I can remember the last time I was with my friend – a cryptocurrency trader and investor who had made a fortune from trading Bitcoin. We sat down for a couple of drinks, as we talked we waved to the waiter to bring more drinks, we were hell-bent on getting wasted that night, it had been a while since we had such fun.
We beckoned the waiter and he came over with a grim on his face, I asked him in my cheerful manner “guy what’s the problem” all he just had to say was “oga economy no level oo”, I took quick glance at my friend, the way he looked into blankness like something really serious came to his mind.
When the waiter left I asked him what the problem was, all he said was this “do you know Bitcoin and blockchain technology can boost the African economy?” I was curious – although I knew a lot about blockchain technology and Bitcoin, I was at a loss. How can Bitcoin and blockchain change the African economy?
This article you’re about to read contains the answers my learned friend gave me and also further researches I made to educate myself on the subject of how Bitcoin and blockchain technology can help boost the African economy.
After reading this article you’ll be well informed of the progress Africa has made in terms of advancement in blockchain technology and Bitcoin and how these tech can help boost the African economy and create an Africa where the people can finally live the life they deserve.
How the African economy can benefit from Bitcoin and Blockchain technology
The African economy is made up of several sectors, the synergy between these sectors determine how great the economy will be. If all the sectors are working seamlessly and efficiently there’s no doubt we’ll have a working African economy.
In this section of this article we will take a look at the different African economic sector and how Bitcoin can improve them to create a more robust African economy.
How Blockchain technology can help improve the health sector
Blockchain technology and Bitcoin can be described as the most impactful technology in a very long time. An impact Africa has long awaited for especially in the health sector, The African health system is arguably the poorest in the world and a smart application of Bitcoin and blockchain technology into the workings of the African health sector will improve the sector significantly and at the same time have a great impact on the African economy.
You might be asking “how can Bitcoin help improve the health sector in Africa?” Well let me burst your bubble, some really smart people have already started the process, and others have already achieved success applying blockchain technology to improving some areas of the health sector in other parts of the world – why not Africa?
Bitcoin and blockchain can help improve the healthcare industry in the following ways
(I). Improve record and access to medical records: The access to medical records of patients is basically nonexistent in African public hospitals. African hospitals run an antiquated recording system where patients records are mostly imputed on paper, paper that’s mostly lost, thrown away or just misplaced in just a few weeks or months of getting those information.
makes it hard for any society to have a general overview of the health situation of its populace and also makes it hard for government to make informed decisions when it comes to providing healthcare facilities and drugs to its populace. But with blockchain technology all these can be solved.
A new blockchain project is currently being tested as we write that will help solve the issue of access to medical records and Africa had better take a chance on this one. MedRec was created on the Ethereum blockchain and its only job is to give a transparent and accessible view of patients medical history. The platform allows both patients and doctors to view records on the database and since it’s a blockchain based platform patients records is unlikely to get tampered with or missing, it is easily accessible by anyone, anywhere in the world.
This will help the government make better informed decisions on healthcare and also give international organizations a more detailed outlook on things just Incase they’re interested in sending relief efforts to particular countries.
(II). Blockchain technology can help cut medical costs: Another way blockchain technology can help improve the healthcare industry in Africa is by reducing costs in the health sector. Some innovative start-ups have come together to create a blockchain based system that helps healthcare providers minimize the cost of taking cate of patients. This blockchain network developed by SimplyVital health will help the African healthcare system reduce cost of healthcare and automatically impact on the economy of Africa.
(III). Bitcoin and blockchain technology to help stop counterfeit drugs: More people die from ingesting fake drug products in Africa than in any other continent. This is an epidemic in the African healthcare sector.
This massive catastrophe in the health industry is what a FarmaTrust is trying to solve using blockchain . The process or workings of the blockchain is divided into four different parts and all these sections work together to help the stop the wave of counterfeit drugs that’s plagued the continent and put the healthcare industry in a precarious situation.
How Blockchain technology can help improve the Agricultural sector
In Africa the agricultural sector is perhaps one of the biggest and the most important, but it is still a mystery why African governments find it difficult to build a viable agricultural sector for Africa – an agricultural sector that will continue to yield massive revenues over time. If done right the agricultural industry is a goldmine.
The inability of the government to solve agricultural problems have prompted some blockchain start-ups to think of ways they can improve the Agricultural industry using blockchain technology. Blockchain technology will help improve the Agricultural industry in the following ways
(I). Improve quality control: Getting the best agricultural product means quality control has to be top notch – this is lacking in the African agricultural sector. We all know the process of monitoring the quality of agriculture produce from harvest to the final delivery (consumers) isn’t an easy process.
