Blockchain technology and digital currencies are changing the way we do business with each other: how we store and retrieve information, how we transact, and how we send and receive money across the world.
Blockchain technology offers advancements and innovation in various technological fields. The open-source, decentralised and distributed nature of the blockchain creates new opportunities in Africa because the technology offers people, governments, companies and institutions an alternative to existing systems.
Africa has a huge need for financial inclusion; therefore, governments, regulators and banks are looking at various supporting technologies to bring more financial services to the end user. Blockchain technology opens new avenues for traditional banking, mobile banking, payments and remittance services. More and more startups and established companies are now looking to disrupt this industry by undercutting or bypassing traditional operators and payment networks, while also offering businesses new ways of accepting payments.
Around the world, we have already seen innovation where title deeds, identity documents and marriage certificates are recorded and stored on blockchain systems. This evolution of smart contracts can also make businesses in Africa more efficient and make the legal system more equitable as they enable transactional efficiency. Any contract capable of automatically enforcing itself, without the need for a trusted intermediary, will save a massive amount of time and money, especially within the financial and securities sectors.