Solving real world problems with Blockchain technology in Africa:
Blockchain is Changing Industries, One by One (and GLOBAL) AfricaIncluded Even With that astute headline, blockchain is not some new-age impersonation of cryptocurrencies and extends far beyond Africa digital assets. For real world problems, blockchain is a very powerful tool that is not limited to just cryptocurrencies, somewhere many people associate with crypto.
The advent of Blockchain technology in Africa is mostly a necessity. Most African countries suffer from systemic problems such as poorly developed banking infrastructure, absence of transparency and disorganized governance. Solutions are not available in the traditional systems anymore and blockchain applications are no longer becoming viable.
In this blog, The African blockchain reacts to these burning issues, making ways in which they propel the economic inclusion of the populace resolves inadequacies such as security of property right; governance and influencing sectors; and for more examples of Africa adventures in agriculture, among the way are ways the Blockchain solutions for African challenges is being used or will one day be used. After the end, you will have a visualization of Blockchain solutions for African challenges as not only the theory but practical innovations changing the continent.
Financial Inclusion: The Power of Wallback functionality
The Conundrum: Insufficient Access to Banking Services
Africa has one of the biggest unbanked populations globally with more than 60% of adults outside the traditional banking services. High banking fees, absence of government IDs and lack of infrastructure is leaving a large percentage of the population, especially in rural areas, out of formal financial systems.
Blockchain Solution: Decentralized Finance (DeFi)
DeFi is the new buzzword driven by blockchain-powered, person-to-person finance on decentralized platforms. DeFi lets individuals send and receive financial transactions on a blockchain without the need of a traditional bank with the help of cryptocurrencies that can be transferred borderless, without the middleman.
Case Study: Bitcoin for Mobile Money in Nigeria
Nigeria Holds Top 10 Highest Cryptocurrency Adoption Percentage Globally. Inflation has eroded people’s trust for their national currency, and a large number of citizens use Bitcoin as both a savings vehicle and for cross border transactions. Compared to traditional banking services, peer-to-peer (P2P) platforms like Paxful and Binance P2P can make the money transfer cheaper for you.
The Impact
- Don’t need a bank account to deposit or take money out of your account.
- Remittances get cheaper as the fees you pay to send money overseas slash
- Distributed, tokenized lending platforms tap into alternative funding streams for businesses
- Land sovereignty and property rights: Eradicate fraud, litigation.
The Issue: Invalid Land Records
Most African countries fight in the poorly maintained land records wars which are proverbially up in arms leading to disputes over ownership.. The rampant land sales, corruption and no paper trail results in many citizens not having any proof of property ownership.
The Blockchain Answer — Land Records That are visible to everyone
Land registries implemented on Blockchain technology in Africa (and digitize) property records by storing all the property-related records on tamper-proof digital ledger. This eradicates fraud, provides legal clarity and makes property changes easier.
Case Study: Bitland in Ghana
In Ghana, startup Bitland is using Blockchain solutions for African challenges to implement land registries which give land owners indisputable evidence of ownership. Bitland takes away phishing risk and hidden defects of property ownership by recording digital blocks on a Blockchain technology in Africa.
The Impact
- Validated ownership records will decrease the occurrence of land disputes.
- Property titles will accrue digital fingerprints so that governments and individuals can verify ownership.
- With smart contracts, property transactions are swift and speedy because of their immutable nature.
The Uncover of Anti-Corruption and Transparent Governance
The issue: Corruption, No One is Held Accountable
There continues to be corruption and elections in Africa which affect governance But a veil of protectionism fosters corruption and all sorts of fraud.
Solution using Blockchain: Open Transactions and Voting
Blockchain: Financial transaction and voting cannot be altered or tampered with due to its built in error correcting algorithm. Blockchain can be used for tracking public payment, election monitoring and increased accountability in governments.
An Example of Life in Jailed: Simple Blockchain Voting in Sierra Leone
Sierra Leone conducted the first piloted Blockchain technology in Africa voting to combat election theft Technology prevented inaccuracies by offering an indestructible digital copy of all votes that anybody who participated could check.
The Impact
- All public funds are tracked so the abuse of office is curtailed.
- Confidence in elections is increased by using secure voting methods.
- Compliant Automated contracts with governance policies
- Expanded Supply chain & Agriculture
Issue: Lack of Traceability and Middlemen Expropriation
In Africa, farmers are penalized with pricing levels that are unjust[1], falsified products and appalled delivery operations. Farmers lose huge portions of what they harvest to the middlemen and fraudulent agricultural products are rampant
Blockchain Solution: Supply Chain Transparency
Full traceability from farm to market, for transparency Chain of custody from farm to consumer. Smart contracts doing immediate payment and digital records verifying real product identity.
AgriLedger-In Kenya • real world problems
AgriLedger: A Blockchain Agricultural Platform Kenya that enables transaction recording, payment services for farmers in a secure way. This system cuts out the redundant farmers from being paid and ensures that the fair prices are handed over to farmers.
The Impact
- Transparency in transactions leads to fair prices for farmers.
- Well-traceable, product-oriented consumers chose certified high-quality products.
- Blockchain verification: Compatibility with the counterfeit product
- Tokenization of Assets — Africa digital assets and Resource
- Faced Problem — Over Pledges, Under-Utilization of Assets and Financial Inclusion
- Land, in particular, is often not liquid or undervalued across the African continent because of poor management, as well as dissemination to global markets.
Blockchain Innovations: Tokenization of Assets on the Block
The term tokenization is used by Blockchain technology in Africa to replace one-dimensional physical or Africa digital assets with blockchain based tokens which are then radically tradable and open access to economic opportunities.
- Example of use: Africans in the creative industry show how they use NFTs
- African Artists and Musicians Are Selling to Global Audiences via NFTs (non-fungible tokens)
- Afropolitan helps creators to get paid without intermediaries on digital content.
The Impact
- Artists and musicians with sole rights over the blockchain
- Through the use of asset tokenization, land owners and businesses access liquidity.
- Individual Investors sell and buy African assets on global markets.
Healthcare Blockchain Hack: Securing The Data Of Patients
The Problem: Mismanaged Medical Records and Fake Dosage Drugs
In many African healthcare systems, patient records are fragmented and the sale of counterfeit drugs are proliferating which results in wrong diagnoses and treatment. Secure medical records and authenticating drugs with the help of Blockchain adoption in Africa. Secure encrypted to blockchain Based Medical Records (Only to be accessed by permitted personnel.) It also guarantees transparency in pharmaceuticals from factory to the patient so fewer fake medicines can be produced.
Working Deeper Into The Industry: Medsaf, Nigeria
A blockchain backed platform MedSaf verifies drug authenticity and ensures counterfeit drugs are kept out.
The Impact
- Accurate medical records lead to better diagnoses for the patients.
- Prevent Fake Medicines from the Supply Chain (Verify)
- Healthcare is saved due to increased efficacy and lowered fraud.
- Blockchain adoption in Africa The Future
Present, Blockchain can do more for Africa than what is possible right now. Various countries and private sectors are experimenting with new blockchain applications including education, cross border trade or renewable energy. With more mobile penetration and improved internet accessibility for Blockchain adoption in Africa is going to be just around the corner.
How You Can Get Involved?
Do you have an African challenge to solve – entrepreneur, investor or policymaker — the time is now for blockchain! How do you contribute?
Startups: Create Blockchain solutions for African challenges.
Investors: Seed cutting-edge blockchain ventures with transformative capacity.
Policymakers — Propose blockchain-friendly regulations.
Through enabling economic opportunities and driving for sustainable development by supporting Africa digital assets we can unlock the real potential of blockchain.