Dec 17, 2018 11:58 UTC
Dec 17, 2018 at 11:58 UTC
Africa is making big strides in the adoption of the emerging technology of Blockchain to streamline operations and subsequently eliminate corruption.
To start with, the government of the African nation of Tanzania is optimistic about the potential of the distributed ledger technology to resolve the issue of ghost workers in the public sector. As much as USD 195.4 million from the total salaries earned in the public sector are siphoned off by these ghost workers.
That’s not all, Africa’s traditional financial sector is all set to be disrupted by Blockchain tech. High infrastructure costs and low income of the general populace prevent financial institutions from providing services to the unbanked in the African continent. On 23rd September 2018, the President of Sierra Leone, Julius Maada Bio announced plans to create a blockchain-based credit agency. By addressing the two pertinent issues that ail traditional banking (that is credit history and identification) Blockchain can significantly benefit those who do not have access to bank accounts.
The President of Uganda, Yoweri Kaguta Museveni, has also made efforts to boost the economy of the country by embracing Distributed Ledger Technology. He was quoted as saying in May 2018, “These Blockchain members are people who trust one another, and they are like universal SACCOS. The members have access to ledgers because we are aware of how businessmen are inflicted by business secrets.”
Subsequently, in June 2018, the government of Kenya announced its plans to deploy Blockchain in the construction of homes for the poor by 2022.
In another news, South Africa’s central bank is testing an Ethereum-based Blockchain platform for carrying out transactions between banks. Also, South Africa is considering crypto as a form of payment. SARB, the nation’s reserve bank, and the National Treasury are also looking for changing a set of infrastructures as well as mechanisms within the NPS which is proven helpful for transferring money between the legal entities as well as citizens.
July 2018 saw Nigeria’s customs services department’s implementation of Blockchain technology to curb corruption and boost revenues.
With all these efforts being made, it appears that the African continent is set to radicalize its economy by leveraging the distributed ledger technology.