Alakanani Itireleng, Director of the Satoshi Centre has urged government officials of Botswana to take advantage of the XinFin Platform to enhance infrastructure development in the country. Speaking at a Sensitisation Meeting organised by XinFin for government officials in Gaborone on Friday, she lauded the ability of the Blockchain to solve every problem under the skies.
The Meeting was aimed at introducing Xinfin to the government officials of Botswana and assist them in using the platform to finance infrastructure development and procurement of essential equipment and materials. It was attended by 20 government officials from various departments.
“The XinFin platform is dedicated to bridging the global infrastructure deficit which is in the region of $5 Trillion, and I think it is a huge opportunity for developing countries like, Botswana, to make good use of,” Alakanani told the government officials.
Alakanani, who is also XinFin’s Botswana Representative took the officials through how the XinFin Blockchain and XDC tokens work to assist low cost and varieties of infrastructure development around the world in a step by step process. She emphasised that XinFin creates incentives for financiers with 25 percent bounty and XDC tokens which are inflation resistant by giving them smart-exchange resources over XDC for equity investments and risk-hedging to fund projects with a low buyer and seller ratings.
“You know very well how it is so difficult to access funding for projects in third world countries like ours, but we are eliminating that by using the XDC token. We have created a marketplace with a crowdsource feature that allows individuals, governments and institutions to initiate a project of public importance and promote it with crowdsource and support. When the project is given the nod by a minimum number of votes, it is then open in the marketplace for project management consultants who will bid for the process of administration from conceptualization to execution. The complete workflow from design to sourcing of materials will also be available on xinfin.org in a transparent manner which is enabled by IoT devices.”
After the event, CCN asked Alakanani where can one find projects financed by the Xinfin platform. “So far we are working with leading companies that provide safe drinking water through customised decentralised drinking water solutions and a unique Water ATM model that use smart cards for villages across India,” she denoted.
On repayment, she indicated that there is a robust repayment module built using smart contracts linked to IoT devices. she also revealed repayment can be done in the country of the project through XinFin partners there.
However, government officials were a bit confused about the whole process. A government official who spoke to CCN on anonymity was like it is too good to be true. “Finance for infrastructure without interest rates is unheard of but we are going to scrutinize it and take the necessary action,” she said.
Another official who spoke on record was of the view that the Blockchain seems to be a panacea to many problems since he read somewhere that there are some cryptocurrencies that are dedicated to energy supply. “It is all about engaging with the XinFin people further to learn more. I have read about how the Blockchain and some cryptocurrencies are providing cheaper electricity,” Thu So, a government official told the CCN.
Image of Botswana capital Gaborone from Shutterstock.