THE POSSIBLE IMPACT OF BLOCKCHAIN TECHNOLOGY IN AFRICA

Blockchain has evolved across the globe. There has been a lot of breakthroughs, innovations and applications with it so far. Blockchain is not just the game changer, but it has come to stay.

Several countries across the globe have started adopting blockchain technology as a new way of life. In Africa, it will make more sense if we follow suit for the ultimate prosperity and development of our people and the continent at large.

What is Blockchain?

"Blockchain is a decentralized, distributed and public ledger that is used to record transactions across many computers."

Simply put, blockchain is a technology that facilitates the movement of coins, tokens or assets from one individual to another.

The question now is...., how can we move blockchain from where it is to where it can actually solve real life issues in Africa.
Below are some of the ways blockchain can help solve real life problems;

1. Blockchain rewards Contents

Unlike other social media platforms like facebook, twitter, instagram etc. Is it possible to have a community that rewards her members for interacting with each other, as well as informing each other?
The answer is, yes, it is possible. With Steemit, through blockchain technology, we have a community that rewards everyone for their contributions, both authors and curators.
When more people get on the platform, this will help elevate the economic status of many as they'll get to benefit financially from the platform. This will bring about growth and a level of financial freedom as more people will continue to leverage on the opportunity to attain same.

2. Blockchain Bypasses Banks

With blockchain there will be no need for money gram, western union, SWIFT etc anylonger while trying to send money to someone at a distant located. Traditional money transfer system usually requires a third party which are the banks to enable transactions, and this normally takes 2 to 3 days depending on the distant or location. In addition, there's usually transactions charges (remittances) to pay.
But with blockchain, there will be no need for any bank or third party, little or no charges, and no delay as transactions can be completed in milliseconds or a few minutes irrespective of distance or location.
Money transfer with blockchain technology is faster, cheaper and more reliable.

3. Blockchain Projects are more transparent than those of governments/NGOs

Already there are a lot of blockchain sponsored community and charity projects ongoing. The course of humanity has changed and lives have been touched directly through blockchain sponsored projects. Educational materials have been given to school children and students, houses have been built or bought and donated to people, water has been provided on some communities, electricity etc, all these through the possibility of blockchain.
Unlike government and NGOs, where transparency is not assured or almost non-existent, it is much better to donate to a blockchain community project where accountability is attainable and transactions are made open, as volunteers for such projects will always do well to report back to the blockchain community.

There are many other possibilities of blockchain technology we'll explore in our subsequent videos. Thank you for your time, till I come your way again.

To appear as a guest author, contact @kofpato or @lordjames on discord and telegram.

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