Blockchain: The Tool That Can Help Africans Build The Next Facebook Google. From research previously carried out Nigeria, South Africa, Ghana, and a number of Africa’s major markets have been witnessing an increased drive for cryptocurrency. To enhance the process there are a number of crypto platforms rendering excellent social services.
At Techpoint Build 2020, during the panel session, with a theme, “Secure digital currencies for the future of Africa”. Yele Badamosi, CEO of Bundle Africa; Hanu Fejiro Agboje, CEO of Patricia; Eric Annan of KuBitX; and Marius Reitz, General Manager for Africa, Luno, gave immense depth into taking crypto mainstream. Let’s see many other benefits and importance of Blockchain: The Tool That Can Help Africans Build The Next Facebook Google.
Blockchain: The Tool That Can Help Africans Build The Next Facebook Google
According to Techpoint Research, the predominant use of crypto has been mainly for speculative purchases. However, Buyers used both formal and informal P2P exchanges to buy and hold crypto against future cases of inflation and devaluation. Few use it as a legal tender for purchases. As reported by Badamosi, the rise of crypto platforms offering social payments has been a strong factor in bringing many people into the crypto space and establishing trust in digital assets.
Another person, Agbodje explained that in terms of various use cases, there has always been a gap. With new innovations in the crypto space, people can now buy airtime, pay bills, and make other day-to-day payments with crypto. Also, Annan insisted that beyond speculations, Africans could use the Blockchain as a tool to create bespoke solutions across different sectors and countries in Africa. “The Internet did not create Facebook or WhatsApp, it didn’t create eCommerce; people used the Internet as a tool to create them. Blockchain is one of such tools that can be used to create solutions in sectors like payments, travel, and education,” he said.
Blockchain And The Stride In Payment Infrastructure
Before now, much has been said about the possibilities of Blockchain technology, but the infrastructure in Africa has not been sufficiently developed compared to the rest of the world.
Blockchain can contribute immensely to the Nigerian economy. Some of the ways it can do so are in the areas of budget tracking, financial inclusion, access to credit facilities, free and fair elections, and a unified database. Today, such Blockchain-based innovations have not been sufficiently developed despite the obvious need in most African countries.
So far, the financial space seems to have made the most strides. In a discussion on the community by Techpoint, the major responses to the various use cases of Blockchain seemed to be in the area of developing payment infrastructure. It was there Annan first talked about the KBX wallet, a platform that lets users tokenize their fiat money (Naira, Cedi, Kenyan Shilling, etc.). At Techpoint Build 2020, he explained that with the KBX people can travel from Nigeria to Ghana without having to purchase foreign currency. “Imagine naira on steroids able to swap it seamlessly with the Ghanaian Cedis with no pain,” he said.
Fliqpay is another platform trying to develop cross-border payments using Blockchain technology. While one could send bitcoin easily around the world, the trust level for bitcoin is still relatively low, and few merchants accept it as a means of payments. Hence, fiat money remains relevant. Hanu also pointed out this relevance with his prediction that stable coins (tokenized currencies) will become more relevant as people begin to hedge their funds against the volatility of the forex market.
He revealed that Patricia has developed a card that can be used to withdraw cash in Naira from ATMs, and could be used to spend bitcoin in shopping malls. Luno’s Reitz believes that there should be some form of partnership with traditional banking institutions in order to bring cryptocurrencies closer to the acceptance levels of fiat money. Use the link below to get additional information om this article