Home African Hubs Why we should build on Blockchain as Africans rather than be wrapped up on the cryptocoin bubble

Why we should build on Blockchain as Africans rather than be wrapped up on the cryptocoin bubble

7 min read

Blockchain basically has come to know after bitcoin and Etherium’s value fluctuations increased in some unknown circumstances. But my greatest worry has gone to more cryptocurrencies emerging rather than solutions based on the blockchain, the ‘framework’ is so powerful to handle and sort out many issues on the African soil.

I am not generally against cryptocurrencies but they are rising to a greater extent that they’ll be rendered useless within such short time, remember the year of ride-hailing platforms? or maybe perhaps people are just flowing where the money is? what could be the main reason why the cryptocurrency firms are not getting funding? is it that they are capturing a wrong niche?

The governments are facing a hard time trying to regulate the currencies,  take for example Kenya: Where the CBK and the ICT cabinet minister are in a disagreement probably.

South Africa – The South African Revenue Service has stated that any transaction or speculation in Bitcoin is subject to general tax rules; it has added that it is the responsibility of both citizens and residents of South Africa to report each and every Bitcoin transaction detail to the South African Revenue Service

Uganda – Unregulated but not illegal; the Bank of Uganda has asked Ugandans to stay away from Bitcoin and other digital currencies.

Zimbabwe – The country is not yet ready for regulation, says a government regulator.

Nigeria – On January 19, 2017, the Central Bank of Nigeria “officially outlawed digital currencies.” The CBN cited reasons like money laundering and terror financing to prohibit banks to use, hold or transact virtual currencies, and they should ensure “existing customers that are virtual currency traders have effective AML/CFT controls.”

Kenya – The Central Bank of Kenya (CBK) has warned that virtual currency is insecure and could fund terrorism.

Just to mention a few of the countries that have made it to the news over their cryptocurrency situations.

Recently I came through a startup that is ‘actually the first’ blockchain for collaborators, known as Ellcrys – Nigeria, [ Ellcrys is a new blockchain that allows software developers and designers build software products and services together ].

For me, Blockchain is the foothold, it’s the footbridge to connect most of the solutions we are currently suffering from, or perhaps enhance, [ if you are an African startup focusing on Blockchain Check out UNICEF’s seed Fund],

According to John Karanja of Bithub:

“Blockchain shows the potential to enhance transparency and reduce long-standing inefficiencies and costs within multiple sectors of sub-Saharan African economies. From enabling micropayment systems to digital identity management to smart contracts, blockchain-based solutions can leapfrog traditional or nonexistent technology infrastructures in African nations and drive a new era of more inclusive growth. Investors and companies that operate in rapid-growth markets should keep a close eye on these exciting new iterations of homegrown innovation.”.

Blockchain Explained in a Podcast in case you need to know more,  I literally think we should create blockchains for Fintech, e-health, media, ride hails, and all that you think needs a mama do-over.  We already have the knowledge disposed on the forums for developer works i.e IBM Developerworks, Udemy, Lynda and peer to peer places such us, BitHub Africa.Let’ss utilize and not recreate redundant Solutions.

Check Also

AfriLabs Expands into 45 African Countries

AfriLabs; the largest Pan- African network of technology and innovation centres has added …