Projections for blockchain in Africa

On December 9, 2021, Technext held the maiden version of Technext Coinference, a cryptocurrency and blockchain occasion, in Lagos, Nigeria. Barely a month later, among the discussions on the occasion have gotten very key crypto and blockchain improvements to look out for in 2022. 

The occasion kicked off with a keynote by the Nigerian Minister of State for Finances and Nationwide Planning, Prince Clem Agba. 

Despite the fact that the Nigerian authorities has not been significantly keen on cryptocurrencies, Agba made some attention-grabbing feedback about cryptocurrencies and blockchain expertise. He talked about use instances for blockchain that might flip the tides in some sectors of the nation. 

Storing land as NFTs

The Minister stated blockchain expertise “opens up quite a few prospects for optimisation in our present techniques throughout industries. And could possibly be the most important disruptor in finance and governance.” 

Citing how blockchain could possibly be harnessed to retailer actual property info, he stated, “in actual property and commerce, we are able to harness blockchain to create and retailer all lands of their base items of a plot as non-fungible tokens (NFTs).” 

This might go a great distance in monitoring the historic possession of land on the blockchain. Individuals can personal lands and record them on the market the identical manner they personal artwork on OpenSea, Rarible, and different NFT marketplaces.

How would it not work?

A chunk of land must be tokenised, identical to artworks, collectables, and music. Details about the land might be included, and it will likely be uploaded (minted) on a blockchain. 

In accordance with Finextra, tokenising actual property may additionally imply that a number of individuals can personal a property collectively, giving extra individuals with out the monetary wherewithal the chance to put money into actual property. 

Proudly owning actual property outdoors the nation would even be potential. Shopping for a home abroad could possibly be as straightforward as buying on-line. As soon as a property is listed on a market with all the mandatory info saved on a blockchain, possession particulars go to the customer. And with the assistance of sensible contracts, third events wouldn’t be wanted. 

Whereas these sound very attention-grabbing, Agba believes regulation nonetheless must be put in place. 

“To have a fruitful dialog concerning the regulation of any trade, it’s first vital to have an understanding of the construction of governance overseeing the trade .” 

This, nonetheless, stays a problem. The Minister stated there may be the query of who has the facility to control cryptocurrency, a call that may solely be reached primarily based on how cryptocurrency is classed — as a safety, forex, or an asset. 

Crypto and naira will work collectively 

L-R Uzoma Dozie, Sparkle CEO and Buchi Okoro, Quidax CEO. Supply: Technext

For some time, there was a story that cryptocurrencies will exchange fiat currencies such because the naira and the greenback. Nonetheless, Buchi Okoro, CEO of crypto alternate, Quidax, doesn’t assume so.  

“I’ve by no means actually had the thought that Bitcoin would exchange the naira. I imagine that it’s speculated to be a collaborative system the place crypto works with native currencies to make life higher for everyone,” Okoro stated.

He believes fiat currencies will proceed to be related to finance the identical manner digital communication is not going to exchange bodily communication; they are going to work collectively to reinforce one another.

One space crypto will improve fiat currencies is cross border transactions. This use case has been one of many earliest for cryptocurrencies. A dealer in Nigeria, as an example, can swiftly pay his Chinese language counterpart with crypto. 

One of many standard strategies of cross border transfers is the Society for Worldwide Interbank Monetary Telecommunication (SWIFT). Transactions on it take as much as 4 days to be accomplished.  Sending by way of crypto takes a considerably much less period of time with decrease charges.

Social media goes to the metaverse 

The metaverse, NFT, and Web3 had been among the largest buzzwords of  2021 within the crypto sphere. When social media big, Fb, modified its title to Meta, the metaverse bought much more consideration, and in response to Forbes, it’s a trillion-dollar income alternative.  

Throughout a panel session on the Technext Coinference, Okoro stated, “plenty of engagements that can occur sooner or later will occur within the metaverse. The issues we do on Twitter and Instagram might be carried out within the metaverse.”

He added that it’ll change the best way we work together and the way we stay day-to-day life.  Life as we all know it may transfer to a digital world. Digital platforms already play a significant function in lots of facets of human life. 

Though Mark Zuckerberg, Fb CEO, didn’t say Meta’s social media platforms might be was a metaverse, he did say, “Any more, we might be metaverse-first, not Fb-first.”

Like most improvements, the metaverse remains to be on the very early levels, and only some individuals have skilled it. However with the business perks cited by Forbes, extra investments may go into the metaverse, and we may subsequently see it go mainstream.

Solana is the blockchain to look at 

Hanu Fejiro Abodje, Patricia CEO. Supply: Technext

Hanu Fejiro Abodje, CEO of other funds resolution firm, Patricia, has indicated an curiosity within the Solana blockchain, which has been touted because the Ethereum killer.

Throughout his keynote tackle titled,  Blockchain for Africa: The countless prospects, Abodje identified how blockchain may disrupt African techniques making them safe and simpler. 

When requested concerning the attention-grabbing platforms on which to construct blockchain options, Abodje unequivocally identified Solana, saying it’s one blockchain that needs to be paid plenty of consideration.  

Solana is a decentralised blockchain platform based in 2017. The chain has been praised for its quick transaction velocity of over 2000 transactions per second, in comparison with Ethereum and Bitcoin which are solely able to about 15 transactions per second.

Regardless of the fast transaction velocity, the charges are very low, with a median value per transaction of $000.25. 

Quick transactions and low charges aren’t the one issues that make Solana a blockchain to look at. It brings ease and ease to utilizing crypto platforms, lowering the monetary barrier of collaborating in actions resembling NFTs and decentralised finance (DeFI).

African NFT venture, Afrobubble, was created on the Solana blockchain due to the benefit the chain brings to purchasing and promoting NFTs. 

In accordance with Chainalysis 2021 World Crypto Adoption Index, worldwide adoption jumped over 880%, with Nigeria and Kenya among the many prime ten nations with the very best adoption price. If this development continues, we may see a few of these projections come true in 2022. 

Bolu Abiodun

He’s a geek, a sucker for Blockchain and an all-round tech lover.


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