pitfall of Blockchain

blockchain

DiceLand technology is really a breakthrough in the realm of Blockchain. It is the collection of all modern technologies in the world of Blockchain and will allow tokenizing any real estate object. Clearly, it can be leveraged utilizing the most recent technology. Much like any new technology, you’ve got to understand it to have the ability to implement it. On the opposite hand new technologies will surely alter the labor industry. There’s another new technology named Holochain.

Blockchain Options

As a small business owner in the modern market, you’d be smart to explore how blockchain technology can propel your organization into the future. The company requires more than just an incredible notion, obviously, it wants a wonderful small business plan to coincide. Every business has a credit rating beyond which financial lenders may not be prepared to exceed.

Blockchain technology isn’t confined to Cryptocurrency. It represents a new means to take on the established advertising ecosystem and create a win-win environment for consumers and businesses. It is often seen as a long-term investment for companies in the healthcare industry, especially Big Pharmas. It has the ability to provide an unhackable electronic vote-counting system. The blockchain technology appears promising. Although it was first used to support cryptocurrencies, in recent years, the technology has made its way into several other sectors. As much as the decentralized public blockchain technology is helpful and has an excellent potential, we will need to appear at the industry network which will use blockchain.

Use of Mobile Money in Ghana

Introduction Sending or receiving money transfer is an essential activity in the daily lives of Ghanaians. However, money transfer requires an effective, affordable and reliable money transfer service which ensures that money can be deposited in one location and withdrawn in another in both urban and rural areas. Over the years, the cost of money transfer transactions performed through bank and non-bank transfer platforms has been quite expensive, especially for small amounts for both local and international transfers (Kirui, Okello, & Nyikal, 2012). Unfortunately, the informal systems of money transfer such as individuals carrying cash in hand or sending money through local transport services to and from particular destinations makes it susceptible to highway robbery and theft. Money sent through friends and relatives sometimes never reaches its destination if squandered by the person who is supposed to deliver it. Also, money sent through courier companies as letters or parcels are liable to getting stolen, misplaced or even delivered to the wrong address (Muisyo, Alala, & Musiega, 2014). Other challenges associated with bank and non- bank transfer platforms, include joining long queues, delays, branch network failures, insolvency of bank and transfer company branches, unreliable communication channels, among many others. This situation has changed dramatically in the last few years with the introduction of mobile phonebased money transfer (MMT) services (Mutinda, 2014). Garcia, (2017) defines mobile money as an electronic wallet service, available in many countries, that lets users store, send and receive money using their mobile phone. This safe and easy electronic payments platform makes Mobile Money a popular alternative to bank accounts. It can be used on both smartphones and basic feature phones. MTN Ghana advertises that mobile money is a fast, simple, convenient, secure and affordable way of transferring money, making payments and doing other transactions using a mobile phone. Allotey (2016) reported that much has been speculated with regards to the benefits of mobile money in Ghana’s economy. Since its inception in 2009, the debate has been whether it poses a threat of business competition or is rather a symbiotic platform for the banking industry. Upon carrying out this study, the researcher seeks to establish whether the relationship between mobile money operations and the banking industry is one that is beneficial to each other or whether the operations of mobile money have a negative effect on the growth of the banking industry. 1 DOI: 10.21522/TIJMG.2015.04.02.Art004 ISSN: 2520-310X Problem statement MTN mobile money has achieved huge successes in Ghana owing to its wide range of socioeconomic benefits, with a customer base growing at 83.05% to 13.1 million in 2015 and raking GH¢35.4 billion transactional value, according to Bank of Ghana, person-to-person transactions contribute more than 85% of total revenue generated from mobile financialservices in the country (Web manager, 2016). Abbey (2016) reported that, according to a Bank of Ghana report on the mobile money sector, between 2012 and first quarter 2016, registered mobile money subscribers increased from 3.8 million to 14.6 million, while active subscribers shot up from 345,434 to 5.3 million within the period. However, despite the advantageous nature of mobile money and how successful it has become in recent years, key stakeholders of the banking industry are of the view that, the growth of mobile money services threatens banks as well as microfinance firms. They anticipate that mobile money has potential of turning mobile network operators into pseudo banks that perform functions and provide services which are exclusive to traditional banking. Representatives of MNOs argue that, the growth of mobile money rather complements the business of traditional banks and non-bank financial institutions because it provides tools or solutions which enhance the services provided by the banking industry (Kunateh, 2015). This study focuses on investigating the actual effect of mobile money operations on traditional banking. From this study, the researcher will ascertain whether mobile money is a rising competitor of traditional banking in the midst of an already highly competitive banking sector or an opportunity for banks to enhance their services and to reach out to the huge percentage of unbanked Ghanaians. The banking industry in ghana Definition of banking According to Hassen (2016), “banking is a business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit”. Boakye-Yiadom (2015) defines banks as financial intermediaries that accept deposits