In bullish market scenarios like this year, the blockchain and crypto-space gain momentum, and currently millions of people and hundreds of organizations are joining the market. But this hype sometimes makes people forget why we should support blockchain technology: to have a positive impact on this world. Blockchain can give access to the financial system to people who never had the opportunity, it can revolutionize the payment sector and create new organizations and industries in developing countries. Our next BLOCKCHANCE LIVE show will focus on real-life pain points and the potential of blockchain in Africa. Together with African blockchain pioneers like Michael Kiberu, we want to discuss how we can leverage the potential of blockchain to create a better world. Join live on YouTube on May 19, 5 PM CEST.
Africa – the rising continent
Overpopulation – a catchword that is used very often to describe the development of Africa’s population. While countries like Japan, South Korea, most European countries, and even China will need to fight the overaging of their populations and therefore have challenging years of decreasing numbers of workers ahead – will Africa’s population grow. And that is one of the biggest opportunities for this continent. Africa has an extremely young and therefore digital population. In most countries, there was no evolution but a revolution of payment methods. It went from cash to mobile payments in years while in most developed countries there are still credit or even debit cards in use. And these digital young professionals that enter the working world will have the possibility to create a whole new economy that brings stability and wealth to the people. But they face some challenges and pain points that hinder that development. What those challenges are and how they can be solved will be discussed in our next Blockchance live show.
Remittance – The better development aid?
Africa is not only the biggest but also the most diverse continent in the world. It is the foundation of human life and characterized by thousands of different cultures, languages and tribes. But this wonderful continent faced unbelievable challenges over the last centuries. The western countries colonized most parts of Africa and still have a huge impact on the development. In the view of most European citizens we help a lot by giving development aid – but is this true? Looking at the financial flows to Africa, the biggest amount is not development aid: it is remittance. Remittance is the money emigrants send back to their family at home. In 2019 alone in the Sub-Saharan region it was more than 48 billion Dollars. In the last decades a growing number of researchers conclude that development aid sometimes is even counterproductive as it supports existing structures and is just an extension of colonial economics. Concerning the amount of remittances and the controversials on development aid it should be prioritized to make it as easy as possible to send remittances. Currently the market is controlled by few organizations such as Western Union that take high fees for their services. But blockchain can be a solution here. How? We will answer that question on the show.
Blockchain in Africa – a promising solution
Solutions based on blockchain can be the foundation of the solutions especially in markets, where there is a lack of trust. There are millions of inner-African refugees that have no possibilities of identifying themselves. Some currencies are not stable or the governments have indiscriminately control of the financial flows. Many scam projects destroyed trust in new solutions. And the lack of perspective makes people leave their homes to find work in the cities. But there are solutions and many people in Africa are working on creating a safe and trustworthy economy. And more and more lighthouse projects are arising. AKONCITY is a new hub for innovation, there is an alliance that creates an Ethereum-like network for African needs, Kenia is one of the leading countries in digitizing and decentralizing their payment system and decentral organized workforces can bring work and hope to the people.
BLOCKCHANCE LIVE #13 w/ bit2big, cLabs & BitAprica
Do you want to find out more about the positive impact of blockchain in Africa, mobile payment, and the foundation of decentralized workforces? Then join the show on May 11, 2021, starting at 5 pm (CEST) / 3 pm (UTC). We welcome Michael Kiberu who is working on a blockchain network in Africa with bit2big and created the African Token Lab. Yaliwe Soko, Chairperson at United Africa Blockchain Association and South Africa Ecosystem Lead at cLabs and Douglas Ayela, Founder and CEO at BitAprica. We will stream live on YouTube. Be part of the discussion by sending us your questions via Telegram or in the live chat. Notice the show by adding it to your calendar.