The African continent is a continent blessed with human and natural resources but somehow the continent has been a little behind other continents technologically. This is because the continent has been plagued with corruption, bad governance, mismanagement and lack of accountability. These issues were addressed by Chris Ani CEO of Digital Abundance who was on the Inside Blockchain show at the cryptotvplus studio. He talked about “How the blockchain technology can transform governance in Africa.”
The Blockchain Will Foster Accountability
Lack of accountability in governments has led to lots of African countries losing millions in tax evasion and mismanagement of public funds. This could be avoided with the aid of the blockchain technology. Chris Ani who is a cryptocurrency capitalist, insightful teacher as well as a businessman explained that the blockchain technology will make governance “simple and transparent.” He explained that the Blockchain technology will cause a higher level of accountability in governance when government officials know that their every transaction is recorded on the blockchain and it is immutable.
More Data Less Expenses
The problem with the African government is lack of accurate data and Chris states, “the blockchain is about data, big data. The government needs data to process the next big decision they want to take.” He explained that most often government does not have accurate data during planning and execution of policies and this affects results. With the blockchain the identity and information of the citizen can be linked to their needs giving accurate information to the government.
When the government has accurate data, there will be a reduction in cost. “The blockchain will reduce cost and money can be channeled to infrastructural development for our citizens,” Chris added. He also explained that the blockchain can reduce the expenses the government has to channel to conducting census as the identity of its citizens from birth to death as well as their certification and every detail will be recorded on the blockchain. “Blockchain will make it easier in conducting a census and the money used on conducting a census can be channeled to other sectors,” Mr. Chris stated.
Where corruption is concerned, Chris explained, “The blockchain creates a sense of accountability. You cannot stop people from stealing, but you can use a system to put them in check. If you record everything on the blockchain, people will know if you default.” He also declared, if the blockchain would promote accountability, if it would promote transparency, then it will reduce corruption. But to adopt this technology, Chris acknowledged that the mindset of the African people, as well as their government officials, need to move away from corruption.
Do you think that governance in Africa will improve with the adoption of the blockchain technology? Share your opinion with us in the comment section below.
Image credit: ctyptotvplus
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The Bank of Canada Plans To Launch Its Own Digital Currency
Since the future of money has come, the Bank of Canada considers launching a proprietary digital currency. This is contained in the presentation entitled “Central Bank Money: The Next Generation,” which was prepared by Stephen Murchison, an adviser to Governor Poloz, who shoulders the task of leading Canada’s digital currency research. The idea of developing their digital coin is to fight the threat associated with cryptocurrency and also to garner information on how Canadians spend their money.
According to the report, Canada is ready to take the lead in launching their cryptocurrency to modernize financial services. In this regard, the bank has released a white paper on the merits of creating a digital currency. The presentation, which was prepared for Governor Stephen Poloz and the board of directors of the bank, offered all the possible details about how the bank plans on developing the digital currency. It outlined over a dozen benefits the bank will get from launching its digital currency, which would be available, coexisting alongside coins and paper money before eventually replacing them.
Following the contents of the presentation notes the report, Canada needs to innovate to stay in the game, and thus, a digital currency would provide the benefits of a bank-owned asset as well as all the convenience and security of wireless electronic payments.
However, the presentation notes that digital currency presents a risk to stable, low-cost funding for banks.
Another firm, Booking.com has abandoned the Libra Project
Booking.com join the list of firms that has pulled out of the Libra Association.
The departure of the leading online travel firm from the Libra Association reduces the membership to just 21 members.
Facebook’s foray into the cryptocurrency industry has been experiencing difficulties as governments warn of the consequences of the global financial system it intends to create via Libra.
Few months ago, Booking.com confirmed to be a founding member of the Libra Association alongside others like PayPal, MasterCard that have already pulled out from the Association.
Booking Holdings CEO Glenn Fogel when he newly became the Chief Executive Officer of the firm behind several travel focus businesses such as agoda.com, booking.com, kayak etc was expressed his opinion on the future of cryptocurrency.
According to him, he said, he believes currencies with blockchain base will continue to surface and may gain acceptance globally.
Earlier few days ago, MasterCard and Visa revealed they would be departing the Facebook’s project. Regulatory pressure most especially from the US has been on the increase recently and this could be attributed to the growing list of firms abandoning the Libra Project.
Senator Sherrod Brown has said Big Tech shouldn’t be given power over public infrastructure like the financial system.
