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Use Cases of the Blockchain For the African Situation

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The blockchain technology seems to be gaining more popularity than cryptocurrencies because of its wide and vast use cases. In the African continent, the black nation has been plagued by many factors that has hindered its development including extreme poverty, poor infrastructure, and corruption being chief amongst them. Some African countries seem to be ready for a change and their governments have begun to make inquiries into the potential of the blockchain. Countries like Kenya have already created a blockchain and AI task force to investigate the application of the blockchain. The Nigerian Government is still investigating regulating the technology, Ethiopia is already applying the blockchain to its coffee exports and the Ugandan government has also introduced the blockchain technology to its ministry of science and technology.
The blockchain technology can tackle a lot of these developmental problems affecting the nation, we will be looking at the Uses cases of the blockchain in tackling certain issues in the African continent.

Solid Database
One of the major problems giving the african continent constant headache is data. Policies are made but with wrong data and these leads to the failure of such policies. Without accurate data, the government is limited in solving the basic problems of the people and monitoring developmental goals. The Blockchain technology could provide an effective solution to the problem of data. Healthcare, immigration, social welfare, education, and a lot of sectors need data. If data could be tied to identity this is one way of solving the problem of data. Uport an identity based blockchain project built on the Ethereum blockchain seeks to address the problem of identity. If every citizen has their information stored on the blockchain, all the government need to do is check for the total number of citizens who need a specific attention, release the budget and monitor the progress of the project. If this is applied, it would save time, money and efforts.  

Remittance

African are trooping out of the continent daily to seek greener pastures in other continents. Yearly, billions of dollars is been sent back home from Africans in diaspora in 2017, an estimate of USD 36 billion. The huge market of remittance is dominated by giants such as Western Union and MoneyGram whose charges per transaction is very expensive and as high as 10% per transaction. Cryptocurrencies are a faster, easier and cheaper means  of sending money back home. Instead of going through the stress of withdrawing money through MoneyGram you can simply convert your Crypto to fiat right in the comfort of your home with less charges using a cryptocurrency exchange platform such as Remittano.
 

More Problems More Solutions

The blockchain technology can be used to tackle the problems of supply chain in healthcare and other sectors that uses supply chain management. Such as the Ethiopian government has employed in their coffee management. Employing the blockchain in healthcare will curb corruption, ensure that the drugs get straight from manufacturer to patient without being tampered.
Election in Africa usually spell doom as opposition parties try to use thuggery to outsmart each other. But when the blockchain is employed as Agora, a Swiss based blockchain company tried to do with Sierra Leone election, there will be transparency. The results cannot be tampered since it is registered on the blockchain, there will be lesser use of paperwork which will save time and ensure efficiency.
The blockchain has already been used to verify land transactions in Kenya as Land LayBy a blockchain startup is registering land ownership on the blockchain. The land registry proof will reduce the messy fight that usually comes up over land issues.
Recently, Eat BCH a crypto charity organised a feed South Sudan charity. The country had been in distress since its civil war in 2014. This was made possible through donations made by the  BCH community. The idea is that Crowd funding for projects become easier to track and to receive.
The  blockchain is revolutionizing the way things have been done. Even a country like Venezuela is bypassing the sanctions of the U.S. by creating a cryptocurrency of its own based on the country’s natural resources. More African countries are making regulations to embrace the blockchain technology and are even employing its potentials such as South Africa who recently created a blockchain payment system with a bank based in the country. The blockchain technology posses a lot of possibilities for the African nation, our hope is that the government make suitable policies that will favour the growth of the technology in the continent.
 
 
 
 
 
 

Do you know any other use case that might help move the continent forward? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

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I’m Speechless, Dominic Rume reacts to the InksNation Scheme 

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Dominic Rume, the Founder of Vorem, a digital asset firm has reacted to the Inksnation fraudulent scheme. He said I’m speechless. 

The Inksnation scheme started late last year when the leader, Omotade-Sparks published an open letter addressed to the EFCC saying it intends to use blockchain technology to solve the problem of poverty in Nigeria. 

The project which claimed to have created a cryptocurrency Pinkoin built on its own blockchain, the InksLedger – a blockchain and crypto token which has been noted to be nonexistent by local crypto experts.

The project promised outrageous monthly returns for investors. The price of its token, the Pinkoin is derived from the numbers of people that become what it describes as Living Nodes and as more people join and become Living Nodes, the value of each pinkcoin increases by the thousands of dollars. 