from surplus spending units and channel these in the form of loan products to deficit spending units in the economy. Amadeo (2016) further explains that, banking is one of the key drivers of a county’s economy. Banks provides a safety for saving excess cash called deposits. Banks lend up to 90% of the deposit received as loans. They pay less interest rate on the deposits received and charge high interest rates on loans. Banking forms part of the national payment system of a country (The World Bank, 2011). National payment system Lamb (2017) defines a national payment system as a configuration of institutions supported by an infrastructure of technology-driven processes and practices to facilitate commercial and financial transfers between buyers and sellers such that, a country’s payment system reflects its banking and financial history and the development of supporting communications and technology platforms. UNECA-UNCC (2011) indicate that payment systems reduce the cost and delays of exchanging goods and services and the risk of theft, counterfeit currency and lost interests thus, supporting the growth of transactions. The development of the payment system is closely related with the movement of goods, services, capital and people. The ghanaian payment system The stakeholders of Ghana’s payment system are the Central bank of Ghana, the commercial banks, service providers and users of the payment system. Each stakeholder plays an important role in the system. The central bank occupies an important and unique position in the payment system as an overseer, regulator and also a participant of the system. The commercial banks participate in the system by making and receiving payments and doing same on behalf of their customers. The service providers are the printers of payment instruments and telecommunication companies who provide the infrastructural arrangements for the payment system. Notwithstanding the unique role of each stakeholder, all of them are users of the payment system, including the banking public (BOG, 2011). 2 Texila International Journal of Management Volume 4, Issue 2, Jul 2018 Evolution of banking in ghana (Boakye-Yiadom 2015) narrated that, in 1957, after independence, the Bank of Ghana was established to take control over the management of the country’s currency. By 1974, many state-owned banks and Development Financial Institutions (DFI) were established to provide services which weren’t being provided by the commercial banks. Examples of DFIs included the Agricultural Development Bank, Bank for Housing and Construction, National Investment Bank, Merchant Bank, and the Social Security Bank. They made profits through deposits, support from government and foreign loans. Osakunor (2009) emphasizes that, this improvement in the banking industry and the passing of the banking law in 1989 (PNDC Law 225) enabled locally incorporated banks to operate. Competition in the banking industry Akuffo-Duah, (2011) shows that, in 2004, a new banking Act was introduced. It involved the elimination of secondary reserves and adjustments in the minimum capital which was increased from GHS 60 million in 2007 and to 100 million Ghana Cedis in 2013 which resulted in mergers and acquisitions of some banks. It also led to the influx of foreign banks, especially banks from Nigeria. Boakye –Yiadom, (2015) reported that there are currently seven Nigerian banks operating in Ghana representing about 26% of the total number of banks in the country. This has produced intense competition in Ghana’s banking industry, with respect to size of deposits and the size of market share of the various banks. There are 27 universal banks operating in the country with 16 foreign-owned and 11 Ghanaian-own, with 6 banks holding more than half of the total assets of the sector. Also, competition in the banking industry has brought about technological product or service innovations such as the introduction of automated teller machines (ATMs), e-banking, telephone banking, SMS banking etc. These technological innovations have contributed to improving services offered by banks in the country. The mobile money industry in ghana The evolution of mobile money in ghana Ayeebor (2016) shows that mobile money businesses have begun to transform the traditional ways of transacting business and transmitting money. People are now walking with their money digitally. It is said that many Africans do not own bank accounts. Due to this economic menace, cellular or mobile network operators developed an idea which will enable their subscribers to access a platform on their mobile phones that can easily operate like a bank account known as mobile money (AppiahDanquah, 2014). Monks (2017) reported that in 2007, a mobile money service named M-Pesa was launched in Kenya by Vodafone’s local mobile network operator called Safaricom as a simple method of texting small payments between users. Today, there are about 30 million M-Pesa users in 10 countries and it offers a range of services which include international transfers, loans, and health provision. M-Pesa processed about 6 billion transactions in 2016 at a peak rate of 529 per second. After the success story of M-Pesa in Kenya, several mobile network operators in Africa started adopting this into their services (AppiahDanquah, 2014). Mobile money was first introduced in Ghana in 2009 by MTN Ghana Limited. Mobile money is now operated by four out of the six telecommunication companies (telcos) in Ghana (Quist, 2015). Abbey (2016) reported that the penetration of mobile money in the Ghanaian economy has increased significantly in the last 4 years, since its inception in 2009. In 2016, mobile money transactions 35.4 billion Ghana Cedis; representing an increment of more than 216 percent compared to the total transaction of more than 260 million in 2015. This also represents an increase of over twenty percent (20%) of mobile money penetration in Ghana. Konutsey, (2016) shows that, the World Bank Findex data mentions Ghana as one of 13economies which had mobile financial services (MFS) penetration above 10% in 2014. However, Blay (2016) argues that according to stakeholders in the telecom and finance industries, though there is significant increment in mobile money transactions, more unbanked Ghanaians ought to be offered financial inclusion considering the fact that Ghana’s mobile money penetration of 20% is low compared to mobile money penetration in East African countries. 