Eric Annan, CEO and co-founder of KuBitX (KBX) has underscored how the advent of Blockchain Technology uncovered the inefficiencies and putrefaction in the current financial system. He denoted that the technology has unveiled the dishonesty with which Central banks handle fiat money.
Annan told QBITtimes in an exclusive interview that the Blockchain has enabled so many possibilities, and displayed the massive decay in the current financial system, and its incompetence. In his perspective, Blockchain is opening the eyes of the world to the chicanery surrounding the monetary system.
Pointing to the supply of money and how it creates inflation and devaluation, he said:
“The technology has unravelled the shadow and secrecy around money, its usage as a means of exchange and store of value. The store of value has over the years eroded by the undisciplined nature by which private banks through lending and central banks in the form of quantitative easing print more papers to shore up the systems on the screen of computers backed by nothing except to erode the purchasing powers of citizens over and over again.”
Moreover, Annan lauded how Blockchain is making remittances more affordable around the world. He thinks the development is going to create a better world in the coming years.
“It has changed the remittance industry which average global fees stands at 7% to near zero,” he stressed. “It affords new wealth distribution mechanisms changing how to access banking or financial services through peer to peer decentralized value transfer via mobile phone.”
The KBX’s CEO advanced that the technology has no known owners, yet serves anyone globally, without restrictions as in requiring patent or copyright permission to use. It is a technology that’s open to anyone to identify a problem of society and build an easy to use solution to benefit the society at almost no cost.
Institutional Involvement In Blockchain
Though Blockchain as a technology is a little over a decade old, its influence is visible in many fields of industry. However, when QBITtimes asked Annan what is going to happen to Blockchain in the next 10 years, he replied there will be more institutional adoption.
” I think, there will be more institutional adoption through partnerships and collaboration, there will also be more understanding of its use cases, and completely change the ordinance of the current financial order,” he said. Quoting his colleague Victor Olorunfemi, VP for Products & Technology at KBX, Annan stated that using digital assets, and Blockchain technology requires certain technical knowledge just as other technology products but people need to be shown how more activated, versatile, superior, transparent, swift and interchangeable their “money” becomes when it gets ‘tokenized’.
Blockchain’s Impact On Africa
On how Blockchain can influence Africa, the way they transact, and even governance, Annan who is an ardent Pan-African indicated it is the panacea for Africa to leapfrog and meet its developmental challenges. He explained:
“The continent has the right population mix. Our median age is about 19 years old, which gives us the youngest population in the world, these millennials are technologically savvy and able to access the same information available to someone in San Francisco via social media or Google. Africa has the highest smartphone penetration, which is projected to grow to over 632 million by 2022, mobile money usage is over 122 million across the continent, all driven by the knowledge class of the population mix in Africa today. Live data for Crypto adoption in Nigeria, Kenya, Ghana, South Africa, Zambia etc tops the list. These factors indicate how Blockchain adoption is being driven by Africa. No wonder all the Chinese based companies are entering the continent by proxy.”
More so, Annan warned Africa must protect its interests else it will just remain consumers and followers where data is the new oil driving global economic supremacy. He, therefore, urged Africa to prioritize and bury its inordinate ego of control over that of influence to build an Africa centric infrastructure, that truly has the interest of the continent, but not for those who only see the continent as a fertile ground for milking.
Commenting on the recent Bitcoin halving, Annan disclosed though he is not into speculation, the deflationary mechanism of halving will spur the demand of Bitcoin. It will additionally firmly position the maiden Cryptocurrency as a global access class and a store of value.
“It is surely going to impact Bitcoin’s demand and the whole psychology popularly known as ‘FOMO’ (Fear of Missing out). Take, for example, the current financial system that keeps printing paper money backed by nothing through quantitative easing by central banks and an asset, that is built with a defined quantity of just 21 million, and will go through this phase of halving till 2140,” he noted.
Nevertheless, Annan declared that his interest lies in seeing his mother using Bitcoin or any other digital asset to recharge her phone or go to the market and be able to buy foodstuff with it. For him, that is the driving motivation of building solutions that can facilitate mass adoption, and the ability to use digital assets seamlessly.
“That is what we have available today on our KBX wallet on android and iOS to be released later this month,” he revealed. We have achieved using KBX tokens and other digital assets to pay for religious fees, flight, cable TV, airtime, school fees, hotels, flights, and swap it to fiat and many more.
Photo: Credit, DBS