South Africa hosted the fourth edition of the Blockchain Africa conference in early March this year. The event took place at the Microsoft HQ. The event comprised of participants from financial, global technological industries, and legal students. The theme was to discuss strategies for blockchain adoption.
Decentralization nature of the cryptocurrencies allows for worldwide trade with least regulations. The major cryptocurrencies regulators are the banks and government agencies. Recently, homemade computer rings have gained wide application in Bitcoin mining in Africa. The emergence of clandestine miners in Egypt is due to government regulation. Many people conduct mining in secret fearing illegal currency charges. Despite the tight rules, local miners engage in Bitcoin mining via social media and apps.
According to the Bitcoin Africa.io, large Bitcoin companies are relocating to Africa. The move is to take advantage of cheap electricity. Solar energy in continent helps in job creation and energy provision. Large solar farms countries are Kenya, Uganda, South Africa, Morocco and Burkina Faso. Adoption of solar energy in Bitcoin mining in the continent is profitable.
A blockchain is a critical tool in solving political and societal problems in LCDs. Africans should invest more into research to tap blockchain opportunities in the continent.
Sporadic adoption of blockchain in the continent requires immediate intervention. Studies have found out that the technology solves challenges facing Africa. Areas where blockchain can be applied constitute of political, social and economic problems
For instance, Swiss Company Agora participated in Sierra Leone general election. The results indicated that blockchain can mitigate election problems. Leonardo Gunnar the Agora CEO urged Africans to use blockchain for future elections. Bitland project in Ghana plays a big role in settling land disputes. The initiative uses Bitlandnetwork to store all land registration activities.
Blockchain can help in mitigating inflation issues in countries like Zimbabwe. Rapid development and use of a smartphone can enable Africans do download the app. The tech-savvy subscribers make good use of crypto wallets to secure their funds.
Countries like Kenya, Sudan, South Africa, Nigeria, and Ghana have adopted the blockchain. BitHub Africa located in Nairobi Kenya is the blockchain local startups accelerator initiatives. The startup disseminates consultancy services related to blockchain solutions in Africa and MENA.
Blockchain Academy is a South African startup situated in Cape Town. The institution provides blockchain training to upcoming entrepreneurs and local business among others. The organization collaborates with financial institutions. They include Barclays Africa, Central Bank of Swaziland and Standard Bank as partners. It also provides training in Johannesburg at the AlphaCode Club.
In Sudan, small-scale companies like Codexi and SG Mining have emerged. These startups gain momentum through the use of social media. These companies alongside others have grown too large business due to mining activities.
Nigerian has recorded outstanding development and growth blockchain technology. Last year, the country hosted the foremost Nigeria Blockchain Alliance Conference. The major startup initiatives include Nigerian Blockchain startup SureRemit and CDIN initiative. Up to date, SureRemit of Nigerian is the highest African ICO non-cash remittance of $8 million.