Role of Blockchain Technology in Africa's Economy

[Nathrixxx]

As the era of digitalization of (crypto) continue to gain new trends in taking over the world economy system with the highest population (users), it is also a relevant point to understand the technique involved behind it which is "Blockchain Technology". The Blockchain technology is currently used across various industries like supply chain, healthcare, retail, media and advertising, financial services, insurance, travel and transportation, oil and gas, and gaming.


The blockchain is an immutable (unchangeable, meaning a transaction or file recorded cannot be changed) distributed digital ledger (digital record of transactions or data stored in multiple places on a computer network) with many use cases beyond cryptocurrencies.

The blockchain platform is a promising venture for many entities because of its authorization and ability to record transactions and company engagements accurately.


Types of Blockchain
1. Public Blockchain
2. Private Blockchain
3. Hybrid Blockchain or Consortium
4. Sidechains

With the use of Blockchain Technology and it application, a new technical development is set as Africa’s Digital Economy is said to be one of the leading in Cryptocurrency growth and the use of Blockchain technology to help drive the growth of African businesses. Recently, one of the most well recognized integrated digital payment and e-commerce company, "Interswitch Group" has unveiled its whitepaper on blockchain titled “Blockchain Technology:


The white paper document contains details on how businesses can leverage blockchain technology to transform their businesses and the prospects it portends for the future of Africa’s digital economy.
Also this development was inspired by the need to demystify the ambiguity around blockchain technology for African businesses thereby driving digitization and socio-economic growth across African markets.

Am convinced the use of Blockchain Technology system in Africa's businesses and economy at large will place a delicable impact and stand a game changer of fiat traditional system to digital Blockchain Technology system.

https://blockgeeks.com/guides/how-does-blockchain-work/
https://www.vanguardngr.com/2021/10/interswitch-unveils-whitepaper-on-blockchain-technology/amp/

[LUCKMCFLY]

Thank you very much, it is interesting, I think that in Africa there is much to be exploited, in fact Nigeria is a country that really has a lot of potential, its people are very active and have a lot of desire to always get ahead, obviously blockchain technology at an industrial level can improve , optimize and establish new speeds in the processes, and this is something that many are still studying.

These African countries have many things to exploit, and Blockchain technology can be pioneering in many ways, and in the best of cases even in the economic sense, which is what is always sought, as long as all the imposed regulations are respected. by governments and financial institutions, which is generally what limits the most. I have seen activity by a friend who is in the Guinean embassy, and the work there is impressive, many people are looking for hard work, that is, their economic model has not been 100% exploited and if they join technology they can get to increase the percentage now.