The Tapping of Africa’s potential using blockchain

Blockchain is a technology that will save Africa in many ways. I see it as a God-given tool for us. What M-pesa did to the unbanked is the same thing blockchain is doing but now on a large scale. Financial freedom is one of the things Africans have not had in a long time.

Let us go back in time… It was 2008, post the latest global financial crisis, and there was a feeling that a better system would be needed. One where banks are not fully in control. That when it hinted Satoshi Nakamoto and wrote an eight page white paper that introduced the world to blockchain and digital cash.

Since Bitcoin and blockchain were catalysed by a financial crisis, and seen as a solution, it should follow that where there is an ongoing financial crisis, the digital cash system, is the key to financial freedom. Africa in general has had financial crises ever since the colonialist left.  Miss management of funds and corrupt leaders who have made the people not to trust the fiat currency. This has made different companies and start-ups to introduce all sorts of solutions in various sectors to bridge in the gap for the Unbanked.

I think that blockchain and cryptocurrencies could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down.

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These companies are helping Africans assessing opportunities uses-cases and feasibility of blockchain technology in the continent. Examples of startups using or addressing or implementing blockchain technology in their business model here in Africa are:

1. Ubrica–Ubricoin (UBN) is a cryptocurrency token issued on the Ethereum platform. We will use Ubricoin to support design, development, and implementation of Ubrica project. Ubrica project involves building world-class capability for high-quality life-science and health-production (LSHP) in the world. We will build a model physical project in Kenya. Ubrica project in Kenya will create a node for highly advanced biomedical research and development, and highest quality health care services.
2. Kubitx, is an exchange that boasts simple but effective implementations of blockchain technology to solve important problems in Africa and beyond. Problems that have plagued emerging economies such as the high cost of remittances, slow and complicated processes; over-dependency on the USD, convoluted currency conversions and many more have now been solved on KuBitX.
3. AgriLedger, a blockchain-based Kenyan startup, allows farmers to know their buyers and what the market prices are;
4. BitLand is a Ghanaian startup using blockchain technology to improve the land registration process by making it more secure;
5. Bitpesa is an online payment platform that allows transactions in Bitcoin and is now largely used as a B2B service;
6. Twiga Foods, a logistics startup connecting farmers to kiosks and markets in Kenya, recently partnered with IBM to devise blockchain-based financial solutions;
7. BitHub is a pioneering accelerator for blockchain solutions in Africa;
8. Bitcoin Africa.io, a young, leading news platform about blockchain and cryptocurrencies;
9. NairaEx and Luno, among the leading cryptocurrencies’ exchanges in the continent.

The technology has also led to massive adoption in various countries Kenya, South Africa, Uganda and Nigeria other shying anyway form this technology. It is a wake-up call for all the Africans to implement blockchain technology. This is no longer a hype or a bubble but an idea worth embracing to solve problems that have plagued emerging economies that we have faced generations after generations, which the baby boomers could not solve.    

Whereas  most technologies tend to automate workers on the periphery doing menial tasks, Blockchain automates away the center, instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi driver work with the customers directly.

Vitalik Buterin, Russian – Canadian Programmer Co-founder of Ethereum Blockchain

I think Kenyan and Africans in general should embrace this technology and give it a chance for the opportunities and use-cases are endless. Keeping it in mind that Africa has potential in terms of economic and Job opportunities