UK-based Legal Tech Consultancy Firm Livesilver Unveils Plans to Tackle Financial Corruption in Africa Through New Blockchain Legal Tech Project
London, United Kingdom--(Newsfile Corp. - August 1, 2022) - Livesilver, the UK-based independent Legal Tech consultancy company, has launched a new project designed to enhance financial transparency and reduce the digital divide in Africa. It is setting out to achieve this through its integration of blockchain technology into its existing suite of Legal Tech services.
Senior officials at Livesilver underline that this blockchain technology gives them the ability to provide decentralized finance across the continent, which will improve economic access across regions of Africa. Currently, vast areas of Africa lie in digital poverty, only a tenth of those in Sub-Saharan Africa having access to the internet. The global app economy, for instance, resides in a handful of high-income nations, while developing economies only account for 1% of the total value. Due to the decentralization of Livesilver's Blockchain Legal Tech project, it is aiming to close the digital divide by improving the ease with which Africans can access new digital-based opportunities. Decentralization also defends against cyber-attacks because there is no single, centralized server that can be left vulnerable.
In addition to this, the incorruptibility of the blockchain means all transactions will be wholly transparent. A 2015 study found that 58% of Africans report an increase in corruption, while eighteen out of twenty-eight governments were seen as completely failing to address this issue. Furthermore, bribery has been shown to affect more than one in five Africans, with this negatively impacting the poor more than any other demographic.
Livesilver's Blockchain Legal Tech Africa project hopes to reduce the prevalence of corruption across the region through the fact that blockchain technology can be utilized as an open ledger for recording transactions between companies, organizations and members of the public. Data security can also be enhanced, as the blockchain cannot be interfered with, a quality that is particularly beneficial in countries where access to official records is restricted by bureaucratic corruption.
Anthony Silver, CEO and Founder of Livesilver concludes, "We are really excited about the potential that our Blockchain Legal Tech Africa project has for reducing corruption and enhancing widespread financial transparency. We are the first company in the world to offer physical and financial tech alongside cyber technologies. With the improved access that our blockchain technology can provide, we are hopeful that this initiative can have a long-lasting impact across the region."
Livesilver is a UK-based consultancy firm offering a suite of services relating to cyber-security, eDiscovery, financial technology, and Legal Tech. It oversees globally minded projects such as Blockchain Legal Tech Africa, MetaverseJusticeVR, Livesilver Britannia Group, I~Quantum JusticeSoft 1.0, and RoboAdvisor.
Name: Anthony Silver
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132368