Africa Is Embracing Blockchain
Since its inception, blockchain has been a buzzword in Africa, and now the continent is shifting and is poised to become an engine that will power notable innovation.
As Africa enters the crypto scene, they are considering blockchain for various applications. For example, in Kenya, the government has set up a blockchain and AI taskforce to investigate ways to use it for government services. Dr. Elijah Bitange Ndemo, known as the father of broadband in Kenya, leads the Blockchain and AI Taskforce. The team he is leading is already looking at use cases for education certificate verification, traffic management, and financial transactions.
In 2017 the country held an election that was one of Africa’s most expensive; costing more than $480 million. After the elections, allegations of tampering, hacking and voter boycotts were reported at such an alarming rate that the supreme court eventually annulled the presidential results. In response to this devastating waste of funds, the Independent Electoral and Boundaries Commission (IEBC) began looking into blockchain voting technologies that would allow candidates to securely access real-time results, effectively improving transparency and reducing public suspicion.
As the Kenyan government continues its study of how blockchain can enhance their programs, Uganda is also looking into the implementation of blockchain technology. Leaders in the country, such as Vicente Bagliew Waiswa, permanent secretary of the Ministry of ICT has shared on numerous occasions that the country is aware that the world is moving toward welcoming blockchain in a wide variety of services, and Uganda will not be left behind.
While Africa moves closer to becoming a continent that embraces blockchain, there are also new companies focusing on creating products and services specifically for Africa. In Nigeria, Bolaji Onibudo has worked with colleagues at BAM and Oracle in implementing a blockchain project for the Nigerian Customs Service for its Excise Trade Business. Bolaji is currently the founder and CEO of XendBit, a decentralized exchange that is poised to be the Coinbase of Africa.
“Also, many Fintech organizations are now advocating and employing blockchain technology as a solution for solving property and assets right challenges and to access trapped capital, as described by Hernando de Soto. Subsequently, many land registers are being transferred onto distributed ledgers such as the Sesso Global mortgage blockchain. This makes it apparent that we will be able to provide Blockchain services that will enable traders, small businesses and farmers to raise capital for their various ventures from global crypto capital markets” proclaims Onibudo.
With companies such as XendBit entering the scene and offering blockchain solutions, coupled with the African governments exploring the best ways to utilize it, Africa will continue to grow in its use and adoption of cryptocurrency. The lack of solid economic infrastructure, paired with the emerging sectors of society makes Africa an intriguing market to watch as it embraces blockchain.
