Despite the fact that blockchain technology is still in it’s early stages, Tech enthusiasts in Africa are using its significant potential to rebuild or remodel ventures, businesses, and endeavors, possibly making them progressively profitable and straightforward.
In recent years, Africa has taken enormous steps in headlining major occurrences in the World, and so it is not shocking that the eyes of Africa have settled on the blockchain. Even with its decentralized payment system, it has successfully gained the attention of the 54 countries in Africa.
Bitcoin hit Africa by surprise, fascinating a technologically inclined generation salivating for various investments. However, asides from the currency aspect of the innovation, Establishments and Institutions are beginning to build on the backbone of Bitcoin – The Blockchain.
The blockchain is a highly secure, continually increasing computerized ledger that forms the basis of Cryptocurrency transactions. It aids in resolving common issues and so has the strength to change Africa.
The prospects of blockchain are wide in conquering the issue of dishonesty in transactions, aid in the decrease of corruption, increase clarity and enhance the time for processing.
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In Africa, blockchain can be used in tackling land fraud, infusing trust in the monetary transactions, distributing fees and other payments.
How Africa Can Benefit From Blockchain
Some of the opportunities that blockchain has for Africa include:
One of the main features of the blockchain is that it is decentralized and highly transparent. This will lead to its use in battling unjust political practices and rigged electoral systems. Election results cannot be ruled out as null and void if blockchain is infused in the electoral procedure.
Cryptocurrencies come in handy in economies that place regulations on exchanging funds across their borders, easy access to banking institutions is on an all-time low and where economies are troubled with inflation.
Along with inflation and corruption, rises a distrust in governmental bodies, central authorities and monetary institutions. However, individuals can easily install crypto wallets on their mobile devices and store their funds safely.
Meanwhile, blockchain startups are increasing rapidly on the African continent as they help in searching for better ways to operate the innovation for resolving common issues.
Conclusively, the successful fulfillment of blockchain’s prospects in Africa will rely on if it is seen as a technology.
Since the government and big establishments in Africa are suspicious towards cryptos, there is a possibility that such suspicions will rub off on the blockchain. However, Blockchain has lots of applications to offer the continent.
Disclaimer: This post has been contributed just for educational purposes and should not be regarded as financial advice of any sort.
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