3 DOI: 10.21522/TIJMG.2015.04.02.Art004 ISSN: 2520-310X Benefits of mobile money in ghana Financial inclusion Abbey (2016) has deduced that the surge in mobile money usage shows that, the operation of mobile money by telcos plays an important role in achieving the Bank of Ghana’s cashless economy agenda. It also ensures that millions of Ghanaians are offered financial inclusion. Also, stakeholders of the mobile money industry are of the view that the growth of mobile money will allow millions of Ghanaians, who are excluded from the formal financial system to perform financial transactions securely and reliably and at a relatively cheap cost. Selvakumar, Mathan and Sathyalakshmi (2015) define financial inclusion or inclusive financing as the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable. Konutsey, (2016) is of the view that, mobile money is a timely technology that promises to be the key anchor towards attaining financial inclusion around the world. Ghana can boast of four telcos who provide mobile money services in Ghana with a mobile phone penetration of 115%. In the last five years, the involvement of Ghanaian adults in banking increased only marginally from 34% to 36% while access to mobile money increased from zero to 29%. As at November 2015, an average of 24million individual monthly transactions was performed through 44, 000 registered mobile money agents at a transaction value of 3.4 billion Ghana Cedis. According to the World Bank, 13% of adult Ghanaians were reported to having access to a mobile account, as compared to the Sub Saharan Africa average of 11.5% as at 2014” (World Bank, 2014; cited in Konutsey, 2016). Convenience Oluniyi (2009) indicates that, through the invention of mobile money, subscribers enjoy the convenience of having instant access to their money any day of the week and anytime of the day in the comfort of their place of dwelling without the need to visit the bank to join long queues to withdraw or deposit their money. Mustapha (2016) throws light on the fact that, in Ghana most urban dwellers often send money to members of their extended family living in rural areas. Unquestionably, mobile money has helped people living in urban areas to easily transfer funds friends and relatives with ease in rural areas. Money transfer reduces the transaction costs of financial services for the poor, especially those in rural areas where bank branches may seldom exist or only exist in capital towns. Mobile money saves the cost of travel and time spent visiting the nearest town to access financial services. Appiah – Danquah, (2014) shows that mobile money offers the ability and the flexibility to top up airtime, pay for utility bills, goods and services, purchase insurance premiums, shop online, pay of salaries etc. with one’s mobile phone. Employment opportunity Mustapha (2016) revealed that even those who do not own a mobile phone can transfer or receive money by patronizing the services of the authorized mobile money merchants or agents nationwide. Lal and Sachdev (2015) show that, beyond financial inclusivity, mobile money stimulates economic growth as and serves an avenue for reducing unemployment by offering individuals the opportunity to work with service providers as registered merchants or agents for income generation. Investment opportunity Ghana News Agency, (2016) reported that, in 2016, theBank of Ghana approved an innovative micro investment scheme that would enable mobile money holders to invest in Treasury bills of value as low as GHs5.00 (Five Ghana Cedis which is equivalent $1.31). This product is not limited to bank account holders; it is for holders of electronic money on the mobile money platform who could initiate the transaction on a phone. (Donovan, 2012) confirmed that Mobile money is a cheaper way of extending traditional banking to the unbanked the mobile phone; which is a device they are already familiar with. 4 Texila International Journal of Management Volume 4, Issue 2, Jul 2018 Possible threats of mobile money on the profitability of the banking industry in ghana Pseudo banking Kunateh (2015) reported that, some stakeholders of the banking industry are of the view that, that the growth of mobile money services threatens microfinance firms and the banks as well. Ablordeppey, (2016) reported that, the fast penetration of mobile money service is threatening the use of banks as the choice for transferring small amounts of money within the country. This is due to fact that, according to the Bank of Ghana, the total value and volume of mobile money transactions surpassed all other non-cash transactions in the year 2016, except cheques; with total float balances as at June, 2016 reaching GH¢680 million ($172 million), compared to about GH¢341 around that same time in 2015. The convenience, ease of setting up mobile money agents and the ability of the mobile phone to adapt to various systems (device agnostic) is fuelling the threat they pose to the banks. Blay (2015) also reported that the value of mobile money transactions at the end of year 2015 was more than a third of the total deposit liabilities of the 28 banks in Ghana at the said time. About 56 percent of banks are of the view that mobile money presents threats to the traditional ways in which the industry operates, even if these threats do not measure up to the opportunity. Interference of the payment system Ghana News Agency (2016) reported that, mobile money was significantly threatening the payment solutions offered by banks, particularly the bill payment and point of sale (POS) payment services. Mobile money is now used to pay for utility bills, used in store purchases and even in historically cashbased transactions such as payments for goods in local markets. Bank executives have expressed concern that if current mobile money trends continue, banks will soon command a smaller portion of the payments system in the country compared to mobile money operators. Deposit mobilization Ablordeppey (2016) reported that, the ability to deposit funds into one’s mobile money wallet, make withdrawals and transfers, undoubtedly turned mobile money wallets into current accounts resulting in raising the issue that mobile money is a threat their various current account products as it has diverted deposits from the traditional banking system to the various mobile money operators. 