Africa Should Embrace the Blockchain to Boost Development, Say Experts

Interest in the blockchain and the various use cases it’s being applied to is highlighting the impact it is having on different sectors, and now Africa is being urged to embrace it to boost development on the continent.

According to experts, the distributed ledger has come to present golden opportunities for Africa that need to be used for further development. One of the issues that the technology could solve is the continent’s slow economic development, reports The Guardian.

Speaking at the Blockchain Africa conference that was held in Lagos, Nigeria earlier this month, Steph Mekwuye, founder and CEO of Eka Consult, that had organised the event in association with Fintech Worldwide Limited, said:

“At present, blockchain technology has become a day-to-day technology in 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.”

Luis Novella, Digital Transformation Expert at Eka Consult, spoke on the application of the blockchain and explained how companies could use the technology in the country of Nigeria to bring transparency to business financial management.

For many the use of the blockchain holds great potential for future solutions. Once used primarily within the finance sector, it is now being applied to various industries.

One such example is the supply chain. In China, VeChain, a Shanghai-based startup, is turning its attention to the blockchain to bring trust and authenticity back into China’s wine market. Reported last week, the startup is teaming up with French producer Pierre Ferraud and Fils to get its 2017 Beaujolais Nouveau red wine verified on its distributed ledger platform.

Another example of where the technology is being applied is with taxes. China’s Shenzhen-based Tencent Holdings, who own the popular messaging-social-media-and-payments app WeChat, has teamed up with the Shenzhen branch of the State Administration of Taxation. The two are using the blockchain to fight fake invoices and prevent businesses from taking advantage of tax loopholes.

These are just a few of the many examples of where the technology is being applied, but it shows the potential that it has and the lengths that organisations are going to to make use of it.

Featured image from Shutterstock.

Tags: africa, blockchain, Lagos, Nigeria

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