Head, Risk and Compliance, eTranzact International Plc, Edward Onyenweaku, has recommended blockchain technology as a necessary tool for improving transparency and reducing money laundering in the financial system space.Head, Risk and Compliance, eTranzact International Plc, Edward Onyenweaku, has recommended blockchain technology as a necessary tool for improving transparency and reducing money laundering in the financial system space.
Onyenweaku said blockchain adoption would increase the level of trust, security, transparency and traceability and security of shared data. According to him, transactions are continuously monitored as alerts of any suspicious activities are created. “Blockchain maintains a complete history of past transactions within the network, which means that the user can track the data with full transparency.