Africans Need Education on Block chain

Africans Need Education on Block chain With the Growing Interest in Block Chain Technology and Cryptocurrencies.

Africa, which is often considered a wild land, may have to make everyone stunned this time.

According to NewBTC, in the past year, at least 15 newly established digital currency exchanges have emerged in South Africa. In addition, Kenya’s payment and transfer platform service provider bitPesa has established partnerships with more than 60 banks and operates seven mobile wallets.

At the same time, more and more blockchain startups are stationed in Africa, and there are many sparkling companies. Other giant companies such as Consensys, Ripple, Rightmsh and Bloc have already established branches in Africa. Optimistic about the business prospects in Africa. Some foreign media commented that Africa will become the center of the emerging blockchain.

It is not too difficult to prove this. A month ago, celebrities in the global blockchain field, as well as representatives from the financial, judicial and global technology industries, gathered to discuss the application of blockchain technology. What is intriguing is that this meeting is not the location of London as a global financial technology sacred place, nor the most important financial center of the West Coast of the United States, but the “golden city” of Johannesburg on the upper reaches of the Waal River in northeastern South Africa. . This change in geographic coordinates has subverted people’s perception of South Africa and has caused people to start looking at this strange country again.

So, what is the magical power of the most cutting-edge blockchain technology that merges with this ancient African continent? Today, the author will take you to know.

Blockchain is making a big change in Africa

According to statistics, 80% of the nearly 326 million adults in Africa do not have bank accounts. In sub-Saharan Africa (poor and backward, commonly known as “black Africa”), less than 3% use credit cards. The financial foundation of the entire country is rather weak, which seriously restricts economic development.

However, on top of this barren financial land, the emergence of digital currencies such as bitcoin has gradually brought hope to the dead African financial industry. The African financial system has begun to turn its attention to blockchain technology and hopes to rely on this emerging technology to reduce the transaction costs of banks. In the eyes of some people, the blockchain has even become the key to changing the overall economic profile of Africa. In an article entitled “Digital Currency Can Help Africa Enter the Future,” author Darryn Pollock pointed out that on the African continent, the development of blockchain technology can be compared to the revolution in the telecommunications industry.

The author believes that if blockchain technology can really bear fruit in the African financial sector, then Africa will cross the traditional financial era, directly into the blockchain financial era, or change the face of Africa, the economic take-off is just around the corner, and people’s lives are expected to be substantial. improve.

In fact, the impact of the blockchain on Africans is deepening and deeper, and it is concentrated in Bitcoin. At the end of March, according to data released by Paxful, a digital currency trading platform in Africa, the trading volume of its platform bitcoin is rising rapidly. The monthly transaction volume reaches 40 million US dollars, of which the United States ranks first, Nigeria and Ghana rank second. Among the three, among the top three, Africa has occupied two seats, attracting attention. According to the author’s understanding, unlike most other countries, digital currency is regarded as an investment and financial management tool, and Africa’s attitude toward digital currency is unusual.

Due to the unstable currency of some African countries and the backwardness of banking services, digital currency is being regarded as a “safe harbor” for asset wealth by Africans. More and more people use mobile phone encryption wallets to store their own funds. Thanks to the popularity of smartphones in recent years, digital currency has spread in the vast land of Africa, which has become a microcosm of the rapid development of blockchain in Africa.

In addition to the growing popularity of digital currencies, there are also more local blockchain startups in Africa, including blockchain development company Codexi, blockchain-based gold mining company SG Mining, and BitHub to help local blockchain startups operate. Africa and so on. Recently, SureRemit, a Nigerian blockchain startup, raised $8 million for its non-cash remittance platform through ICO, making it the largest ICO in Africa to date, showing the potential of the blockchain.

In many countries, when blockchain technology is still being debated, blockchain technology has revolutionized Africa’s social, economic, and political aspects. In March of this year, the Swiss company Agora introduced blockchain technology into the presidential elections held in Sierra Leone to ensure fair and equitable voting. Although the project was only applied in the western part of Sierra Leone, the government subsequently downplayed the Agora blockchain in the election. The role played by China, but to a certain extent or the impact on the political structure of the country.

In addition, with the rapid development of the blockchain, more and more African blockchain companies have begun to assume greater social responsibility. In March, Wala, the mobile blockchain financial services platform, announced that it would work with several other blockchain companies to provide $10 million worth of crypto token loans to farmers in the “black Africa”.

Blockchain technology is really making a big difference in Africa.

Blockchain wants to change Africa, and there is still a lack of “education”.

Recently, the United States, Japan and other countries have successively sent news on the further strengthening of supervision of virtual currency exchanges. The US Taxation Office and the SEC have included virtual currency in their regulatory scope; the Japanese regulatory agency Japan Financial Services Authority (FSA) issued eight “cleaning orders”, the Japanese virtual currency trading market was cleared, and two exchanges were shut down. The home exchange was ordered to rectify. Affected by regulatory policies, the global market is full of turmoil, and virtual currency prices are also fluctuating.

In contrast, the regulatory environment in Africa is extremely lenient, and continues to attract global blockchain and digital currency companies to enter the market. However, in my opinion, the desire to completely “burn” the blockchain in Africa requires more people to join in, thus releasing a huge market vitality. Most people in South Africa and other African countries still do not know much about the blockchain. Only by allowing African people to enjoy the benefits of the blockchain, and eager to gain greater benefits through knowledge, and to improve the quality of the people through “education”, the blockchain can make real changes in this country.

Fortunately, more and more blockchain practitioners in Africa are aware of this problem and are continuing to increase their investment in blockchain education.

A few days ago, Nigeria has launched the CDIN program to educate Nigerians about the potential benefits of blockchain and cryptocurrency.According to media reports, in order to achieve greater development, the agency is organizing a Nigerian blockchain alliance meeting to bring together national institutions, private institutions, professionals, companies, global partners and the public to raise awareness. Fight blockchain crime, protect digital currency consumers, and find new markets and business opportunities in Nigeria.

In addition, Cape Town, South Africa, established the Blockchain Academy to create a blockchain community to educate local businessmen, entrepreneurs or residents about the advantages of blockchain technology in the financial sector.

The author believes that the emergence of CDIN and Blockchain Academy indicates that blockchain education has become a new trend, and it is also a microcosm of the increasing influence of blockchain in the country. In order to make the blockchain realize a variety of solutions, in order to let Africa complete the gorgeous transformation through the blockchain, education has become an indispensable basic work. In addition, a well-developed infrastructure is a prerequisite for the large-scale application of blockchains, and both are indispensable.

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