Widespread blockchain implementation can be beneficial in almost every aspect of modern day society. As the technology evolves, the implications it can have on our daily lives become astounding.
Africa has many problems, but the ones that stand out the most are the widespread corruption, poverty and the armed conflicts. A widespread adoption of blockchain technology will prove incredibly helpful in tackling the economic, social and political problems.
The growth of blockchain communities in countries such as Nigeria, Sudan and South Africa is steady. It may not quite be at the level of the crypto hubs in Europe and Switzerland but slow and steady wins the race.
BitHub Africa is a blockchain accelerator for local startups. It’s based in Nairobi and was founded in December 2015. Organizations who express the desire to deploy blockchain solutions across Africa can receive assistance from BitHub Africa.
In South Africa, there’s already training on blockchain technology and cryptocurrencies. It’s provided by the Blockchain Academy in Cape Town. The organization advises local businesses on the best ways to implement blockchain technology into their models. Additionally, there is also training provided in the AlphaCode Club in Johannesburg.
Blockchain Implementation against the most serious issues
While the spreading of blockchain technology has been slow, the uses which emerge have a real opportunity to deal with the political, social and economic problems which affect millions daily.
The biggest plus in using blockchain implementation against corruption is its transparency, which can be used to combat rigged voting systems. In Sierra Leone, Agora, a Swiss company, used blockchain to provide a fair vote.
The results were counted by trusted representatives and stored on Agora’s blockchain. The technology was unfortunately only implemented in one side of the country and the voting results ended up being different from the official government data.
Inflation is also a key issue to tackle. Restrictions on cash movement in countries with very low access to mainstream banking or inflation riddled ones are excellent for cryptocurrencies. Heavy corruption accompanied by inflation will inevitably lead to no trust in the public government or the financial institutions.
With the rapid raise of smartphone ownership in Africa, users are now downloading crypto wallets and keeping their funds safe. Kenya is at the top of the world when it comes to mobile based P2P lending.
It’s great to see developing nations invest time and resources into blockchain technology. Unlike the Europe, Asia and the US, where there’s heavy regulation for startups, African countries have a great opportunity to seize.
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