The rise of blockchain adoption in Africa has been apparent in the past decade. Everything from the gaming industry to transportation is changing. Even blockchain transaction payment services. Many stakeholders that reside in Africa have expressed that decentralized ledger technology (DLT) and blockchain are the next new things in terms of solving developmental issues. The technology harnessed will provide opportunities for African countries such as Nigeria and Kenya, to elevate themselves and develop over time.
Even though governments are still wary of such technology, many countries have been taking steps to increase their use of blockchain. Nigeria and Kenya are two such countries that have planned greater cooperation and regulation with their private sector to different leveraged benefits that may accrue from blockchain technology.
Fintech in Africa
If you look at the Road Transport Workers union in Nigeria (NURTW), and several other partners in the private sector, they have all recently launched blockchain-based schemes, which have been targeted at improving transportation. Many stakeholders that have invested in the project, claimed the program would enhance record-keeping, safety, and insurance for people traveling on the road.
There will be some challenges; for instance, people need to ensure that protocols for blockchain are straightforward to use. Many commentators have pointed out that some steps need to be taken by providers of telecommunications services, and the work of these services has led to significant penetration of mobile services across Africa.
Decentralized technology in Nigeria
If you’re looking for a job as a blockchain developer, then it’s best to head to Nigeria because they have plans for a concrete framework in place for blockchain and crypto regulation. One of the most vocal members of the House of Representatives can’t speak more highly of the project and praises blockchain companies for their innovation. The person thinks that moving quickly to create an environment that is heavy on blockchain technology will see the country flourish.
Many people in the country have come to the idea that the blockchain will be a significant section in a digital industrial revolution. Many online casinos are switching to cryptocurrency. Government representatives like the idea, and think that it will offer useful solutions for Nigeria and the whole Africa in creating trust in a part of the world that is very corrupted. Smooth transitions can be accommodated with blockchain technology from the current web systems that are crippled with problems. A distributed nature technology for major branches of a nation’s economy will be an excellent thing for international development.
Kenya, Nigeria, and China … Africa
In the past few years, both Kenya and Nigeria have looked towards China to see a model of how the country has risen from poverty to become a global leader using blockchain technology. Even though industrialization has indeed played a pivotal part in China’s growth, the blockchain has undoubtedly moved the economy in the right direction. It is this technology that Nigeria and Kenya are looking to harness to bridge a developmental gap. Several parts of Africa have seen recent Fintech booms, and the next thing to boom will be the blockchain technology.
Nigerian blockchain PAMs
In 2019, a tech firm partnered with Nigeria’s road transport union as well as both healthcare and insurance companies, to create a manifest passenger system based on the blockchain (PAM). In Nigeria, traveling by road is extremely expensive and is crippling for the whole country. Bus fares are often more than double than the most costly interstate airfares.
Even though road transport is incredibly popular within the country, there is a lot to be desired for its infrastructure. Highway systems and roads are in incredibly poor condition, and traveling by road can be dangerous. People often find it very difficult to get medical care when they are in a road traffic accident. Hospitals are continually refusing to admit victims of road traffic accidents because people may lack insurance and ID documents. All of this happens despite the law in place where it is a mandatorily full emergency treatment to be provided for both gunshots and accident victims. All of this problem is also exacerbated by the number of kidnappings of road travelers within the country. Law enforcement agencies have a challenging time locating the next of kin of kidnapping victims.
Current and paper-based manifest systems create enormous problems. Often people have no idea about passenger information, and this makes hospitals and police stations have a difficult job. The recent collaboration is working on devising a system to improve all of these matters using the blockchain. PAM is set to digitize and organize passenger information across the country. The plan will be to replace all of the paper manifests that have been used until today and completely digitize everything to ensure that proper records are kept. Likely, all of these measures will severely boost the country’s development so that appropriate care and prompt care can be provided to victims, plus crime rates across the country will decrease. Not only will ordinary citizens be a winner, but also hospitals and police stations will be able to work more efficiently. It may not be obvious at first, but blockchain definition will matter less to people as long as it is doing good.
Conclusion on blockchain
It seems as though there is a lot of exciting blockchain news about global development around the world. With the blockchain info he had learned about after reading this article, it’s clear to see that the future is bright. Hopefully, blockchain will continue to influence the world positively for many years to come.
How does blockchain work in terms of international development? Tell us about your thoughts in the comments section below.
Thomas Glare has been writing extensively about digital architecture, blockchain wallet types, and Fintech ever since graduating from Southampton University with a degree in creative writing. He has also been working on his bitcoin project, which it plans to roll out later this year.