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Hurdles Facing the Blockchain  Technology in Africa

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The Blockchain technology is rapidly gaining popularity over the world. Ever since its entrance to Africa, the technology has been used to provide a solution to the various problems plaguing the continent from remittances to voting.  The technology seems to hold the key building a financially inclusive digital economy in the continent. It could also help to restore the faith in governance through its immutable record keeping abilities and traceability. However, despite the numerous benefits, the blockchain technology holds for Africa, it isn’t without hurdles.

With an estimation of 1,290,221,906 billion people, Africa has remained one of the poorest regions in the world with about two-fifths of its Population living on less than $1 per day. Although some countries have great economic performances, none of them have however been able to make a drastic change in the poverty ratio. However, the blockchain technology is offering a way out for the continent and providing people with an alternative in generating funds through crowdfunding, the solution to the data crisis the continent suffers from and inclusion to financial and technological services. The adoption of this technology has however faced certain challenges.

Regulations

A key determinant in the adoption of the blockchain technology in Africa is the government. Formal regulations to enable cryptoprenuers operate globally and within the law of their country needs to be put in place. But, some countries are taking a strict stance against the technology. A country such as Kenya appointed an 11 man team to look into the technology. However, some weeks back, Kenya’s Treasury Secretary, Henry Rotich was given an ultimatum to decide if cryptocurrencies should be regulated or not.

The ICT ministry of Uganda is employing the technology into the country’s service. On the other hand, Nigeria has said nothing about adopting the technology. Only it’s lawmakers moved a motion in April for the study of the technology while the CBN governor warned its Citizens about investing in cryptocurrencies. Egypt is adopting a rigid stance to cryptocurrency the country’s Financial Regulatory Authority (FRA) had issued a warning against trading in crypto. Most of these countries might take some time before coming to terms with the technology.  

The Problem of Integration

The Blockchain technology is revolutionizing traditional systems and the ways things are being done. This transition stage is not easy for most of these systems to adjust to therefore making integration difficult. Third party systems are threatened by the technology which offers peer to peer transactions. Getting stakeholders to integrate the technology into businesses also proves difficult since people have been used to a particular system for so long. However. The technology is making headway.

The Internet Hurdle

Africa is faced with the problem of internet connectivity. This is proving to be a huge problem in the digital age. To make use of the blockchain technology most often, an internet enabled phone or computer is needed. But then, only 31.2% of Africa’s population has access to internet connection. Although the number of internet users is rising as well as awareness about the technology, for the blockchain technology to flourish in Africa, a change has to occur.

 

What other problem do you think the blockchain technology is faced with in Africa? Share your opinion with us in the comment section below.
Image credit: pixabay,

 

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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.

 

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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Blockchain News

Binance To Launch Open Blockchain Project Venus To Develop Stablecoins Pegged to Local Currencies

Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations.

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Opening the new week, Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations. This was announced in a blog post made by the exchange. The initiate will see to the creation of hundreds of stablecoins pegged to the local currencies.

In order to successfully execute the vision of project Venus, the firm stated that they will need new alliances and partnerships with governments, corporations, technology companies and other cryptocurrency companies and projects developing ground breaking solutions for the blockchain and cryptocurrency industry.

According to the Binance, Project Venus will utilize the public chain of Binance – BinanceChain for secure operations of the stablecoins that will be created. The Binance Chain was released early this year and has currently in itself several blockchain projects including two stablecoins which are the BTC pegged stablecoin BTCB and the Binance BGBP Stablecoin.

Binance had earlier in recent weeks completed the audit of its British Pound backed Stablecoin BGBP. The audit was carried out by an audit firm CertiK. At current the BGBP is listed on Binance against a couple of trading pairs.

Promoting the accelerated development and actualization of the initiative, Binance has revealed it will provide full technical support, compliance risk control system and multi-dimensional cooperation network that are needed to build Venus while leveraging existing infrastructure and regulatory establishments.

Calling for partners, Binance encourages like-minded people and organizations to contact it and discuss the “infinite possibilities of the digital world together”.

Launched over two years ago, Binance continues to be innovative, resilient and despite various challenges such as hacks, leaks etc, the top cryptocurrency exchange continues to forge on with greater intensity.

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Altcoin News

Cardano to Release Version 1.6 of Its Software Product In A Few Days – Charles Hoskinson

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Image: themerkle.com

 

We are shipping the version 1.6 update over the next few days tweeted CEO of Cardano Charles Hoskinson. In the tweet, Charles also requested for some “screenshots” of the new Daedalus and users’ comments on the product whether they like it or not.