2.4.4 Innovative Services Also, expanding product and service innovations of mobile money makes it appeal more to the general public. Mobile service started with airtime purchases and transfer of small amounts of domestic remittances. With time, the service has expanded to cover bill payments, point of sale payments (POS), fund transfers in larger amounts, receipt of deposits by some savings and loans companies, purchase of insurance premiums and mobile money credit facilities. Blay (2015) discussed that another threat envisaged by bankers is the competition created by mobile money through offering relatively cheaper or no charges on services such as payment of bills or services offered in restaurants and items purchased in shops compared with the usage of credit or debit cards for the same services for which the customer incur substantive costs. As a result, bankers are predicting that telcos will at that point become direct competitors to banking industry instead of serving as partners and service providers to the industry. Significant contribution of mobile money to the growth of the banking industry in ghana Enhancement of the multiplier effect Konutsey (2015) explains that, with so much hard currency in circulation, Ghana is at a low advantage of benefiting from the multiplier effect of money. The multiplier effect of money and its benefits to an economy simply refers to the phenomenon that money is better traded when it is held as deposits in bank accounts rather than as currency bills in the hands of the citizenry. It is the money used to create more money and is calculated by dividing total bank deposits by the reserve requirement of the bank (Investopedia, 2017). Konutsey (2015) further explains that, money in traded as loans and overdrafts to businesses and individuals. Upon the disbursement of a loan, the loan (money) changes hands from person to person. 5 DOI: 10.21522/TIJMG.2015.04.02.Art004 ISSN: 2520-310X The gains of the money (loan) to the economy are much enhanced in an economy where the money circulates within the banking system than where in an economy it used to transact business as physical currency bills. In simple terms, where the money (loan) is credited third party’s bank account in another bank, it) becomes ‘new money’, so to speak, a fresh deposit in the banking system. If transactions circulate within the banking system, the money goes through multipliers of new money creation and the cycle continues. By this process, some nations are able to increase the money supply of their economies alongside reducing lending rates. In an opposite scenario of the multiplier effect, the public hoards more money in currency bills thereby reducing bank reserves and the supply of money. One key feature of the multiplier effect is that, it manifests better within an economy where the banks are willing to lend the deposits they have mobilized than to trade in exorbitant government bonds and treasury bills. Unfortunately, this is not the case in Ghana as banks in the country invest in government shares and bonds and are willing to take very little risk with regards to lending. Hence, there is low supply of money in the economy and lending rates are considerably high. It is thus obvious that, Ghana’s ability to ignite the multiplier effect in the nation’s economy is poor. This throws light on the fact that, with the increasing magnitude of the total individual monthly transactions performed yearly in the mobile money industry, the industry has the potential to grow Ghana’s economy by improving the multiplier effect of Ghana. Enhancement of mobilization of bank deposits Allotey (2016) revealed that, currently, banks in Ghana have in their circulation, over six hundred million Ghana Cedis worth mobile money deposits; representing about 30% of total banks deposits. This will not have been possible, but for mobile money transactions and the activities of mobile money providers or operators. A relevant question, thus, arises: Is Mobile money trying to access or win deposits that the banks are fighting for or does mobile money add to the banking industry’s deposit mobilisation efforts? Mobile money does not have the capacity to take over deposits from banks, but it has the ability to mop up funds sitting with the reported 70% of Ghana’s population which is unbanked and make them available to the Banks. Mobile money inevitably provides a reliable, secure, convenient and cost efficient means for banks to reach millions of Ghanaians who do not own traditional bank accounts. (Allotey, 2016) Enhancement of the activities of the activities of traditional banking Kunateh (2015) customers are now able to receive their loan disbursements into their Mobile Money wallets wherever they are and are able to make loan repayments without visiting banking halls to join long queues to just to receive disbursements. An avenue for achieving a cashless society Dowuona (2016) explains that, since Ghana does not yet have a clearly defined national cashless society strategic plan, there is no doubt that mobile money can serve as an avenue for achieving a cashless economy. A consistent and multiplier effect is one of the many benefits of a cashless economy. Conclusion Mobile money has numerous socio – economic benefits; it is used to send and receive money, top up airtime, pay utility bills, buy life insurance, pay for airline tickets, pay insurance premiums as well as pay for goods and services physically and online. Mobile money is supported by both out-moded and modern makes of phones or devices because it is designed such that, the mobile money- enabled SIM though inserted in the phone, is independent of the mobile phone. Mobile money is also safe and secure, fast, simple and does not require one to be literate to be able to perform transactions. Its transaction charges are affordable and one does not need to own a bank account to be able to access it. It can also be linked to one’s existing traditional bank account when the need arises (Klutse, 2015). Saliu (2015) indicates that in Ghana, mobile money is operated by Telecommunication Network Operators (MNOs). Four out of the six MNOs in Ghana offer mobile money services

