Africa Should Accelerate Adoption of Blockchain Technologies

By Bitange Ndemo, Professor of Entrepreneurship at the University of Nairobi

Sub-Saharan Africa is rapidly embracing cryptocurrencies and blockchain technologies, and for good reason.

As shown in Figure 1, Africa is leading the world in cryptocurrency adoption. In 2021, Africa received more than $105 billion in cryptocurrency, more than any other region in the world. This growth is being driven by a number of factors, including the increasing use of mobile money in Africa, the growing number of African businesses accepting cryptocurrency, and the growing awareness of the benefits of blockchain technology.

Blockchain technology has the potential to revolutionize a number of industries in Africa, including finance, healthcare, and supply chain management. For example, blockchain can be used to create more efficient and transparent financial systems, improve the delivery of healthcare services, and track the movement of goods and services.

In order to fully realize the potential of blockchain technology, Africa needs to move quickly to adopt it. Governments need to create supportive regulatory frameworks, businesses need to invest in blockchain projects, and individuals need to learn about and use blockchain technology.

If Africa can move quickly to adopt blockchain technology, it will be well-positioned to reap the benefits of this transformative technology.