Praising the team Cardano team, the Charles Hoskinson said lot of work went into this release and he is extremely proud of the team.

Daedalus is an extensive open source cryptocurrency and highly secure wallet for the Ada cryptocurrency.
It is built with web technologies and features unlimited accounting with advanced security.

Charles formerly was worked in Ethereum as a Co-founder is moved to Cardano where he is building ground breaking innovations using blockchain technology.

Cardano according to the IOHK website is a blockchian platform with more advanced features that any protocol yet developed, and the first to evolve out of a scientific philosophy.

Launched in 2017, Cardano is a product of IOHK created using the Haskell code, a technology firm committed to using peer-to-peer innovations to provide financial services to billions of unbanked individuals all over the world.

It prides itself as a decentralized company that loves innovative teams forming and executing ideas that cause “cascading disruption“.

 

Cardano’s protocol is designed towards protecting privacy rights of users, while also taking into account the needs of regulators. It is the a blockchain platform with more advanced features than any protocol yet developed by a large team of experts engineers and researchers from various field.

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Bitcoin News

Did the Binance Breach Really Occur, And Who is to Blame if it Did?

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On August 7, Binance is the world largest cryptocurrency exchange as at today (based on its 24hrs trade volume), was reported to have been hacked. This was said to have occurred when an unscrupulous person had gained access to a massive chunk of the Exchangers Know Your Customer (KYC) data. The hacker was reported to have demanded 300 Bitcoins (which is worth approximately $3.5 million as at the time of this report) after gaining access to about 10,000 personal photos from the Exchanger’s website, threatening to release all the data at his disposal.

It is noteworthy to state that the perpetrator of this hack had set up a couple of dedicated telegram groups where he was said to have allegedly released these sensitive materials. Although the group has since shut down permanently, the Exchanger had taken drastic measures to nail any further moves by other miscreants. However, seeing that there were no digital watermarks, there are no doubts regarding the authenticity of this material. The Binance security team had a follow up with an official statement:

“At the present time, no evidence has been supplied that indicates any KYC images have been obtained from Binance, as these images do not contain the digital watermark imprinted by our system.”

The CEO of Binance sent out a tweet:

The cryptocurrency Exchanger had claimed that all the images that have been released so far could be dated back to February and that this stunt was simply old news with a new spin, a time when the Exchanger was still making use of third party service to be able to provide KYC services. The Exchange had also tried to get the supposed perpetrator to disclose how he gained access to pull off the breach or give any irrefutable evidence to his claims, instead, he simply continued to demand 300BTC which further leads us to believe that this might have just been a bluff

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Adoption News

Surveyors Make a Move For the Integration of Blockchain Technology in Real Estates

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Professionals in the real estate sector, have begun to make moves to implement the application of the blockchain technology to advance transparency and speed of transaction between clients and practitioners in the field.

 

According to them, the implementation of this technology would go a long way in enhancing transparency, low level of liquidity in the sector, amongst other benefits.  

The blockchain technology also referred to as the decentralised ledger technology (DLT), is characterized by a time-stamped series of an immutable record of data that is managed by so many computers around the world not owned by any single entity. Cryptographic principles are being used to enable the security of each block and data in the system.

 

Speaking at its Royal Institution of Chartered Surveyors (RICS) Nigeria Group, in their second continuous professional development series titled, ‘Blockchain: The brick & mortar of its growth in today’s world’, the Managing Partner, Blockchain Asset Management, Deji Soetan clearly stated that the blockchain technology being a disruptive technology gradually gaining ground in today’s world presents the real estate sector with limitless possibilities in the real estate sector.

 

According to a news report by The Guardian, he also made reference to other aspects of the technology, such as smart contracts which could eliminate the cases of frauding of property owners. He said that the technology has created the possibility of linking digital ownership of documents, properties and contracts to the blockchain, laying emphasis on the fact that when all of these have been linked to the blockchain there is no chance of any form of alteration.

Soetan also made mention of the fact that this technology would soon gain notoriety even in the least expected industries. He further explained that transactions on the system are verifiable as every who including those who are part of the network and those who are not can have access to the open ledger and that every transaction can be traced right back to its origin.

 

“Within the context of payments, introduction of smart contracts into blockchain real estate ledgers and transactions have clear potential in streamlining various real estates processes, such as releasing apartment ownership, or rental documents upon completion of a crypto-currency transfer. One important area where it would be used is in the speed of transaction because nowadays, the process is still slow, making it be so archaic and needs to be modernised”, he said.

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