HOW BLOCKCHAIN TECHNOLOGY IS INFLUENCING THE AFRICAN FINANCIAL MARKETS
HOW BLOCKCHAIN TECHNOLOGY IS INFLUENCING THE AFRICAN FINANCIAL MARKETS
Introduction
The blockchain technology is fast becoming a trend all over the world. Africa is no exception to this as the technology has found its way to the continent. Some of us have come across the block chain technology but do not know that we have.
I will explain concisely the technology so you can understand how the blockchain has an influence on the African financial market.
What is block chain technology?
The blockchain technology is an invention by an unknown person with a common pseudonym “Satoshi Nakamoto”. This technology has been considered to be the digital era of currency and the first currency is the bitcoin which is referred to as the ‘gold’ of the digital world. This is a transparent technology and the information is not stored in a centralized location rather it is available to the public thereby making it easily accessible to everyone.
Africa and Technology
Africa as a continent is always the last continent to implement any digital innovation and this is not different for the blockchain technology.
South Africa has already began trials using the blockchain technology in conducting financial transactions and the country stated that this can help reduce the amount spent in initiating transactions which in turn will save them a whole lot of money.
Nigerians also have started embracing the Cryptocurrency and blockchain technology with more and more users continually trading using Cryptocurrencies.
Kenya has started using the blockchain technology to enable its citizens’ access micro loans through their smartphones.
Some countries in Africa are already making use of bitcoin cash machines while some have not accepted that idea to be used in their country yet.
A lot of millennial are engaged in bitcoin mining and transactions which they use as alternative sources of income. These and many more numerous examples are how the blockchain technology has influenced the African financial market.
African Financial Markets before Blockchain Technology
Before the implementation of bitcoin technology in some markets in Africa, corruption was very rampant as money could be moved from place to place without any trace. Recently the blockchain technology has been accepted by many African countries because of its many benefits and some are still looking to implement the technology to boost their financial markets.
Africa and Blockchain
The whole world is aware of the corruption that the leaders of Africa are enmeshed in and not the corruption misappropriation is limited to African continent alone as there has been damning evidence of gross corruption and misconduct in the western world ranging from Europe to America. However, this corruption is why Africa is the slowest continent to attain any new technological advancement where its counterparts have far superseded in same. With the blockchain technology, transparency will be the watchword and this is what will drive the potentially untapped market of individuals to a blooming business for the world of digital currencies. AFRICUNIA has seen the need for transparency in Africa and has brought about a Cryptocurrency Bank (AFRICUNIA BLOCKCHAIN-based Digital Bank) to help actualize this ‘dream,’
This technology will revitalize how financial records are maintained and it has been predicted that over the next few years blockchain will be the majorly used way of transacting businesses. This is why the need for digital banks is on the rise; not only because of the blockchain technology but because the world is becoming fully digitalized as every process and action we make is becoming automated. Blockchain can and will be used to enable payments across any platform and currency; which can be seen in the multicurrency digital wallet of AFRICUNIA Bank — AFCASH.
Africa has a wide untapped market of Cryptocurrency users and with the introduction of a digital bank and exposures to the use and many numerous benefits of digital currency; Africa’s financial markets will see a positive change in the nearest future because of the introduction and use of the blockchain technology in conducting transactions.
About AFRICUNIA BANK
This is the first digital bank in Africa that is embracing the blockchain technology. The platform is user friendly and can be understood by both new and existing Cryptocurrency user/traders.
This company saw the need to bring Cryptocurrency to Africa to enable it catch up with the world in trading with Cryptocurrencies which is one of the many services AFRICUNIA offers.
AFRICUNIA is going to be the first bank in Africa with no physical address or frontend offices rather the services can be accessed through the internet we all use every day. For more information about this bank project please visit https://africunia.com
About the Author: Don Chancellor is the Founder of AFRICUNIA BANK and is easily reachable on Telegram via this link: https://t.me/africunia or on Medium https://medium.com/@don.chancellor