US Treasury Secretary, believes Libra could be used to finance terrorism.
The co-founder of Libra, David Marcus has already come forth to testify of the intention of Libra to create a global financial system while complying with regulatory requirements.
Co-founder of Libra, David Marcus said spoken on the fate of Libra as firms exit the Association. According to him, “I would caution against reading the fate of Libra into this update.”
He went further saying, “Change of this magnitude is hard. You know you’re onto something when this much pressure builds up.”
CEO of Facebook, Mark Zuckerberg has been slated to testify before House of Representatives Financial Services Committee on the 23rd of October
An open-source map to the Pan-African Blockchain Ecosystem
Africa blockchain cryptocurrency industry stakeholders have created a map of organizations in the entire African continent.
The map which was made open source currently has data of more than 100 Africa firms building on the blockchain or having businesses that interacts with the industry.
The African continent has been seeing growth in the industry steadily. Based on a data from a report made by Emerge, the numbers of African blockchain focused firms were less two-scores.
However, currently according to data already collected all over the continent which can be seen on the Open Source Map, there has been a tremendous growth in the numbers of firms building blockchain solutions in the continent. The rate of growth yearly since 2017 is over 120%.
The compilation of such data required hundreds of man hours however, representatives from various firms in the industry congregated to collate and arrange the data. The representatives were from CryotoTVPlus, Africa Blockchain Alliance, African Digital Asset Framework, Binance Labs, BitcoinKE, EOS Nairobi, Raise and Microtraction.
From payment gamification, consultancy, media healthcare etc, there are several projects or firms solving problems with the technology.
CEO of CryptoTVPlus, Tony Emeka speaking on the initiative said:
“As one of the largest media firms focused on the industry, we understand the impact visibility plays in the success of a firm”.
He went further saying;
“This map now ensures players in the industry get the right exposure they deserve as they continue doing what they do best, innovating.”
Anyone Can Update the Map
The incredible pace the blockchain technology is growing is unprecedented. As dynamic as it is, daily new challenges facing our social, political and economic environment are showing forth and the blockchain could help provide answers to some of these questions.
The emergence of a problem creates room for a solution, the joy of an entrepreneur, solving problems. These ultimately could create new firms all over the continent.
As an open source map, anyone can update the map with newer data of existing or new blockchain firms in their country or the African continent at large.
The Open Source Map can be found here, the data are found in a Google Sheet, contributors are admonished to keep the sheet clean.
The world is moving fast, Africans cannot be left behind. In the world of global competition, developing local solutions that are carefully tailored to local needs are crucial to our survival, growth and development as a continent.
Naijacrypto.com Launches the First Ever Cryptocurrency trading competition module in Nigeria
Naijacrypto, in its vision to create outstanding solutions for cryptocurrency traders, is excited to announce the launch of its trading competition module in Nigeria.
Naijacrypto is a highly secure peer-to-peer cryptocurrency exchange. It owns both web and app-based platforms that enables users to conduct trades of some major cryptocurrencies in the market.
This module allows both experienced, upcoming and beginner traders to trade various cryptocurrencies using virtual money and win prizes for good performances.
In this competition:
- A trader can trade up to 30 cryptocurrencies including Bitcoin, Ethereum and Monero.
- Trading is with Demo money but the prizes are real!
- There is a live feed given for every crypto currency the trader wishes to trade
- Traders can view a leaderboard and see where they stand in the competition
- Traders can test their trading skills without pressure of using real money.
- Any trader can pick a competition that suits them.
- Competitions run daily, weekly or on a monthly basis.
Chat box available so competitors can chat and learn among themselves
All rewards are paid into your Naijacrypto account. Account holders will be able to claim their prizes directly to their wallet once competition is over.
Naijacrypto believes that this competition module is an opportunity for those trying to learn cryptocurrency trading to involve themselves in trade scenarios without the pressure of using real money. The interaction between beginner traders and pros can make the action of pros rub off on the beginners.
The trading competition module is now live on the naijacrypto website. The first competition is free to enter with the winner being rewarded with
100,000 naira for first place,
60,000 naira for second place and
40,000 naira for third place.
We are always open to partner with individuals and organizations who wish to organize or sponsor their own competitions on the platform.
To participate in the first free competitions or any subsequent competitions, simply create an account on www.naijacrypto.com or download the naijacrypto app on the google play store. Please note that there would be deferring competitions on the module with deferring roles.
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