Why should Africa foster blockchain in an emergent economy ?
Several African countries qualify as emerging economies due to their rapid Gross Domestic Product (GDP) growth, rising per capita income, and rapid increase in debt and equity market liquidity. Such economies are well en route to developing market economies and should be equipped with appropriate infrastructure to help transition to the developed world standards.
By Georgia West*
Blockchain technology has been around for over a decade and has championed disruptive changes in several industries. It is clear that blockchain companies such as 3air, which provides blockchain-based internet connectivity using proprietary technology to provide high-speed, reliable, and affordable internet, have a place in Africa’s future.
Why does sub-Saharan Africa need blockchain technology?
Several African cities have experienced a surge in population. As people continue to embrace urban and city life, most cities have been forced to adapt to high population growth rates without proper infrastructure. In many developed market economies, broadband internet is available and was laid out in cable form.
Internet cabling requires proper planning and expensive resources. Digging up trenches to lay down cables is not only cumbersome but is also expensive. Due to the lack of proper cabling, African countries must rely on innovative and realistic alternatives to achieve the desired broadband connectivity.
The 3air blockchain project provides a stellar solution significantly more cost efficient than conventional cabling. The proposed ISP solution isn’t affected by harsh weather conditions often experienced in some African countries; similarly, works optimally on all terrains and provides long-distance connectivity that minimizes the need to set up numerous base stations.
Since blockchain entries are immutable, the 3air solution, in partnership with K3, provides a robust telecoms infrastructure that can be used to document all clients since many Africans are undocumented. The immutable records could be an essential tool for service delivery of the ISP services while also delivering banking services to the unbanked.
The new technology facilitates onboarding new clients through the “Own your hardware” program. A loyalty system established on the 3air blockchain platform will ensure tokens are locked for the value equivalent to the hardware value. Clients must pay for tokens or release tokens to own the ISP hardware. The data is securely saved and processed efficiently to ensure smooth service delivery.
Why do the unbanked need blockchain technology ?
A significant portion of the African population is unbanked. Creating more financial institutions cannot solve this problem. Sub-Saharan Africa, with about 350 million unbanked adults, accounts for 17 percent of the global total. A system that can provide detailed documentation to marginalized areas can profit from the blockchain.
The successful rollout of internet broadband sharing solutions produces essential data from interaction with clients, including payment information, credit scores, and internet usage. Such information would be sufficient for 3air to extend its services to other sectors, such as banking the unbanked, by extending collateralized financial services to its users.
Blockchain is a revolutionary technology that can be used in emergent economies in Africa to speed up development. The deployment and usage of blockchain-based internet service provider solutions allow for cost efficient, reliable, and efficient solutions that could level up Africa’s economies to other developed economies and potentially become a frontier in blockchain application.
*By Georgia West Cryptomonnaie.com
