South African-based custom software development company SovTech has launched a blockchain lab to provide businesses access to a network of blockchain developers on the African continent.
It says the lab is designed to "future-proof" business operations, giving start-ups, fintechs and large financial services companies access to talent in software engineering, cryptography, fintech, Bitcoin and cyber security.
SovTech is based in Johannesburg and Nairobi. It was founded seven years ago and is led by CEO and founder, Gerald Neves, who has designed and developed many software projects.
In the blockchain lab, SovTech will invest 30 specialist crypto-engineers into the facility within the next 12 months.
The company describes the lab as an online platform, distributed across its development centres in Johannesburg and Nairobi. The lab offers in-house and offshore services to companies wishing to develop, manage or maintain blockchain software for their business.
"We expect blockchain and broader distributed ledger technologies to be an integral function of all businesses in the future, and it's time that companies begin to view these innovations as more than just media buzzwords," says Neves.
"SovTech's blockchain lab is designed to help organisations distinguish and extract real, long-term business value from these emerging technologies."
SovTech says it has already been at the forefront of the blockchain movement locally, having designed and developed software projects such as the launch and initial coin offering (ICO) of Project UBU, a 2018 finalist in the AppsAfrica Awards, as well as founding Ceasium Capital, a blockchain-based asset management firm.
The company has also been appointed as developer for CentBee and partner to blockchain incubation hub, Blockstarters.
The SovTech Blockchain Lab develops software projects from concept, through to engineering and ICO, executes token development, ecosystem launches, as well as providing legal compliance assistance and platform advisory.
According to Neves, there are currently no dedicated blockchain research and development labs in SA that are purposefully built to service companies willing to deploy blockchain into their mainstream operations.
However, he points out that South African organisations are embracing blockchain as a means to leapfrog local and international competition, although they are still in the experimental phase and not yet deploying this at mass into real business applications.
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