Artificial Intelligence key for SMEs in 4TH Industrial Revolution

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Bitange Ndemo - Chairman of Blockchain and AI Taskforce, Government of Kenya speaking at World Blockchain Summit in Nairobi.

Small and medium-sized enterprises are set to disrupt stock markets in the next five to ten years with the help of artificial intelligence to become big players in the 4TH Industrial Revolution

The blockchain and artificial intelligence chairman Dr. Bitange Ndemo said SMEs which are currently led by the youth are set to revolutionise the stock market very soon.

“In the next five to ten years the names of the companies that you are going to see, even some of us don’t even know their names yet because the outcomes of what we are doing at the blockchain taskforce is to grow the SMEs. If you look at the number of top companies in this country as we call them blue chips, they are so few and then there are so few Medium enterprises. Our target from blockchain taskforce is actually to grow those micro to become medium and some become large companies,” said Dr. Ndemo.

The taskforce is also looking to develop the Africa Digital Asset Register to be able to raise money through Initial Coins Offer (ICOs), according to investopedia is an unregulated means by which funds are raised for a new cryptocurrency venture as SMEs have a vested interest in them.

Addressing when would the market be able to have the registry, Ndemo said, “we want to do some validations, if we rush we can trash it. We need a legal framework, a legal sandbox where we can try things allowing us to ensure we bring a workable entity to the market.”

Ndemo said the registry would not only create trust but also ensure SMEs have an alternative source of funding other than banks so that they can be scaled.

Addressing the blockchain and artificial intelligence advantages Ndemo spoke during the launch of the Nairobi Securities Exchange mobile application that will enable people from all over the globe to track the market.

The NSE Mobile App is a one-stop-shop for information about the market; accessing the listed companies’ information and news, learning about the various products, accessing the market analytics as well as simulating trading at the NSE.

The simulator allows an interested investor to borrow virtual money and distribute shares in different companies in order to gauge and make informed and right decisions.

Lauding NSE for its latest app Ndemo cited that the company has always been a leader in innovation though pointed out is that the app can have a place to ensure one clicks and sees all the forecast for the stocks to ensure one can easily buy or sell.

“We need to do more for the older generation so that they feel included.”

A statement he reaffirmed by taking the audience down on NSE’s memory lane, the stock market used to be dominated by older men who need to be informed currently seeing as they have even gotten older over the years.

“We need a voice activation for the older generation and even if it can be taken further for translations to be done to vernacular languages. This is the role of AI,” Ndemo concluded.

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