In this regard blockchain technology can be applied to make the process easier. Some large corporations like IBM are already working on a blockchain model that uses IOT to help farmers monitor the the quality of their produce. These sensors can help monitor soil quality, pest problems and even irrigation problems and help the farmers make better informed decisions.
(II). Help make supply chain more traceable: The supply chain is the movement of farm produce from the farm to the market where the final consumers make purchase. The whole journey is regarded as the supply chain. In Africa it is a difficult terrain for the supply chain industry, especially when it comes to agricultural products.
With blockchain technology this can be improved, the traceability of crops can become easier. With a well managed blockchain ledger you’ll be better informed of the status of your crops from planting to delivery season.
There’s already a blockchain solution to help make this a reality for African farmers – ripe.io helps track crops and gives farmers and consumers information about the produce they’re about to consume; their journey from the farm to the market. Another block start-up Blockgrain is also helping farmers enjoy transactions on the blockchain, real time transactions, payments and supply chain features that will make farming in Africa great again!
How blockchain technology can help improve the power sector
It is a well known fact that Africa is hounded by power problems. A continent where more than half the population don’t have access to steady power supply. But this problem might soon be solved with the innovative power of blockchain technology and cryptocurrencies like Bitcoin.
The problem with electricity in Africa is the lack of trust and transparency between providers and consumers and also the lack of infrastructures to help improve the distribution of electricity to every home. But this can be solved if there was transparency between providers and consumers. People will do anything to get electricity to their homes only if they will get value for their money – the current system does nothing to stop this problem, but blockchain technology can become the magic pill to help revolutionized the energy sector.
Blockchain technology will help make transactions between energy providers and consumers faster, secured and more transparent. There will be a certain level of trust because blockchain provides a platform where everyone can view how much electricity they’ve consumed and how much they’re supposed to pay for electricity they’ve used. This makes everything easier for everyone.
And if for any reason some issues appear in the future, records on the blockchain are immutable and traceable – you can always go back in time to check verify transactions. Also the use of Bitcoin to pay for electricity might make the process faster and even the unbanned Africans can have access to funds needed in paying for power they’ve used.
How blockchain can help improve the educational sector
The future of Africa depends on how good the education system of today is and how well it is impacting on the lives of African youths. Education in Africa is lagging behind when compared to the educational system of the Western world and even Asia.
Blockchain technology and Bitcoin can help solve the issues the issues in the African educational sector in more ways than one. In terms of materials for learning blockchain can help provide a storage platform where students can access information or study materials right on the cloud and some can even pay small amounts in Bitcoin to get access to these materials.
These educational materials will be cheaper for African students and more accessible than going to libraries where good books are almost extinct. Blockchain technology can also be used as a platform for record management for higher Institutions in Africa.
If you studied in any university in Africa you’ll understand the need for better record keeping. Everything is done manually making the process really tedious – from registration to result checking, blockchain technology will make all that difficulty just disappear.
By applying blockchain technology to record keeping students can access their records and also input needed data into the blockchain and the school can verify and access the records from their end.
Blockchain technology can help make education easier for African students. Payments can be made on the blockchain using Bitcoin, there can be a educational marketplace for students where payments can be made in Bitcoin.
How blockchain technology can help improve the financial services industry
When blockchain technology was created the major aim was to improve the financial services industry in the world. African financial services industry is perhaps the worst in the world. Our fintech sector is probably the most porous in the world in terms of security, speed, transparency and efficiency.
With blockchain technology now in the picture, the financial services sector is poised to boom. Africa is the continent that’s fully employed the power of blockchain technology in the financial services sector, with blockchain companies like Bitpesa already making a huge statement in Africa.
Blockchain technology will help improve security for the banking sector. For business people who do local and international transactions, making payments to your clients will become even easier, blockchain technology will eliminate the middleman and you can make payments directly to your business partner anywhere in the world in minutes (sending Bitcoin just takes minutes).
In terms of transparency in the financial sector Blockchain technology is the most transparent platform for Africans, everyone can view what’s going on by accessing the blockchain. Hundreds of blockchain start-ups gave already taken advantage of the technology and are operating in Africa and the financial services industry is benefiting wildly from it.
The potentials of blockchain technology to solving Africa’s economic woes is huge and the earlier we begin to adopt this technology the faster we can begin to fix issues that’s been affecting our continent for generations so the next generation can live a more prosperous life.