The use of blockchain technology is required for vaccine passports to function

Vaccines are starting to offer hope of normal life, economic resurgence, and renewed global connections. The EU has implemented its Covid-19 digital passport for all citizens and residents to enable freedom of movement across borders on July 1. However, many international leaders have been out of step, applying yesterday's answers to tomorrow's issues as they consider the dangers and rewards of reopening their borders.

Covid passports on offer are functional but short-sighted, says Dr. Andrew Wightman. He argues that a globally recognized standard is needed to facilitate international travel and to restore our economies in a post-covid world. In the past year, Dark Web marketplaces have seen a surge in listings for fake vaccine passports.

Blockchain's distributed ledger stores data in a decentralized way, removing the need for governments to maintain databases at a national level. The technology has the potential to resolve many of these challenges, yet is astonishingly under-utilized by many countries such as Estonia. Blockchain technology and infrastructure is no longer new, yet is still poorly understood by decision-makers. Asian countries are leading the charge to integrate it into the travel verification process. Singapore is poised at the front of this movement and should look to partner other innovative Asian countries.

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To boost trade, Africa is simplifying international payment systems

It's hard to transfer money between African countries. The Ghanaian king settled a bill with a Nigerian attorney. His experience highlights a systemic problem impeding Africa's economic growth: high transaction costs and inconvenience. 15% of all imports and exports occur between 55 African countries. 60% of Asian trade is within Asia. 70% in EU. The difficulty of international payments hinders African trade. There are also high tariffs, long border procedures, and congested roads. Proponents of AfCFTA say easing trade restrictions will boost trade, FDI, and economic growth. 50 million people will be lifted out of extreme poverty by 2035 due to the accord's positive impact on real income, which is projected to rise 9.1%. Another issue: In Africa, currency values fluctuate. From July 2021 to 2022, Ghana's currency fell from 6 to 8. Volatile currencies make financial transactions more costly and risky. To overcome these problems, PAPSS facilitates financial transactions ...

How will Blockchain boost trade in Africa?

Despite a regional economic slowdown in 2020, over a dozen African countries grew last year. Complicated trade rules and lengthy border processes stifle African economies. These long-standing issues need creative solutions. Blockchain is becoming more practical and scalable in developing markets. It has just opened a regulatory "sandbox" for innovative blockchain-based goods in Ghana. Standard Bank has joined Marco Polo, a trade financing network. Here are four ways blockchain may help African trade: 1. Customs The AU-EU trade deal is still in its infancy. Traditional customs bureaucracy prevents SMEs from joining global trade networks. This procedure can be automated and simplified, saving time and money. 2. Traceability Tracking cross-border goods correctly is critical for standard and certification verification. Already, blockchain is allowing ethical supply chains for a variety of African goods. Its open-source but secure design makes certificates easy to issue and verify...

This summer, the Fed will take another step toward creating a digital money

This summer, the Federal Reserve will publish a research paper that examines the possibility of a central bank digital currency. Multiple countries' initiatives in the central bank digital currency arena, most notably China's, have heightened debate about how aggressively the Fed should act. The Federal Reserve is pushing ahead with its plans to create its own digital currency, stating that a study paper will be released this summer that will go deeper into the topic. Despite the fact that the central bank did not announce any particular plans for the currency, Chairman Jerome Powell acknowledged advancements in payments technology and stated that the Fed has been "actively monitoring and responding" to those developments. In the statement, The proper operation of our economy requires that consumers have faith and confidence not only in the dollar, but also in the payment networks, banks, and other payment service providers that allow money to flow on a regular basi...

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