Blockchain Adoption Wins Center Stage in Africa

By Brian Njuguna   Nov 30, 2019 1 Min Read

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Blockchain technology is continuously reigning supreme across the globe based on the distributed ledger network it avails, making transparency, immutability, and traceability inevitable. 

Africa has not been left behind in this picture because blockchain-based initiatives are continually being launched. The continent, however, seems to be chiefly focused on blockchain adoptionas compared to incorporating regulatory measures into this field. 

Africa’s heightened activity and ongoing projects in the blockchain space have expanded people’s knowledge base. 

The CEO and founder of Blockchain Capital, Irlon Terblanche, said: “The blockchain is just a distributed database system. It is only one component of a cryptocurrency. And there is no regulation stopping anyone from using a distributed database or distributed ledger as it is more commonly called.”

He added: “For me, the most important assessment that trumps everything else is that the bulk of people, even so-called 'experts' do not truly understand Bitcoin, cryptocurrency and blockchain technology. And as a result, you have all kinds of disparate initiatives from different companies, using different platforms, trying to win market share in the lucrative remittance space.”

Terblanche asserted that people in the African continent should be continuously taught about blockchain technology as it is not only confined to cryptocurrencies. He believes this approach will be instrumental in instigating optimal adoption. 

 

Image via Shutterstock

 


About the author

Brian Njuguna
He is an accomplished corporate writer and entrepreneur based in Nairobi, Kenya. He holds a Bachelors of Economics & Statistics, Second Class Upper Division, from Kenyatta University. Brian has a penchant for Blockchain and Cryptocurrency because he believes the present systems will be altered by these innovations as they reign supreme as we gear towards the fourth industrial revolution or 4IR.




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