There is no doubt that Africa is one of the regions that can benefit the most from blockchain technology. Many have pointed out how revolutionary blockchain can be for financial services, given the fact that it can provide services to those who do not have access to banks – and Africa alone represents a unique opportunity.
John Pombe Magufili
Consider this example: the president of Tanzania, John Pombe Magufili recently made a remarkable announcement. Through adopting blockchain technology; the Tanzanian government had weeded out thousands of “ghost workers” that simply didn’t exist. Specifically, there was a monthly outflow of 430 billion Tanzanian shillings to employees that didn’t actually exist, exposing just how corrupt the current system was.
This means that the equivalent of $195 million can now be distributed properly, which will undoubtedly have a positive social impact in the country.
This isn’t the only example of how blockchain can help Africa for the better or the only attempts to do so.
Charles Hoskinson, CEO of Input Output Hong Kong (IOHK) and founder of Cardano, has been vocal about the potential for blockchain to improve the quality of life and economy of Africa. In the following video, he discusses how blockchain can help African countries with regards to both financial services and supply chain logistics:
Hoskinson also signed an agreement where IOHK would work in partnership with “the Ministry of Science and Technology and local entrepreneurs” to explore ways to apply blockchain in Ethiopia. He tweeted about the announcement in May of this year:
Proud to be in Ethiopia today signing an agreement with the government. We’re humbled to be working in partnership with the Ministry of Science and Technology and local entrepreneurs to explore blockchain applications that benefit the country @IOHK_Charles @jjtoconnor #blockchain pic.twitter.com/HA2f1bVvUc
— Input Output (@InputOutputHK) May 3, 2018