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- Blockchain technology is finally getting its due importance
- A spinoff of Blockchain technology immense
- Blockchain technology can be used to improve social and economic conditions
When Bitcoin was launched in 2009, the underlying technology, Blockchain, did not get its full due. The Bitcoin launch was a watershed in modern times, and it led to a raging debate about how it would help bypass the bottlenecks and problems of the conventional financial order. Much water has flown since then, and today, cryptocurrencies are hailed, derided but never ignored.
When Space flights started, it was often argued that it would be of little use for this world’s teeming and poverty-stricken people. However, the spinoffs of space research have been immense. Similarly, the Bitcoin revolution built on a blockchain technology that is decentralized and democratized has similar spin-offs which can be used to improve the lives of people and businesses.
Integrating Africa with the world economy
According to theconversation.com, the launch of Bitcoin is driven by a desire for profits and returns for investments. Very little effort was undertaken to use the technology for the social and economic welfare of people. The African continent is still miles away from integrating with the world economy. The remoteness of locations, unstable governments, and volatile local currencies has led to this state. . However, things are changing, and the sea of change in attitude is all but evident.
Focusing on governments and public institutions
The theconversation.com reports that companies have started to highlight the blockchain capabilities to many African Nations. Unlike the usual process where cryptocurrency blockchains focus on the private sector in the developed countries, these companies are focusing on governments and public institutions in the developing world. In April, the Ethiopian Government signed a deal to create a national database of student and teacher IDs using a decentralized blockchain identity solution. The deal involved creating an ID for 5 million students across 3,500 schools. The deal involves three companies, the Swiss non-profit organization Cardano, the software company IOHK and a Japanese software company, Emurgo who maintain the Cardano Blockchain. Other African governments are closely monitoring the Ethiopian deal.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
