Africa is still one of the most undeveloped continents in the world but this may change if the continent embraces blockchain technology. According to some experts the situation may change in the future if distributed ledger technology is used by governments and companies in the continent.
Africa Could Boost Development with DLT
Different countries in Africa are starting to embrace the technology so as to further develop their nation. We are talking about Nigeria, South Africa or Ghana. Experts at the maiden edition of the Blockchain Africa Conference that was organized in Lagos, Nigeria, agreed in the fact that the technology may provide ‘golden’ opportunities for development in the continent.
One of the main topics discussed was how could blockchain address the different challenges that the continent is now facing.
Steph Mekuye, Founder and Chief Executive Officer at Eka Consult, commented during the event:
“At present, blockchain technology has become a day to day technology in the Europe, America and some parts of Asia, Fintech Worldwide in conjunction with Eka consult brings an array of IT leaders and experts both within and outside the country to educate and enlighten the industry stakeholders on the opportunities in the blockchain technology.”
Nigeria is one of the many countries in Africa embracing DLT. In the past, the government has shown its support to the implementation of the technology. South Africa, for example has several technological firms that are involved in the African continent as a whole.
Other important figures present at the event were Yele Okeremi, Chief Executive Officer at Precise Financial Systems, Olufemi Ajulo, Managing Director at Michelle and Anthony Consulting, and Emeka Okoye, Chief Executive Officer, at Cymantiks.
Blockchain Company Tackles Land Fraud
One of the main uses that blockchain technology allows for is to tackle land fraud. In Kenya, as well as in other African countries, is very common to hear that there are two owners for the same piece of land. And this happens because of the lack of government in the place.
With blockchain technology, this could change. A start-up from Ghana, the start-up Bitland, is working with DLT so as to help boosting the integrity of the land records. Since the country obtained its independence, more than 80% of its citizens do not have the title of their properties.
This is just an example of what this technology is able to do and how it can help African countries to challenge the problems they now experience.
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