Blockchain, also known as distributed ledger technology is a decentralized technology used to record the transactions of digital assets like cryptocurrency. It was introduced by an anonymous individual with a common pseudonym “Satoshi Nakamoto”. It uses cryptocurrency; you may have heard Bitcoin, also known as “gold” in the digital world.
Africa before Blockchain was Introduced.
Before introducing blockchain to the continent of Africa, it was an era of fraud and corruption. In the market, money could have vanished without a trace, and it was chaos. Many countries of Africa have started accepting cryptocurrency and blockchain, but there are still those who do not want this innovation in Africa’s financial structure.
With the rise in money vanishing frequently, people abruptly got pulled toward choosing a method that will give them a clear view of the flow of money within the area. This made them highlight the advantage of digital currency over the traditional financial system.
Over time in May 2020, Africa was the second-largest region in the trades of bitcoin due to auto-trading platforms like BitQT. Most of the traders when they started out had no knowledge of trading. Hence, they used such platforms to trade cryptocurrencies and make profit out of it.
Africa After the Blockchain was introduced.
Many Africa countries are shining brightly in the Blockchain market, like Kenya, Ghana, South Africa, Nigeria, and many others. Kenya and South Africa are the giants well-known for their financial technologies.
Aside from the government, the people were firmly in favor of cryptocurrency and mostly started trading crypto assets. Kenya, in that duration, was the country that had the lowest of the people trading in cryptocurrency and blockchain. Kenya has also started using blockchain in microloans, with that users can get small loans with their smartphones.
Nigeria has also been doing great in terms of blockchain, just like Kenya. Nigerians took a liking to trade in cryptocurrency and blockchain. South Africa has started trials in financial transactions using blockchain technology. The country has already stated that this can help them save a heavy amount of money by reducing the initiative amount spent on daily transactions.
The continent of Africa started changing in terms of financial structure with the innovation of blockchain. People of Africa have used a lot of money in bitcoin transactions and mining, which is an alternative source of income. Many countries of Africa have yet to implement and speed up their financial markets.
As there was money vanishing from the financial markets of Africa, people wanted to counter this situation. Crypto being virtual, transparent money seemed to be a great choice to tackle the issue. Hence AFRICUNIA brought a cryptocurrency bank into being. It is a blockchain-based digital bank that helped the people of Africa achieve their dream.
This is the first bank in Africa with no actual physical existence and address. Only accessed by the internet, the people of Africa created this bank to record the flow of money. These days the bank is mainly used for business transactions. It is a simple bank that old users and new can easily use. Africa’s people used the multicurrency digital wallet to send or receive payment on any platform and currency. With this innovation, Africa will catch up to the world in cryptocurrency trading in no time.