Known as distributed ledger technology, blockchain is finally taking root in Africa. The technology is attracting attention across many sectors of the African economy and there is growing recognition of its potential to re-engineer benefits through greater data sharing. Blockchain technology utilises powerful algorithms to allow multiple, independent parties to share digital information or transact with one another, using distributed or shared ledgers. What that means is that environments are typically not dominated by any one user, but still allow all parties to have confidence in the integrity of the shared content.Blockchain is a disruptive technology that will drive the development of the African digital economy.In the last few months, I have received plenty of interests on what Motaso Inc, a company associated with your blogger has to offer as African markets increases the readiness for blockchain technology in all sectors. There’s no doubt in my mind that blockchain is a disruptive technology that will revolutionise all areas of business. Your blogger firmly believes blockchain is a key technology that will drive the sustainable growth of Africa’s digital economy. It will not only transform Africa’s business and financial services, but will also elevate and improve the quality of people’s lives in the same way as Internet has impacted African societies. To avoid missed opportunities, African countries strategists, planners and policymakers in the telecommunications industry should be aware of the influence of this disruptive technology on the telecom ecosystem in the immediate future. The era in which buying an apartment would take two months to complete, even if a buyer has the cash to buy it outright in Africa, are soon coming to an end. With blockchain it will be possible for me to sit down in my office in Australia or Europe and buy it instantly, and will have the ability to sell it to someone else immediately.Blockchain has delivered us to a world where anyone will be able to do such kinds of transactions, at any pace.In Africa, South Africa, Nigeria, Egypt and Kenya are well positioned in uptake of blockchain thanks to their robust digital economies.
As of now, they are the real-life adoption of blockchain technologies in any significant commercial undertaking.There will be great potential benefits and productivity gains for the African economy but potential legislative and regulatory implications such as privacy consideration may hinder its growth in Africa. Am looking forward to delivering a provide practical use cases where blockchain technology will be piloted in unnamed two African countries government services, thanks to proof of concept already in place, I hold the view that the revolution of blockchain in Africa is unstoppable.There are currently a several potential areas where businesses with blockchain technology could explore opportunities such as sharable registry information, verifiable supply chains and assessment of aggregate risk exposure in the financial services sector.This is a rapidly emerging area and now is definitely the right time to look at what it could mean for our economy.Your blogger’s view is that African governments should play a key role in setting policy and strategy, focusing on promoting and developing business creation and eliminating obstacles in order to maximise benefits to the people and establish a digital infrastructure and spectrum development strategy, leading to sustainable development. Blockchain is an innovative technology that African government organisations should be aware of and learn how important it is as well as how to adopt this kind of technology. Blockchain has the potential to transform all kinds of businesses and contribute to Africa’s growth, aligning with the African government’s development model that aims to improve incomes, quality of life, and sustainability as well as to establish digital access and reduce inequalities in the society.Even the most pessimists of blockchain technology know that it has marked new era of the Internet, which had moved from the Internet of information to what experts call the Internet of Value. In African countries, blockchain will undoubtedly transform financial services. The role of blockchain for banks includes cost efficiency, inclusion and performance, and transparency and risk reduction.In conclusion, establishing African countries standards around blockchain technology will provide a common language for regulators, industry, policy makers and technology developers. That will provide a basis for ensuring interoperability as this technology becomes more widely used in Africa.