UNBANKABLES: 1.2B Africans Salute Blockchain!
Africa has huge potential. It’s the world’s 2nd largest continent and has over 1.2 billion inhabitants and some of the world’s most epic touristic destinations, as well as an abundance of mineral wealth.
The key to unlocking trillions of dollars and creating enormous wealth is to make Africa peaceful and stable – its wealth could rival many of the economic powers that dominate the world today.
Many of the potentially prosperous nations in Africa are either plundered or have a currency with little to no purchasing power at all.
Countries like Zimbabwe suffer from extreme levels of inflation, though 30 years ago, it was Africa’s richest exporter.
What makes this worse are the lines of people each day that are waiting to withdraw funds from their account, waiting hours on end to receive a currency that has very little purchasing power anymore.
Despite the economic and political turmoil, some Africans have utilized the innovative capacity of cryptocurrencies and have now sidestepped the broken financial system that suffocates their economies.
Digital assets, such as Bitcoin, are gaining traction in Africa. They’re enabling a decentralized solution to investing, building wealth, and having real purchasing power.
As adoption slowly grows worldwide, Africans are starting to embrace the technology not just as a speculative asset, but also as a viable lifeline.
Bitcoin is the most well-known cryptocurrency in Africa, with the altcoins still being relatively unknown.
On some exchanges, such as Zimbabwe-based Golix, Bitcoin trades at a premium to the average global price.
The need for cryptocurrencies is not as urgent in the West as it is in Zimbabwe and other countries that are suffering from debt and inflation.
By making the process of voting a trustless procedure, for example using blockchain, citizens can democratically elect who they want to represent their country without the fear of corruption.
Doing this via a blockchain could eliminate election fraud. Using a blockchain designed for voting, people could use an application on their smartphone or home desktop without any fear. This could legitimize and change a country’s future by simply integrating blockchain technology into the election process.
Excellent examples showing that blockchain tech is ideal for this task are the voting systems used on the Dash, Lisk, and NEM networks.
Another solution the technology could bring is in application development. Open source protocols, such as Ethereum, allow anyone to contribute and develop on top of their network, providing an opportunity for the best technical minds in Africa to innovate and create solutions that can disrupt current industries!
Due to the huge innovation gaps in Africa, using blockchain tech could create wealth, jobs, and economic growth, bringing cost-effective solutions and building a more secure and robust Internet of Things.
Africa and many other regions across the world could utilize an independent cryptocurrency and create a competitor to Bitcoin, rather than the U.S. dollar. Russia’s president, Putin, has already suggested a global cryptocurrency just days ago. This would be immune to corruption.
Africa is vast. Large cryptocurrency mining farms could potentially be built, which would provide the continent with a solution to create wealth independently and bring a whole new industry that turns hardware, electricity, and innovative software into profitable digital assets.
Bitcoin has united a variety of different people and cultures already, each of which share the common denominator of becoming their own bank by taking away the need for a third-party authority.
We could potentially see a similar chain of events with Africa, perhaps even as an economic union through a borderless African currency with supply and demand fundamentals.
This would enable every African to hold wealth and increase their purchasing power to rival the giant economic powers of the world. This is why Bitcoin was created in the first place: to take power from centralized institutions and place it in the hands of the everyday person.