We hear the word ‘blockchain’ almost always with cryptocurrency, but have you ever wondered why? It is the blockchain technology that has made cryptocurrency so popular and famous in the whole world. There are many applications like bitcoin fortress that auto-trade cryptocurrency made with blockchain technology.
However, the use of blockchain technology is not just restricted to cryptocurrency. People have found new ways to use blockchain technology in governments, food and energy industries, startup incubators, and many other fields. Africa picked up the pace of cryptocurrency readily and it is using blockchain technology for many innovative creations. It is being used all over the continent and below is some of the fields where this technology is being used:
Verification of Identity
Verification of identity has become a very important issue and many of our applications rely on this identification. It is because of this identification that we can safely access our social media accounts and financial accounts.
In Tanzania, a huge mobile healthcare organization partnered with the blockchain-powered digital platform to upgrade its technology. The operations launched about the blockchain technology included verification to newborn babies. With the help of blockchain technology, a more connected and secure registry can be managed for individuals.
Trade
Usually, we associate blockchain trading with cryptocurrency but, now there are platforms on which you can trade-in your local currency as well. In Africa, there are such platforms that support blockchain technology for trading in local currency. The impact of blockchain technology has revolutionized agricultural trading in Africa.
The difficulty of farmers in exporting their goods to international countries was addressed through blockchain technology. Problems like inconsistency of exchange rate and fluctuating commodity prices were also solved through this technology. To alleviate the losses of framers, peer-to-peer hedging in a decentralized environment was introduced.
Read also: AfCFTA can Transform Africa’s Food System- FAO
Healthcare
In Kenya, blockchain technology proved to be useful in the medical field as well. The startup was called ‘Nurse in Hand’ because the data collected was delivered to a geo-strategic network of paramedics. Thus, it improved the response time in cases of emergency.
In 2018, an agreement was signed with the Apla tech company to build a blockchain-based accident response platform. The initiative is to reduce the distance between first responders located in Emergency and the accident victims.
Interbank Settlements
We have seen the advantages of blockchain technology in the financial sector of cryptocurrency but it is also effectively used in interbank settlements. In 2018, the SARB (South African Reserve Bank) released the result of an exercise that was aimed at increasing interbank settlements.
The proof-of-concept exercise was also aimed at increasing the payment collections in a real-world environment. The results were extremely successful. SARB passed a statement that the average daily volume of overall payments on the blockchain system could be processed in a minimum time of two hours only.
The confidentiality and settlement finality could also be retained successfully. Another aim of the project is to integrate the South African Multiple Option Settlement system with the blockchain system. Thus, SARB will continue to work in this area.
Media Piracy
We can also observe the uses of blockchain technology in the piracy of media as it was first launched in South Africa in 2014. A platform was developed on which the submitted videos were encoded with a digital watermark. The platform can notify the holders of a video in case of leaks and infringements in real-time. It also reveals the identity of the person who is responsible for the leakage.
Conclusion:
Blockchain technology has vast uses and scientists are working their way in exploring it. Above mentioned impacts of blockchain technology are just some of the ways the technology improved many sectors. Blockchain is the future and you will see massive development in Africa in the upcoming years.