Is blockchain technology the answer to Africa’s poor financial and physical infrastructures?
Africa, as we know, needs the latest breakthrough more than now to resolve its many issues that hinder its development. Many African countries are enduring from uncertainty as well as monetary and substantial infrastructure.
Bitcoin is now on the African horizon and a breed of young tech ingenious industrialists is embracing the technology for substitute investments. Companies are resorting to blockchain which is a secure and constantly burgeoning digital ledger that establishes cryptocurrency transactions to construct solutions to local issues. Because of bitcoin’s brilliance without the capriciousness, it has the ability to interchange in the continent.
Blockchain startups are blooming in the African continent where they identify new ways and means to employ the technology to solve the nations’ problems. In Kenya, Otlw is establishing an educational system based on an Ethereum blockchain. Project UBU, on the other hand, intends to encourage demoted salary South Africans to have a blockchain-based virtual currency. In addition, ChamaPesa utilizes blockchain to assist local Kenyan cooperatives to develop bookkeeping.
Meanwhile, in South Korea, a blooming startup has launched its native currency called Spyce using the wonders of blockchain technology. Dnet as the company is called the most formidable complete hyper-speed P2P decentralized internet communication solution that can be developed by blockchain technology. With its cutting-edge browser technology Anuvys, a user can experience a much faster, more secure, and more secluded decentralized internet where traditional websites can be accessed at the same time.
Blockchain technology has many uses such as knowing the origin of the seafood that we eat. The inadequacy in food supply sequences today is truly alarming. Consumers have no idea where the food came from aside from the supermarket. Provenance, a startup, and The World Wildlife Fund (WWF) are finding ways to solve the supply chain’s scarceness of transparency using the blockchain technology and started with the fishing industry.
Blockchain technology is now being used in experiments in the Pacific Island fishing industry to enhance the ability to trace tuna and to support the impediment of illicit and unsuitable fishing procedures. The project is called “Bait-to-plate,” and will use a consolidation of quick response (QR) codes, radio frequency identification (RFID), and scanning devices to record tuna’s course onward to the supply chain.