Africa is taking giant strides to be at the forefront of current happenings in the world and this time the Blockchain technology is where her interest lies. The blockchain technology with its decentralized payment systems seems to have caught up in Africa’s 54 countries. The younger generation seems to be taken in with cryptocurrencies and the multiple use cases of blockchain technology.
The secure, decentralized and growing digital ledger that facilitates cryptocurrency transactions has caught the eye of African companies. Some governments are still sceptical about its citizens investing in cryptocurrencies, such as Nigeria with its regulators cautioning citizens to be wary of investments in cryptocurrency, claiming that virtual currencies were not legal; but this has not curbed crypto activities in the country.
On the other hand, while some countries are being restrictive, other countries are embracing the blockchain technology. Kenya has made a move to create a blockchain and artificial intelligence (AI) task force tasked with promoting transparency and efficiency in the public and private sectors. Kenyan entrepreneurs are not left behind, as a group of developers in Kenya started a blockchain-based educational system named Otlw. The system will be built on the Ethereum blockchain and supported by tons of available materials online.
African startups are integrating blockchain technology into making secure and transparent transactions as well as solving longstanding problems in the continent. Land fraud is one area blockchain is going to revolutionize as a startup in Ghana; Bitland is digitalizing land by providing land registry services. The service will be built on the Bitshares blockchain thereby confirming transactions and ownership. A blockchain startup called Project UBU aims to provide a blockchain-based currency to empower lower-income South Africans while a Kenyan startup, ChamaPesa, is providing local cooperatives with improved bookkeeping. If there is one aspect that desperately needs the intervention of blockchain technology, it would be the electoral processes in Africa. The 2017 Kenyan election, which was disputed as result of a flawed electronic voting system, is something that could be rectified by blockchain technology. Although the government of Sierra Leone denied the involvement of Agora, a Swiss-based blockchain company, in its election, it will be a welcome development if blockchain technology was employed in African elections.
The African market has experienced the emergence of more than 15 Bitcoin exchanges with the aim of providing cheap and efficient trading services to African consumers. This could help countries such as South Sudan which is experiencing an inflation.
Cryptocurrency systems such as BitPesa have been introduced by East African investors to support cross-border transactions. Cryptocurrency is rapidly gaining popularity in South Africa and Nigeria with activists believing that this new currency can help stabilize the economy, having been let down by the conventional system.
The future of blockchain may look bright in Africa, but the challenges of mapping out this complex technology to uncharted territory, and the various regulatory and political hurdles, technical disabilities and lack of awareness still in existence, could prove a nightmare for blockchain technology. If these obstacles can be overcome, blockchain could be the technology to equip the continent with its smart contracts, security data solutions, digital currencies, and much more.
Do you think the block chain technology will realise it’s full potential in Africa? Share your opinion with us in the comment section below!
Image credit: answersafrica
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Appealing to Regulators, Binance launches a Tax Reporting Tool
Leaving China, Crypto Exchanges Cancels Most of their Chinese Businesses
Patricia sponsors Big Brother Naija the 2nd time after recording 13k Users in 12 Hours
Yes! Bitcoin at $38k, See Why they Say It Has A Mind of its Own
The CBDC will lower the cost of doing business – CBN
Nigeria’s CBDC to Run on Hyperlegder Fabric
NatWest Suspends Payments to Binance
Carlifornian Resident Files Lawsuit against Dfinity Over ICP Sale
At Huge Valuations, these Two Companies Are the Largest In Crypto
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
Hedge Trading on OKEx
Trading cryptocurrency seems cumbersome to new traders, especially those new to the crypto space. There have been a lot of...
The Chances of BTC Dropping to 40k Is Slim – Prateek Suri
The founder and Chief Executive Officer of the Maser group, Prateek Suri joined Tony Obiajuru this morning, 15th March, 2021...
Binance Smart Chain; CeFi or DeFi?
The controversy around whether or not the Binance Smart Chain is centralized or decentralized was cleared on the Inside Blockchain...
How Earnathon is Making Crypto Adoption Easier
Earnathon is making cryptocurrency education and adoption easier with its unique learn and earn platform. It’s no news that the...
NaijaCrypto CEO Says CBN Cannot Ban Cryptocurrency Trading
The Chief Executive Officer of NaijaCrypto, Chiagozie Iwu has said on the Inside Blockchain Show powered by CryptoTVPlus that the...