They are not the only ones. The use of this technology, in all its many potentials, is growing exponentially in Africa. Even in raw materials, especially in the agricultural sector. Over 60% of Africans live in rural areas. Even today, agriculture accounts for more than 30% of African GDP. It would be a sector with enormous potential. Would be.
Because a long series of long-standing problems limit its expansion: low productivity, lack of trust in the exchange system, totally inadequate financial instruments (when they exist). They are serious problems. Not to mention the corruption, the obscure activity of the intermediaries, the opaque policies of different Governments, which for too many years have slowed the African commodity market.
The startup boom in the sector Blockchain technology offers many solutions. This chain of “open source” blocks – a sort of database that preserves transaction records that cannot be modified – makes operations transparent, automates accounting, improves the time taken to move goods and payments, and allows raw materials to be tracked from the drawing to the final buyer.
The adoption of cryptocurrencies would then represent a means of exchanging capital where there are obvious financial shadows. But it would also offer shelter against dependence on the dollar and strong fluctuations in national currencies and hyperinflation. That’s why more and more African startups are focusing on this technology.
Agrikore, for example, is an experiment that is successful in Nigeria. It offers a system of rapid and transparent payments thanks to an automated market that includes the entire agricultural supply chain in a single transparent ecosystem. BitLand, on the other hand, is the application that in Ghana does not allow to modify the procedure to register land lots. And for a country where land theft is a very serious problem, this “land registry service”, which uses Bitshares technology, allows all Ghanaians to register properties transparently. Without bad surprises in the future.