Finance markets

The Rapid Adoption of Blockchain in African Financial Markets

Blockchain technology is a distributed ledger that simultaneously records transactions on multiple computers. It was created in 2008 by Satoshi Nakamoto and first appeared in Bitcoin. Since then, blockchain technology has been adopted by various industries, including finance, healthcare, real estate, and government.

In 2018, the World Economic Forum (WEF) declared that blockchain technology would become the backbone of the Internet of Things (IoT). Blockchain technology is a decentralized database system that uses cryptography to secure data records and this decentralization and data security is exactly what Africa needs.

Coins set to boost African market economy

  1. Bitcoin is the first cryptocurrency ever created. They were designed to operate without any central authority, such as banks or governments. These coins are issued and managed digitally, and independent of any government or central bank. There are a finite number of bitcoins that will ever exist, and they continue to be generated at a rate of about four per second.
  2. Ethereum is a decentralized platform that runs smart contracts and allows developers to create Dapps. The developers use Solidity, a programming language that mixes elements of object-oriented and procedural languages. It supports intuitive event handling using variables, arrays, and functions.
  3. Ripple is a real-time gross settlement system based on open source software. OpenLedger is a peer-to-peer exchange where you can deposit money through any major banking app, withdraw funds using your OpenLedger wallet, and trade between cryptocurrencies. You can send funds cross-border to over 200 countries.
  4. EOS is a blockchain-based operating system. Block.one produces EOS software and technical support services. Block.one CTO Dan Larimer founded the Bitcointalk forum in 2011. On April 21, 2014, EOS released its alpha version, named ICN. In September 2017, EOS achieved the main net launch.
  5. tron is a next-generation blockchain application platform. Justin Sun acquired the project in June 2016. Tron aims to become a user-friendly blockchain with low fees, fast transactions, and high scalability.
  6. Stellar is a blockchain protocol developed by IBM and MIT. It is a distributed computing framework for sending payments. By removing intermediaries, it reduces costs and speeds up transaction times.

Many African countries are beginning to recognize and adopt these coins as worthy of exchange. The value continues to increase and everyone should take advantage of this growing opportunity. With platforms like Bitpapa, African traders now have direct access to new coins. The platform is safe, fast and easy to use.