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{
    "id": 1583324,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583324/?format=api",
    "text_counter": 282,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "One of the key advantages of blockchain technology is its decentralised nature. Unlike traditional financial systems, which rely on central authorities, blockchain operates on a distributed ledger maintained by a network of nodes. This decentralisation reduces single points of failure and enhances the security and resilience of financial systems. For instance, Kraken, a global leader, has partnered with DeFi Development Corp to tokenise shares on the Solana Blockchain. This demonstrates the potential of decentralised finance to integrate traditional assets into blockchain ecosystems. I hope this Bill will help make this reality in Kenya. Another critical feature of blockchain is transparency. Every transaction is recorded on a public ledger that can be audited by anyone. This helps build trust among users and reduces fraud and corruption. Platforms such as Coinbase can tokenise Government securities and provide real-time visibility into their ownership and transfers, thereby improving accountability. One day, I hope we can use this technology to safeguard public assets. Issues such as the duplication of title deeds could be addressed through blockchain, where any attempt to change a title deed would be easily detected. Blockchain records are immutable; once a transaction is recorded, it cannot be altered or deleted. This feature is essential for maintaining the integrity of financial records and prevents tampering. We should consider amending our land registration and procurement systems to incorporate blockchain technology so as to reduce fraud and enhance transparency."
}