See also: InksNation Founder Omotade-Sparks (UDI), Officially Declared Wanted by EFCC

Mr. Dominic reacted to the InksNation issue on the CryptoTvplus Inside Blockchain program on Monday, 30th November. On the program, he also shared that money is emotional and when people lose money, it creates a bad ripple effect that could drive the technology backward (in terms of adoption and growth). 

Speaking on the EFCC effort in tackling cybercrimes involving cryptocurrency, Mr. Dominic said the agency needs professional support from the crypto industry to be able to handle these sort of criminal schemes. 

Watch the entire session here.

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SEC and Finance Ministry in Nigeria to collaborate to draft Crypto regulation

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The Nigerian Securities and Exchange Commission (SEC) together with the country’s Finance Ministry will put hands together to draft a proper regulation as regards purchase and usage of cryptocurrencies in the country. This is because there is no clear regulation yet as regards cryptocurrencies and its usage in the country.

The revelation of the collaboration was made in an event organized by MasterCard and the Economist Unit tagged ‘Fintech in Nigeria: State of Play’ held in Lagos on the 24th November, 2020. At the event, Armstrong Takang, a special adviser on ICT to the Minister of Finance noted that the government of Nigeria sees an opportunity in the blockchain and cryptocurrency and is trying to draft a regulatory document that will benefit all its stakeholders. He also mentioned that the collaboration between the two parties is owed to the cross-border payment usage of cryptocurrencies. Hence, the finance ministry will be working with the Nigerian customs as well as the ministry of Trade and Industry.

The mission of the drafted adoption framework is said to be “to drive the adoption of blockchain technology in government in a way that supports efficiency, transparency, and productivity”, according to a report of the event. 

The Securities and Exchange Commission only declared cryptocurrencies as securities around mid-September 2020 and listed trading of cryptocurrencies as an activity that is regulated by the rules of the commission. The release by the commission marked the first time the government had a stance on cryptocurrencies even though it was not a clear regulation yet. The government as well gave full legalization and recognition of cryptocurrencies.

Prior to the SEC’s release that cleared the air about the government’s stance on cryptocurrencies, there were rumors around the Nigerian cryptocurrency industry about local banks freezing accounts that had anything related to cryptocurrencies. The news of the legalization was a relief to the individuals in the space as cryptocurrencies were a means of making a living for a number of people in the hard economy.

Reaction to the disclosure by Takang

However, the President of the Blockchain Association in Nigeria, Paul Ezeafulukwe has reacted to the disclosure by Takang at the event. He said as reported by Beincrypto;

“With CBN being one of the key stakeholders in the proposed blockchain adoption strategy, I do not think that CBN will eventually introduce a policy or regulation that is not aligned with the principles and strategies in the proposed document. Besides, CBN, through its representative at the stakeholder engagement, indicated its readiness in principle to provide regulatory support.” 

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CNBC’S crammer says Bitcoin is a “great alternative” to Gold

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The popular host of the “Mad Money” show on CNBC, Jim Cramer has shown an intense support for bitcoin with the bullish comment he made about the digital asset recently. The show host was said to have been previously skeptical about Bitcoin as of late 2017 when the biggest cryptocurrency by market capitalization (Bitcoin) witnessed a bull run and reached its all time high as well.

Crammer is also said to be known for picking on the stock markets and being bearish but joined the moving train when he became positive about the Tesla stock before the stock witnessed mind-blowing rallying from the first quarter in 2020. However, he made a change to his stance on Bitcoin by giving a supportive statement to the asset in a tweet. 

Anthony Pompliano, who is bullish on crypto, tried to convince the TV host (Crammer) yesterday, 25th November, 2020 to get familiar and involved in Bitcoin as reported. He listed a number of persons in CNBC who are not yet involved in cryptocurrency. Crammer made a revelation in a Podcast with Pompliano that he has discovered Bitcoin to be a hedge against inflation and an asset his kids would understand;

“I’m not a, you know, a paid spokesman for why I need gold or why I need crypto but I just need something that my kids will understand as a hedge to inflation, and they will never understand gold.”

Bitcoin; cause of fall in price of gold?

Pompliano stated that “Bitcoin is stealing the market share of gold”. Looking at the price of gold since Bitcoin rallied up to about $19,000+, it could be seen that gold has fallen significantly. Could it be that institutions and individuals are moving from gold to Bitcoin?

Also, since the recent rallying, attention of institutions has been shifted to Bitcoin. Giant companies like Paypal, Grayscale have injected substantial amounts into the asset and analysts suggest these companies could be the cause in the increase. But could they be the cause for the fall in the price of gold?

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