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What is the Blockchain ?

Like the first generation of the internet, this second generation promises to disrupt business models and transform industries. Blockchain (also called distributed ledger), the technology enabling cryptocurrencies like bitcoin and Ethereum, is pulling us into a new era of openness, decentralization and global inclusion. It leverages the resources of a global peer-to-peer network to ensure the integrity of the value exchanged among billions of devices without going through a trusted third party. Unlike the internet alone, blockchains are distributed, not centralized; open, not hidden; inclusive, not exclusive; immutable, not alterable; and secure. Blockchain gives us unprecedented capabilities to create and trade value in society. As the foundational platform of the Fourth Industrial Revolution,1 it enables such innovations as artificial intelligence (AI), machine learning, the internet of things (IoT), robotics and even technology in our bodies, so that more people can participate in the economy, create wealth and improve the state of the world. However, this extraordinary technology may be stalled, sidetracked, captured or otherwise suboptimized depending on how all the stakeholders behave in stewarding this set of resources – i.e. how it is governed. Like the first era of the internet, this blockchain era should not be governed by nation states, statebased institutions or corporations. How we govern the internet of information as a global resource serves as a model for how to govern this new resource: through a multistakeholder approach using what we call “global governance networks”– a concept developed in our previous multimillion-dollar programme investigating multistakeholder networks for global problem-solving.2 We discuss seven types of networks: standards networks, such as the Internet Engineering Task Force; knowledge networks, such as the Internet Research Task Force; delivery networks, such as the International Corporation for Assigned Names and Numbers; policy networks, such as the Internet Policy Research Initiative at the Massachusetts Institute of Technology (MIT); advocacy networks, such as the Alliance for Affordable Internet; watchdog networks, such as the Electronic Freedom Forum; and networked institutions, such as the World Economic Forum. We explain the core differences between the internet of information as a network of similar networks and the blockchain as a balkanized internet of value, where real assets are at stake. Then we cover what we have found to be the most urgent threats to this resource, which we view as governance challenges. By governance, we mean stewardship, which involves collaborating, identifying common interests and creating incentives to act on them. We do not mean government, regulation or topdown control. We explore governance needs at three levels: platform, application and the ecosystem as a whole. Unlike the internet of information, which is a vast network of similar networks, this internet of value requires stewardship at not just one level but three. At the platform level, we look at bitcoin’s scalability issue and energy consumption, Ethereum’s switch to proof-of-stake and crisis management by consensus, and Hyperledger’s call for both urgency and moderation around standards. At the application level, we look at the need for oversight, skilled talent and user-friendly interfaces. At the overall ecosystem level, we look at the need for a proper legal structure, regulatory restraint, diversity of viewpoints and scientific research in tandem with business development. We introduce each of the eight stakeholders in the ecosystem: innovators, venture capitalists, banks and financial services, developers, academics, non-governmental organizations (NGOs), government bodies, and users or citizens.

