Bitcoins are stupid … you are throwing your money …. etc … etc …
Ok, those who have tried so far to protect their interests with such statements can no longer do so, Bitcoins are a reality and the blockchain is emerging as a new tool for changes that can revolutionize the financial world and beyond.
One of the most important steps, perhaps the greatest in terms of financial dimensions and social impact will be the use of blockchain technology for Africa’s development.
What do you mean?
It is clear to everyone that Africa has an enormous and compelling necessity of civil development, and if this development must go through respect for human rights and the widespread development of democracy, it is also true that Africans will have financial needs to support this change.
But how to do it? African governments have always been synonymous with corruption, often pushed by subjects from the West.
Moreover, developing a banking network in a few years is a theory beyond the unrealisable, both, as mentioned, for the problems of corruption that would certainly arise, both for the actual difficulties of the creation the necessary technological connections.
So what? So, internet. Indeed, Blockchain!
In Africa only 34% of people have the possibility to interface with a bank.
For this reason some cryptocurrency transaction platforms have entered the African market, creating access to micro-credit through bitcoin loans and p2p transactions.
One of these is Luno.
Furthermore, the total impossibility of creating fake transactions allows countries with a very high rate of corruption to have maximum transparency in financial transactions.
In the continent, the Blockchain Africa Conference was born in this regard in 2015, an event that aims to understand how to solve some problems in Africa thanks to the Blockchain.
IBM, Microsoft, some banking institutions and new cryptocurrencies have already positioned themselves among the sponsors of the event.
This year’s event will be held on March 8th and 9th.
Another important example of the use of the Blockchain that should be mentioned, but not concerning Africa, is the use of Ethereum by the UN to send money directly in-app to refugees bypassing the banking system, which creates slowness and costs now useless to support.