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Blockchain Technology In Africa: Investment, Expansion And Speculations

Blockchain technology in Africa has reached a dynamic stage wherein international firms are making huge investments for their projects. The blockchain based firms have literally multiplied in number within this year after the rapid acceptance and adoption of this emerging technology. The technology sector has made huge advancements which will help in shaping an entirely new generation and blockchain enabled ecosystem.

2018 was marked with a distinguishing trend as the African venture capital landscape saw the massive increase in the number of investment funds. It is revealed that there are around 51 viable VC funds focusing African region with a minimum of 7-10 investments in the start-ups of this area.

The technological advancement has taken a different shape in the African region with its own blockchain narrative. It is speculated that nearly 500 Startups-backed SureRemit released a crypto token keeping the multi-billion-dollar remittance market of Africa and raised a whopping $7 million in an ICO, as published on TechCrunch. Blockchain technology in Africa has gained massive developmental support with the collaboration of agtech startups Twiga Foods and Hello Tractor with IBM Research. This partnership will make the use of ledger technology for advancing operational methods for small-scale farmers and agriculture.

United Nations, Blockchain And Africa

According to The Coin Shark, it is stated that UN Office on Drugs and Crime is collaborating with a blockchain company doc.com. The joint project will provide accessible medical service and healthcare facilities with any cost. The project will begin its services from the Eastern regions of Africa. This platform will facilitate the users to exchange their personal information or data for tokens. These tokens will be redeemable against various healthcare services.

Blockchain technology in Africa is already expanding at a rapid pace and it is speculated that it is will turn out to be one of the hot-spots for blockchain in the upcoming year.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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