The application and adoption of Blockchain technology in Africa can be a panacea to numerous developmental lapses that have bedevilled the continent. Africa must adopt technological innovations if the continent hopes to catch up with the rest of the world.
Blockchain technology in Africa can turn things around if embraced and applied. With the availability of Internet of Things (IoT), Artificial Intelligence, and booming mobile telephony, the adoption of this technology in Africa presents a significant opportunity.
Apart from digital currency, the technology is made up of decentralised and unalterable register. This peculiar ability allows transactions to be validated almost instantly devoid of a central control unit. As a trusted technology, it provides the confidence Africa lacks to contribute to its development.
Besides, with its secure and transparent network, the attractiveness of DLT lies in the diversity of its applications. It can be applied in agriculture, public administration, finance, security, and business processes.
This article aims to highlight some of the examples of Blockchain application in some African countries.
Majority of landed properties in Ghana have been unregistered. Bitland Blockchain startup has made it feasible for property owners to register lands and real estate to store information in a transparent, public, verifiable and secure manner.
In Kumasi, Bitland has registered land titles in a public Blockchain for 28 communities. Currently, this startup hopes to expand its project to a national scale with the sole purpose of eradicating corruption while unlocking billions of fixed capital needed for prosperity.
The application of Blockchain technology in the Tanzanian public sector helped the government to weed out ghost workers in 2018. This audit work that was powered by the technology aided the Tanzanian government to achieve substantial savings.
To put it in perspective, the Tanzanian government lost approximately 430 billion Tanzanian Shillings every month in the payment of ghost workers. In essence, the government of Tanzania can now save about $195 million, which can be channelled into other sectors in the economy.
Ethiopia is the fifth largest producer of coffee in the world. However, 95% of the country’s coffee is produced in small rural farms, which hugely suffer from lack of organization.
Such a process increase farmer’s vulnerability to pressure from intermediaries who are not always reliable and trustworthy. With a lack of traceability, buyers don’t have the necessary information on the supply chain.
The Ethiopian government recently signed a memorandum of understanding with the Hong Kong-based blockchain company IOHK. The purpose of this partnership is to explore the possibilities of using Blockchain in the coffee industry.
With this development, Ethiopia will definitely earn more from its agricultural sector. Directly or indirectly, this move would improve the living conditions of small-scale coffee farmers.
With the cited examples above, it is obvious the application of Blockchain technology in Africa has the potential to improve the economy and livelihood of Africans immensely. This is a wakeup call to African nations to come to the realization of the positive reformations this technology brings.
It is still in its infancy, and governments can key in to improve different sectors for maximum functionality and benefits.