African Governments among the most open to embracing Blockchain Technology
Chief Executive Officer of the Global Blockchain Business Council (GBBC) and Chief Operating Officer UNWIN, Sandra Ro, believes African governments are among the most open to embracing blockchain technology and the continent will benefit significantly from this.
Ro who is participated at this week’s Transform Africa Summit in Rwanda warned that more still needs to be done to ensure the regulatory environment in Africa is as supportive as possible for the sector, because without this it faces a growing risk of a brain drain where its blockchain entrepreneurs are enticed away to other continents.
She said that compared to other continents, Africa has fewer legacy systems to slow down the introduction of blockchain technology and it can leapfrog antiquated systems in much the same way as it bypassed the more expensive landlines in favour of mobile phones.
“Africa has long been associated with instability and poor financial and physical infrastructure, but it is this environment where blockchain can thrive the most and Africa has enormous potential with so much of its population unbanked and therefore are significant issues around land right and registration all of which means millions of Africans are excluded from global market economy,” she added.
She emphasied that blockchain coupled with key technologies like mobile and cloud solutions offer a promising way to address these issues and Africa stands to benefit significantly if it truly embraces it. “With UWIN for example we are already in discussion with some African governments on how they could use our new and unique technology proposition that for the first time will enable farmers in the developing world to properly register their commodities, mobilise them and efficiently trade their produce on a trusted platform,” she explained.
She however cautioned that as Africa builds on its reputation as a hub of blockchain innovation it also runs the risk of a tech brain drain in much the same way as it has seen with its medical profession with many nurses and doctors working overseas. “One way to help tackle this is for African governments to make the continent the most appealing for blockchain innovators,” she concluded.