Blockchain is an amazingly promising technology that has a lot of potential to change the way Africans interact with each other, and with each other’s financial transactions. It can be used to enhance transparency and reduce costs for all parties involved. However, while many people might be enthusiastic about the technology’s potential, there are some concerns related to its privacy and security. So how do you know if it’s right for you?
Enhance transparency and reduce costs
As the industry shifts toward digital information ecosystems, there are more opportunities to utilize blockchain technology to enhance transparency and reduce costs. This could include healthcare, energy supply, and property transactions. In addition, it may also offer a means of clearing processes.
Blockchain technologies are already being used in the media industry to increase security and eliminate fraud. A UK-based startup, JAAK, is working with the entertainment and music industries on a platform that converts content into “smart content.”
Other companies have launched blockchain pilots to track the origins of energy. Two major Spanish power companies are testing the use of the technology to ensure transparency in their energy supply.
The Abu Dhabi National Oil Company has implemented a system that allows the company to record and execute transactions more efficiently. Additionally, the system reduces the time for vendor disputes to be resolved.
Another company, MineHub Technologies, is developing a blockchain-based platform for mining supply chain procedures. It is collaborating with IBM.
Drive a general behavioral change in the society
If you’re in the business of re-branding, re-branding and re-branding a lot, you’re likely to be doing some form of iterative digital transformation on an ad hoc basis. This could be a good or bad thing depending on your perspective. In any event, the digital transformation is not a walk in the park, especially if you are operating in the global south. Having said that, you’re probably going to have to do some digging for a suitable solution. For instance, you’re likely to have to consider a combination of technological, cultural, and social factors to build a comprehensive digital transformation strategy that’s both sustainable and cost effective. With this in mind, it’s not surprising that you’re looking for a swag bag of the best digital transformation solutions to help you get there. The first on your list will be an expert digital transformation provider that you can trust. From there, you’ll be able to leverage their technology, expertise, and experience to create a fully immersive digital transformation experience.
Empower people
Akon, a superstar of African music, has announced plans to build a “Crypto city” in Senegal. While the idea has been met with some skepticism, it is clear that this is an opportunity to empower people in Africa.
There is a tremendous unmet demand in Africa, and forward-looking companies can address it. The development of an inclusive financial system for the entire continent will require innovative solutions.
Blockchain technology can provide secure financial transactions, improve the quality of vital data, and increase monitoring capabilities. Moreover, it can promote better financial inclusion and engage economically dormant citizens in the economy.
Although the majority of the world has conventional bank accounts, the vast majority of the population in developing countries have no access to such facilities. This is especially true for women and minorities. For instance, in Kenya, a commercial bank requires special forms to withdraw or deposit large amounts of cash