The cost of data in South Africa is exorbitant compared to other African countries

The cost of data in South Africa is exorbitant compared to other African countries although mobile network operators moved to implement regulations related to the use of data this week.

The high prices warranted an investigation into how they could be lowered by looking into any possible abuse of pricing regulation, Research ICT Africa has warned.

The Independent Communications Authority of SA (Icasa) charter regulations for new end user and subscriber services that came into effect on Friday oblige network operators to:

  • allow the rollover of user’s unused data, if requested, beyond the validity period.
  • allow the transfer of data between users if they send it to contacts on the same network.
  • from mid-April allow users to opt out of out-of-bundle data charges.
  • notify users of the depletion of their data bundles at 50%, 80% and 100% intervals.

But the cost of data remains high compared to other African countries.

In a country where mobile broadband had become the dominant means of access and where mobile operators claimed to have covered close to 100% of the population with their networks, Research ICT Africa said it would take policy implementation by government to ensure that the cost of data was made affordable to citizens and help them benefit from the digital economy and society.

“So if we expect South Africa to bring its entire population online as a first step to helping the country benefit from the digital economy and society, then reducing the costs of access is essential,” the organisation said.

It also said lack of leadership and dearth of policy implementation had left the mobile operators with the freedom to charge more than what coulsh be charged.

South Africa ranks 35th in Africa, out of 50 ranked countries, with an average 1GB prepaid mobile data charge of $7.84.

