PNG presents favourable conditions for the roll out of the blockchain technology.
And entrepreneur Shane Ninai has expressed his desire to work with the Government and provinces to roll this new technology in rural PNG.
Speaking to Members of Parliament during the National Parliament Induction Programme recently, Ninai said with the advent of blockchain technology, the unbanked in rural areas can have access to financial services.
“We’ve identified Papua New Guinea as one of the most suited countries in the world to actually adopt this technology,” he said.
Blockchain technology in essence is the most secure data base in the world and can be programed not only to record financial transactions but virtually everything of value.
Ninai used the issue of landowner ownership as an example stating how records cannot be tampered once recognised to be fact.
“Things like land registration, being able to prove that you own something, being able to prove that you own the land, being able to go and access finance using a bank in country or also using things like the blockchain to access finance overseas from guys like us.
“Using the blockchain, once a record is entered in, it is impossible to change without the agreement of every single person on this network. It’s impossible for a small group of people to change anything without everyone knowing that change happened in real time.
“It’s as easy as putting up a land registration app onto your phone, and you can see every registered interest in that land, every action that was taken on that land, and you get it in real time,” he said.
Ninai runs a venture capital fund out of Silicon Valley in Las Vegas in USA and works with governments and institutions to implement the technology.
He was direct in his approach in looking to partner with the Parliamentary representatives to bring this technology to theory electorates.