Africa has been at forefront of many advancements over the years, still, it is not the first continent that people would consider for technological advances. This is due to the fact, that only the several challenges faced by Africa are advertised by media.
However, the blockchain revolution has made its mark and African companies are adopting and experimenting in the tech space. Some of these companies include-
KubitX is a global hybrid digital asset exchange with a focus on the emerging markets. They have partnered with NEM and Modul us Global. NEM is one of the biggest cryptocurrencies and platforms in the world. Modulus Global powers NASDAQ, and various other banks and financial platforms, CEO of Modulus is a member of the KuBitX advisory board. KuBitX is seeking to resolve some of Africa’s biggest financial challenges, namely- remittance fees, payment processing fees, and fund transfer security. Additionally, the platform provides language diversification on their platform.
The Sun Exchange
Sun Exchange envisions to revolutionize the energy sector within the African continent. They have created a crowdfunding crypto exchange, which allows people to buy a share in an energy plant. This, in turn, is rented out to organizations or individuals to power their premises. The cost of rent is less than the current cost of electrical energy on the continent, easier to set up and access, and more sustainable.
Bitland is tapping blockchain technology to overcome the huge public records challenges in Ghana. Their focus is primarily on property surveys and title deeds. This is a critical need within Africa, due to the lack of record keeping that has been synonymous with Africa’s history. The company is relatively new and still finding their feet, but is spearheading an incredibly important project.
Some other noteworthy projects
- Amoney – utilizes multi-rail tech to merge 4 rails; namely, Ripple, Stellar, Amoney, and Blockchain tech to unify crypto wallets, thus mobilizing larger volumes of low-value cross-border payment.
- Payfast – South Africa’s biggest payment portal uses blockchain to provide stronger security measure for their transactions
- Bankymoon – built the first smart metering solution for power and utility grids on blockchain technology
- OTLW – builds and designs decentralized systems on IPFS and Ethereum technologies, that education, identity building, and reputation.
1.5% of all blockchain startups come from Africa. Although, the numbers are not quite impressive, with an exemplary vision the nation is headed towards conquering one of the biggest challenges in the financial space.
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