Technology is basically the organization of knowledge for practical purposes.
It is the practicality of science. It is a consequence of science and engineering.
The blockchain is a continuously growing list of records called blocks, which are linked and secured using cryptography .Each new block contains a cryptographic hash of the last block, a time stamp and transaction data.
The blockchain was invented in 2008 by satoshi Nakamoto to serve as public transaction ledger for his cryptocurrency "bitcoin ".
Coming to Africa, many of the developing countries are off the financial grid with haphazard regulations causing damage to their already fragile economies.
How blockchain technology can benefit Africa's emerging markets
Imagine being able to move assets across borders and between institutions without paying huge transfer fees. By removing barriers such as intermediary banks, prohibitive cost etc
The blockchain technology can open up financial systems to entire countries.
The blockchain technology can also prove beneficial to small and medium scale enterprises (SME's) by erasing the red tapes thereby offering better credit to small businesses through smart contracts and negate settlement times reducing the cost to zero.
Large businesses will also benefit by saving time and money on processes such as payment collection which can be done digitally through the blockchain technology.
So is the blockchain technology part of Africa's financial future? The answer is yes. With its growing acceptance and use in the continents major financial hubs such as Nigeria and South Africa, it's only a matter of time before other countries jump in and tap into the vast opportunities of the blockchain technology.
Sources:https://redcloudtechnology.com/blockchain-technology-africas-financial-revolution/
