Is Cryptocurrency and Open-data the answer to Africa’s thriving corruption and poverty?
Image credit: Derrick Broze
English is a global language, whether you from any continent, country, town, village, gender, race or religion we can collaborate and understand each other if spoken. Internet is part of Open-data which has enabled us to find hidden answers to problems and questions many have been facing.
In Africa, countries like Zimbabwe go through unpleasant government corruption and poverty. Its currency is down to nothing on a global scale (1 USD = 361,900 ZWD at the time of compiling this blog). According to AllAfrica article “Thousands Flee Zim to South Africa As Poverty Deepens” . South Africa sees an influx of Zimbabweans flocking in for refuge and seeking a better life, some are qualified engineers, scientists and doctors. The very same South African government welcoming them is popular and well known for corruption, under carpet tenders and money laundering.
South African President was accused of spending millions on non-security upgrades at his home while people live with poverty and unemployment on a daily basis. Suddenly he made a loan worth R7,8 million (1 USD = 13,7222 Rands at the time of compiling this blog) with a very small bank (VBS Mutual Bank) in a small town (Louis Trichardt) whereas large banks turn down his home loan application . According to Fin24 report the very same bank, “Its 2016 financial statements showed the bank had cash and equivalents of R250m and showed a profit of R4.9m.”
“There is no trace of a home loan in the name of President Jacob Zuma to repay his Nkandla debt of R7.8m", reported by Netwerk24
Blockchain has proven to be “Open” and “Transparent” not only for cryptocurrency even larger reputable insurance companies like Santam hosted a Hackathon which I participated in, in order to implement blockchain “smart contracts” capabilities into its processes to combat false claims and fraud.
With blockchain and a global cryptocurrency we would not be asking such questions:
I use cryptocurrecy in South Africa, to cover my daily expanses and not only me as we can see its popularity: Xapo Debit Card Review by @chitty
Other global organizations are already assisting Africa by donating their Bitcoin or Steem to pay off schools electricity: Steemit solving an African problem by @gamaroff
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