Zhao Changpeng to initiate Blockchain Technology in Uganda
Mr. Zhao Changpeng, renowned world billionaire and founder of the world’s largest cryptocurrency exchange Binance, visited Uganda to explore the opportunities of using Blockchain technology in the country. He has called on President Yoweri Museveni at the state house, Entebbe.
Blockchain Association of Uganda invited him to address at the African Blockchain Conference. The conference will see policy makers, industry players, and academia to address the role of Blockchain technology in Africa’s transformation.
Ledger technology will allow digital transformation to distributed but cannot be faked. This will create a new type of internet. This technology has received global attention and trust to transfer information securely.
According to the financial gurus of Uganda, many of the challenges faced by the country can be rectified by implementing blockchain technology. Problems such as authentication of land titles, eradicating the problem of counterfeit drugs entering the country and authenticating of university degrees.
The first application of blockchain was developed for the secure transfer of cryptocurrency. Binance is a platform that is used for the exchange and trading of cryptocurrency. Bringing blockchain technology to the country will lead to the inflow of capital to the Ugandan economy.
A meeting was held on 24th of April which was attended by Prime Minister, Dr. Ruhakana Rugunda. Mr. Zhao Chengpeng presented the idea to President Museveni that he wants to set up Africa’s largest cryptocurrency exchange in Uganda. His idea was welcomed by the president and pledged to make Uganda a global blockchain destination.
Through Binance Foundation, Mr. Zhao Changpeng plans to develop Uganda’s talent pool, in partnership with Crypto Savannah, a blockchain innovation center in Kampala.
This project is targeted to empower youngsters of the country to build various business that will attract investments through initial coin offerings(ICOs). They will train 1,000 blockchain experts initially, who will in turn train others.
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