The African continent will provide a fertile ground for blockchain innovation in the future as the technology has been spreading like wildfire with many countries embracing it. Blockchain can progress with unusual rapidity economic empowerment, mitigate fraud, offer safe protocols for entrepreneurs and transform logistics operations.
In Africa, over 85% of employment is informal unlike 25% in Europe and employment informality leads to a lack of social protection, hinders access to finance, subpar working conditions, impedes the collection of tax revenue, and impeded work rights, which leads to low productivity.
Blockchain could help in providing security and transparency since the informal economy is largely likely to be affected by fraud and privacy breaches.
Different organisations have come up with different ideas to strengthen blockchain such as the International Labour Organisation (ILO) that has outlined the purposes of transitioning workers to the Africa’s formal sector.
Blockchain has widely spread in the world and has shaped industries and institutions from financial systems to supply chain networks, a lot of African communities still have much to generate from the technology’s huge potential.
Blockchain could be the platform for Africa to flourish in bounds and leaps since most African countries are soon establishing mega mechanisms that are having no remarkable characteristics among other countries.
Blockchain is coming up as one major disruptive technologies today that has the potential to fundamentally reshape how business is carried out by enabling secure, transparent and efficient business-to-business transactions.
Blockchain technology can help businesses in reducing transaction costs by reducing eliminating the need for security and third-party intermediaries, making of smart contracts, eliminating of fraud risks, improving regulatory compliance and establishing new business models.