A Review of the Significance of Block Chain Technology in Tanzania

Abstract

A block chain refers to a distributed ledger that contains digital information that has been shared among various parties. It is different from other online platforms as it is more secure and difficult to duplicate. Thus, transactions that are shared on the blockchain platform cannot be compromised in any way.Block chain technology has gained significant recognition recently due to the merits that it offers to various businesses. Some of these benefits include reduced paperwork, more transparency, and security.Although, several African countries such as Ghana, Kenya, and Ethiopia have adopted block chain technology to enhance their businesses, the implementation of this technology in Tanzania is still lagging. To address this gap, this paper highlights the benefits of block chain technology and underlines the significance of adopting such a technology in various sectors in Tanzania. For instance, it has been noted that in the Tanzanian healthcare system patient records are being maintained manually, which makes it difficult for doctors to access the medical history of patients. Furthermore, there is also a tendency for medical reports to be stolen and tampered with. In contrast, it has been identified that land registration in Tanzania is weak and is mainly affected by bureaucracy, corruption, and lack of transparency. Furthermore, having such a weak land registration system has resulted in many impediments to society, such as conflicts which have resulted in the loss of life and property. In the Tanzanian banking sector, it has been identified that network failure, poor security, theft of funds are still issues that interfere with the effective performance of banks. In light of these drawbacks, the implementation of block chain technology can offer improved systems in Tanzania such as enhanced security in managing patient records, transparency in land registration systems and minimization of fraud in banks. Thus, in recognising the significance of blockchain technology in Tanzania, it is imperative for the government as well as various businesses sectors to invest in blockchains in order to derive the benefits.

Keywords: Block chain technology, Tanzania, Transparency, Increased Security, Digital Tracking

DOI: 10.7176/EJBM/13-16-01

Publication date:August 31^st 2021