Egypt is the cheapest with a $1.13 charge for the same package.

The purchase of 1GB costs $1.19 in Namibia, $2.02 in Mozambique, $2.49 in Kenya, $2.62 in Ghana, $2.68 in Uganda, $2.79 in Nigeria, $3.55 in Zambia and $5.07 in Lesotho.

Among the network providers Telkom has consistently offered the cheapest 1GB prepaid mobile data bundle at R100, roughly $8.

The organisation said, however, all operators had contributed to the improvement of South Africa’s mobile broadband experiences with among the fastest networks on the continent.

“They compete only with Kenya and Morocco who both ranked better on the pricing index,” the organisation said.

With new market entrants such as Rain and Liquid Telecom, Cell C’s recapitalisation and development plans, as well as the newly struck roaming deals, Research ICT Africa believed that competition in the market would incentivise continued network investment and improvement.

“This would be made even better by the long-awaited assigning of the so-called ‘Digital Dividends’ spectrum bands desperately needed for the enhanced delivery of 4G services nationwide, reduced mobile broadband pricing and greater network coverage.”

In his budget speech Finance Minister Tito Mboweni said the communications minister would soon be issuing policy direction to Icasa for the licensing of spectrum. He promised to “work relentlessly” with the minister until the matter was resolved.

The Communications Ministry did not respond to questions on the plans and timeframes.

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The History of the Assembly – Accra Ghana

Accra has been Ghana’s capital since 1877 when it was transferred from Cape Coast. Today it is one of the most populated and fastest growing Metropolis in Africa with a population of one million six hundred and sixty-five thousand and eighty six (1,665,086) and an annual growth rate of 3.1%.

The first attempt to set up a Town Council dates back to 1859 under an Ordinance, which was annulled in January 1861. However, in 1898, the Accra Town Council was formally established under the Town Council Ordinance of 1894.

The first meeting of the Council was held on 14th February in the same year. The Accra Council was established in 1943 under the Accra Town Council Ordinance. In 1944, a new constitution came into being after the Accra Town Council had existed for 46 years with an elected membership of Seventy-Five (75) appointed by the Government and two appointed by the Ga Native Authority. The Constitution was again revised in September, 1953, thus enlarging the membership from 14 to 31, and establishing the Accra Municipal Council; 27 representatives for the Wards and four representing the Traditional Authority.

After Ghana attained Independence in 1957, an amendment was made to the 1953 constitution and it wiped off traditional representation completely.  The Council became a wholly representative institution. The Accra City Council was the first of the 58 District Councils to be integrated under the New Local Government System to promote efficiency in the administrative machinery of the Council and to meet the ever-pressing demand for amenities and essential services by the ratepayers. Six Area Councils were created under the new system. These six Area Councils are Ablekuma, Ashiedu Keteke, Kpeshie, Okaikwei, Ayawaso and Osu-Klottey, which are semi-autonomous.

On the 29th June 1961, Accra was declared a City and the Council thus became the Accra City Council.  A further development took place in March 1963 with the establishment of the Accra-Tema Development Corporation with responsibilities for certain functions that were formerly carried out by the Council.

The Accra City Council was dissolved in August 1964; after which the Greater Accra area was created and a Special Commission was appointed. The Special Commission was made administratively responsible for the Accra-Tema City Council.  Also in the same year, the Executive Chairman of the Accra-Tema City Council was appointed.

GOVERNANCE

Article 240 (1), Chapter 20 of the 1992 Constitution of the Republic of Ghana states that, “Ghana shall have a system of Local Government and Administration which shall, as far as practicably be decentralized”. This provision gave legal support to the decentralization programme, which was initiated in Ghana in 1988 by recognizing the existence of a decentralized programme in Ghana. The constitution is designed to provide a general legal framework for the governance of Ghana; it further enjoins the Parliament of Ghana to enact the necessary laws to ensure the smooth implementation of the decentralized programme.

To this effect Article 240 (2) provides some guidelines to Parliament on what the specific Local Government law should contain. This is the justification for our Local Government Act, 1993 (Act 462), which was promulgated to establish and regulate the Local Government systems in accordance with the Constitution and to provide for other connected purposes.

