There is a new blockchain ledger-keeping app in town. Dubbed ChamaPesa, the start-up targets social saving groups aka Chamas in Africa using blockchain technology to create a platform where groups can move their records from traditional systems that are mostly cumbersome and costly.
A little housekeeping before we dive into the app’s offerings: blockchain, a buzzword that has hit the internet and the business world in the last half a decade, is a shared and distributed ledger that enhances recording of transactions and keeping an eye on assets in a business network. ChamaPesa is convinced that traditional methods of recording transactions and tracking assets are flawed and expensive.
For instance, participants in Chama networks keep their own ledgers, among other records. The pricey aspect of this arrangement is based on the fact that these institutions need additional players that charge them for their service.
At the same time, involving third parties gives rise to delays in executing agreements, not to mention extra staffing requirements to keep up with ballooning ledgers. The arrangement is also subject to vulnerabilities should a central system such as a bank fall victim of hitches such as a cyber-attack.
ChamaPesa will give participants the ability to share a ledger that is up to date where participants in a network will act as publishers and subscribers. Furthermore, each Chama can receive or send a transaction to others, and data is updated across all Chamas in the network as it is transferred. Read more from techweez.com…
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