Vol 13: BLOCKCHAIN! How can it transform Africa?
For the next few weeks, I'll be sharing some of the innovative ways Blockchain will transform or is already transforming our continent.
African countries have witnessed rapid technological advancement in recent years, as noted with the internet and smartphones, and other tech-related solutions and Blockchain as we all know is an innovative technology that is open and has a distributed ledger system that can document transactions between two parties without intermediaries or any central authority, it will surely be a beautiful technology that can solve so many problems for us, it has the potential to impact the lives of hundreds of millions of African citizens.
In recent years, this technology have been gaining momentum, it is good to note that blockchain might not be applicable to all sectors but what we can be certain of is that this technology has immense potential for addressing some challenges that Africa faces, one which is corruption. Due to its immutability, security and transparency. Blockchain will help reduce corruption, however, before all this can work, the mindset of the government need to be for the people.
From elections, to cross border payment, as well as energy services and alternatives to banking, education and health records etc. Innovators have been finding ways to implement Blockchain technology across Africa and the world at large over the last few years, there are plenty of problems that need solving in Africa, this decentralized development has been increasingly considered a viable and scalable technology in many African countries.
Confused about NFTs? Check this post.
Africa has many broken systems that could be fixed by this technology and we are sitting in exciting times when Africa can really use blockchain in some exciting ways although the concept of blockchain is still getting traction daily and use-cases are still being understood and developed as innovators and innovation ecosystems find new ways of bringing blockchain technologies into the real world.
Africa did not have an immense impact on the first, second and third industrial revolution, with our current space in the tech ecosystem, I believe that the transition into the fourth industrial revolution should not pass us by, we could leapfrog years of industrialization and simply jump to the 21st century by efficiently implementing technologies like Blockchain.
For those interested in a more comprehensive blockchain guide, check out this post 👇🏼👇🏼
One of the goals in Agenda 2063 by the Africa Union says;
Young African men and women will be the path breakers of the African knowledge society and will contribute significantly to innovation and entrepreneurship. The creativity, energy and innovation of Africa’s youth shall be the driving force behind the continent’s political, social, cultural and economic transformation.
The first among the disruption will be in the financial sector which is already happening, so we’ll be starting with this next week.
Until next week guys, Happy Learning.
Enjoy the weekend.