The Local Government Act 1993 (Act 462) has provisions for the following:

  • Creation of Districts
  • Establishment of District Assemblies
  • Composition of the District Assemblies
  • Qualification and disqualification of members of the District Assemblies
  • Functions of the District Assemblies
  • Planning and other Functions of the District Assemblies etc…

The Constitution in Article 241 makes provision for the establishment of the District Assemblies and the boundaries of the Districts. It goes on to recognize the District Assemblies as the Lowest National Administrative Organs. Structurally, the AMA is made up of the General Assembly at the apex, followed by Ten (10) Sub-Metropolitan District Councils which are subordinate bodies of the Assembly performing functions assigned to them by the instrument that sets up the Assembly or delegated to them by the Assembly. 

Accra has been Ghana’s capital since 1877 when it was transferred from Cape Coast. Today it is one of the most populated and fastest growing Metropolis in Africa with a population of one million six hundred and sixty-five thousand and eighty six (1,665,086) and an annual growth rate of 3.1%.

The first attempt to set up a Town Council dates back to 1859 under an Ordinance, which was annulled in January 1861. However, in 1898, the Accra Town Council was formally established under the Town Council Ordinance of 1894.

The first meeting of the Council was held on 14th February in the same year. The Accra Council was established in 1943 under the Accra Town Council Ordinance. In 1944, a new constitution came into being after the Accra Town Council had existed for 46 years with an elected membership of Seventy-Five (75) appointed by the Government and two appointed by the Ga Native Authority. The Constitution was again revised in September, 1953, thus enlarging the membership from 14 to 31, and establishing the Accra Municipal Council; 27 representatives for the Wards and four representing the Traditional Authority.

After Ghana attained Independence in 1957, an amendment was made to the 1953 constitution and it wiped off traditional representation completely.  The Council became a wholly representative institution. The Accra City Council was the first of the 58 District Councils to be integrated under the New Local Government System to promote efficiency in the administrative machinery of the Council and to meet the ever-pressing demand for amenities and essential services by the ratepayers. Six Area Councils were created under the new system. These six Area Councils are Ablekuma, Ashiedu Keteke, Kpeshie, Okaikwei, Ayawaso and Osu-Klottey, which are semi-autonomous.

On the 29th June 1961, Accra was declared a City and the Council thus became the Accra City Council.  A further development took place in March 1963 with the establishment of the Accra-Tema Development Corporation with responsibilities for certain functions that were formerly carried out by the Council.

The Accra City Council was dissolved in August 1964; after which the Greater Accra area was created and a Special Commission was appointed. The Special Commission was made administratively responsible for the Accra-Tema City Council.  Also in the same year, the Executive Chairman of the Accra-Tema City Council was appointed.

Article 240 (1), Chapter 20 of the 1992 Constitution of the Republic of Ghana states that, “Ghana shall have a system of Local Government and Administration which shall, as far as practicably be decentralized”. This provision gave legal support to the decentralization programme, which was initiated in Ghana in 1988 by recognizing the existence of a decentralized programme in Ghana. The constitution is designed to provide a general legal framework for the governance of Ghana; it further enjoins the Parliament of Ghana to enact the necessary laws to ensure the smooth implementation of the decentralized programme.

To this effect Article 240 (2) provides some guidelines to Parliament on what the specific Local Government law should contain. This is the justification for our Local Government Act, 1993 (Act 462), which was promulgated to establish and regulate the Local Government systems in accordance with the Constitution and to provide for other connected purposes.

The Local Government Act 1993 (Act 462) has provisions for the following:

The Constitution in Article 241 makes provision for the establishment of the District Assemblies and the boundaries of the Districts. It goes on to recognize the District Assemblies as the Lowest National Administrative Organs. Structurally, the AMA is made up of the General Assembly at the apex, followed by Ten (10) Sub-Metropolitan District Councils which are subordinate bodies of the Assembly performing functions assigned to them by the instrument that sets up the Assembly or delegated to them by the Assembly. 

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