Blockchain Technology Finds Optimistic Ray Of Hope in Africa!
Africa blockchain movement is not novel to the cryptocurrency space, and the continent has some desire eyes that appear to be the light-bringers for the Africa blockchain market.
The current Blockchain Africa conference was positive for Africa as it represented a prospect for the continent to become the leading force in blockchain development and executing blockchain-powered technologies.
Blockchain looks to be the new favorite in town as the word caught loads of attention in the African blockchain conference, where participants appeared to concentrate more on blockchain solving industry difficulties instead of resorting to digital currency trading.
Africa Blockchain potential for ID problem
African people have long confronted the issue of getting ID papers. Possibly, with blockchain, this issue can certainly be discussed as Victor Mapunda, CEO of FlexFinTx, gave the idea of moving to digital identities at the conference. This appears like a good and convincing case, notably after understanding that about 400 million Africans do not have proper identification paperwork.
Another problem associated with identification is the lack of birth registration systems. According to the specifications given by the Mo Ibrahim Foundation, almost 92% of African countries do not have the extravagance of birth registration systems.
These problems are mainly due to institutional incompetency and appear in issues with data capturing and sharing information. Because of this, institutions lack data about people that prohibit them from assisting the people efficiently.
Africa blockchain solutions for supply chain
A potential solution for Africa’s supply chain obstacle was addressed at the conference, particularly recognizing that the African Continental free trade started last year in May.
According to Thavash Govinder, AI, and data analyst from Microsoft South Africa, blockchain technology could have numerous benefits for cross-continent trades. Govinder also said that systems that are updated via blockchain use could exponentially expedite the process of trade as it will eliminate incompetence in various processes.
Public procurement and battling corruption
Blockchain could also be included in receiving public information; this could be particularly significant for government organizations. This technology will also assist in dealing with corruption as William-Elegbe of African Procurement Law unit said that from 15-22% of South Africa’s GDP goes to public procurement, and due to corruption, approximately half of this is spent on fraud. Nevertheless, as of today, there are zero applications of Africa blockchain to stop corruption and address procurement, although the future may observe a wave in these applications as per the positive climate at the Blockchain Africa conference.