KENYA – Kenyan-based global software developer, Compulynx, has invested Sh30 million (US$297000) into a partnership with a US tech firm, Chainworks Inc, to develop a blockchain-based technology firm.
According to a report by Business Daily, the new firm, Chainworks Africa, to be based in Nairobi will be hiring IT professionals with software development background who will be trained in domestication of blockchain.
Sailesh Savani, chief executive of Compulynx, said that the investment will enable Kenyan firms benefit from blockchain technology.
“We are investing in this venture to facilitate Kenyan public and private sector entities [to have] a platform to authenticate digital certificates, among other important documents that are used in day-to-day transactions,” Savani said.
Mr Savani said the subsidiary will also enable Kenyans to have a new platform to generate new uses and products that can be commercialised.
Mr Savani said the investment seeks to capitalise on the emerging local interest in blockchain-based services such as provision of real-time authentication services like academic certificates and various ledgers.
The joint venture will take advantage of Chainworks’ deep expertise in Blockchain solutions and Compulynx’s strong footing and understanding of the African region to endorse Blockchain applications and designs that benefit African economies.
The strategic partnership, which was launched last year, is seeking to expand upon broader vision potential of blockchain technology in the African region and enable to tighten the grip on application of the technology across the continent.
Rohit Tandon, Founder and CEO of Chainworks Inc. said: “We believe after the wireless and mobility revolution, Blockchain is going to provide a massive leapfrog to African economies.
Chainworks already has significant traction in Africa, and it was a natural progression for us to establish a local footprint.
We are excited to partner with Compulynx, an established IT leader in the region, to launch Chainworks Africa, headquartered in Nairobi, Kenya.”
Private and public entities in Africa have been warming up to embrace the ‘next big thing’ in global technology innovation,- the blockchain technology – as they seek to leverage on technology to improve their business efficiencies.
Early this year, Kenya also launched the Block Chain and Artificial Intelligence Task Force to develop a road map to enable the East African nation to tap into the emerging technology.