Some of the experts from technology, law and finance gathered for the ACTAI & Bitfury;s 4th annual Blockchain summit. They assembled in Morocco to talk about Africa’s transformation with the introduction of the Blockchain technology. The conferences reflected a larger trend of Africa emerging as the most welcoming country for Blockchain innovation in the world.
A Blockchain is a digital ledger, applied in various situations. One can store information such as transactions, contracts, and identity as well in it. Africa has a developing infrastructure and weak governance, resulting in less trust over the local governments and more attraction towards the platform.
Factors affecting Africa’s Development – As per the UNICEF, in the sub-Saharan Africa, 2/3rd of the infants are not registered with the government at the time of birth, and 3/4th of the kids don’t posses birth certificates. The issue is that the unregistered population aren’t allowed to access health care, education facilities or even own a property.
Why Blockchain – Blockchain is one among the first technologies that gives Africa an opportunity to compete internationally. Reason being, there is a huge requirement for a flawless, resistance-free services in the continent. According to a consultant from Blockchain Academy, which is based out of Africa, the whole thing is basically pushed by frustration, resulting in dysfunctional economy, growing inflation and underperforming financial services. For them, Blockchain is like catapulting through other technologies, due to lack of options.
Though Africa has gained momentum regarding blockchain’s introduction for good, infrastructure still seems to be a challenge. There are other challenges like good internet, proper electricity as well as the awareness of the public about the platform. However, there are a few remarkable advantages that Africa hold over other continents. With really less number of legacy stakeholders and systems in place, the innovators from Africa can easily opt out of the outdated technologies and grab whatever best opportunity that suits and benefit them.
Taking an instance of phones in Africa, the consumers gave up on the burdensome landlines and jumped straight to mobile phones, much faster than the worldwide average!