How Blockchain Can Change Africa

The use, benefits and advantages of Blockchain technology, was the centrepiece at this year’s Blockchain Africa Conference in South Africa. 

Despite the rise of the global coronavirus pandemic, the conference still event still went ahead. The viral outbreak meant attendance for the program took a slight hit, while keynote speaker, Charles Hoskinson, founder of Cardano, had to cancel. 

Nevertheless, as they say in show business, “The show must go on.” 

One of the major talking points of the conference the use of blockchain technology in trade finance and supply chains.

Microsoft was represented at the event by Thavash Govender, its South African Data and AI Specialist. The company has already made giant strides in the blockchain would. It has its own blockchain-enabled enterprise solution Azure, and it is closely working with other companies to facilitate other blockchain-enabled projects. 

Govender believes that blockchain technology is the way forward for trade finance in Africa. He believes that Africa could become a significant force in integrating blockchain tech to improve trade finance and supply chains. He acknowledged the construction of cellphone towers in Kenya that enabled the development of the Mpesa mobile payments systems in Kenya. 

“Africa became a leader in mobile payments, and it’s still something that the rest of the world struggles with. Will we see the same necessity in fostering innovation by blockchain? Absolutely.”

Carlos Teixeira, global industry principal of Finastra, echoed Govender’s point by stating that, ” “Trade finance is deeply enabled by blockchain technology. Companies and banks are forming consortiums using new technology to overhaul current systems. We are looking at leveraging wider networks to give companies and banks information to make the right decisions.”

The Future Is Bright 

The 2020 Blockchain Africa Conference has brought a lot of optimism in the role of blockchain technology on the continent. There is a strong belief that blockchain technology could set the foundation for new solutions to African issues. Furthermore, a lot of speakers at the event believed that Africa could become a driving force of development and adoption of blockchain in the future. 

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