The blockchain technology on a poverty-stricken African continent

By Wirba Brice Divine Ransinyuy. ransinyuybricedivine@yahoo.com

Editor note: Title has been slightly updated

It is not something new or a new story that the African continent is poorest continent on earth among the other continents or per se, it is one of the poorest continents on new. Africans have always lived with this painful reality in their minds or their thoughts or in their hearts. With some completely denying the reality and opting for a better solution in order to raise their standards of living and thereby match that of the Western world or the developed countries. The misery and poverty-stricken continent is partly as a result of the fact that African nations do not have a full and complete monopoly of their countries, as it is difficult to admit that a continent that is so rich in mineral resources is surprising the poorest or among the poorest continent in the world among the other continents. A continent full of vitality and energy, but cannot meet up with the standards of other countries. There are just a few countries in the African continent that have concretely used their resources in order to develop their countries, though they still lack in some sectors. Whereas the majority of the countries in the continent are living below poverty. Many reasons explain this phenomenon like low currency, no economic growth and as such, they try to tackle the issues using solutions that benefit them and the growth of their nation.

Due to this, African nations have started to put their trust and rely on cryptocurrencies as a way to bypass or look for an alternative medium of exchange in order to fix or arrange issues that are eating up the society like no jobs, poor standards of living, no health facilities. Though a city like Hong Kong does not necessarily fall among poor nation or state or city, as they are a developed jurisdiction and city, they rely on crpyptocurrencies like Bitcoin to avoid constant and frequent types of controls from the Chinese authorities.

An illustration of a poor country that has decided to join the ranks of those using digital currency is Tanzanian. The governor of the West African nation’s central bank, made a public statement that Tanzania could issue a digital currency that is unique to the Tanzanian’s needs as it will be a digital form of the nation’s currency as the name is still to be decided since it is still under speculation, which could happen in the near future which will come in line with a development of a pilot project in a environment.

This shows that the blockchain technology and digital currencies is that it helps to destroy anarchy as all the technology is doing is to help people stay connected and destroy barriers created by the society as it avoids the mistakes that the society has created.