By Chris Cleverly
Expertise shapes our on a regular basis lives and is altering the world for good. It’s of utmost significance that we harness it as greatest we will to resolve a few of our biggest challenges akin to meals insecurity. I firmly consider that blockchain and cryptocurrency have an important function to play in navigating key world points akin to meals safety and that the know-how must be disseminated extensively within the new, rising frontier that’s Africa.
The very nature of the blockchain allows safe record-keeping of transactions in real-time, leading to true verification of a sale course of by each events concerned. This safe know-how is continually evolving and is one that may allow smallholder farmers to be on the centre of the monetary ecosystem surrounding their produce.
Blockchain know-how is enabling farmers to know the place, for what value, and the way a lot of their merchandise are in the end bought. With meals insecurity an ever-present concern not solely in Africa, however certainly the world over as populations develop, this know-how can scale back meals waste by enhancing the availability chain by the direct empowerment of farmers.
I consider it’s unimaginable for African governments to disregard the potential of blockchain know-how and cryptocurrency in instantly fixing key challenges they face. In 2021 alone, Africa’s Bitcoin and cryptocurrency market grew by over 1,200 p.c, the quickest rising geography on the planet.
Catalysed by a tech-savvy youthful inhabitants (round 200 million aged between 15 and 24 on the continent with this quantity forecast to double by 2045), the potential for technology-driven options to Africa’s inherent issues can’t be ignored any longer. The know-how to drive actual change is already right here and, as such, I’ve dedicated to embracing it instantly.
Many international locations are benefitting from the tech already, so why not Africa?
As CEO of KamPay, an organization devoted to democratising entry to blockchain know-how and cryptocurrency, I’m extremely excited to see thousands and thousands of Africans profit from the present technological revolution. It is very important embrace and never be afraid of technological innovation. From the steam prepare to cell phones, tech has all the time enabled world development.
At KamPay, we’re engaged on enabling anybody with a cell phone (no matter web connection) to work together with the blockchain instantly by way of SMS instructions, opening up a market of 400m customers in Africa who presently have a cell phone, however no web connection. Presently in BETA testing, that is one thing we hope to launch throughout the subsequent 12 months.
I consider this might be game-changing for Africans, particularly smallholder farmers who will have the ability to depend on refined and confirmed know-how to promote their items, talk with patrons and assess stay market circumstances. KamPay and African Grain & Seed (AGS) have already got an ongoing partnership, offering microlending to 50,000 farmers in rural Zimbabwe, and making certain fund allocation by organising wallets with assignments that may solely be used on pre-approved catalogues chosen by AGS.
With over 50 p.c of Africa’s inhabitants having a cell phone presently, and with this quantity rising exponentially, the marketplace for this kind of product is huge. Now we have already partnered with Tingo Cell as an illustration who’ve over 10 million clients presently and plan on related enlargement strategies sooner or later.
Cryptocurrency wallets will assist to facilitate pan-African transactions in a safe method utilising blockchain know-how regardless of conventional banking points remaining throughout the continent. Crypto thus allows transactions to manifest much more merely than conventional fee methods and in an instantaneous method with out useless delay.
With easy, free and safe smartphone purposes (that are seeing a larger rollout in Africa), thousands and thousands extra Africans are capable of work together instantly with the know-how and in flip are reaping the advantages of instantaneous, safe and cross-border transactions. This opens new markets and avenues of finance for them.
For smallholder farmers instantly, the blockchain is concurrently enabling market and fee entry in a continent the place an estimated 57 p.c of individuals lack a conventional checking account.
A current report by the Brookings Institute has illustrated that blockchain know-how will ‘rework financing’ in an more and more digital and urbanised Africa. Furthermore, the report highlighted that decentralised finance’s proof of idea has in actual fact already been confirmed on the continent. The report highlights that over $562 million of remittance funds alone as an illustration have been made already with cryptocurrency in Africa.
As an increasing number of folks flip to crypto throughout the planet as a hedge towards hyperinflation or to ‘assist get rid of the procedural bottlenecks that plague conventional banking and monetary companies’ as highlighted in a United Nations article in 2018, it’s important that we proceed to embrace the know-how and let it flourish.
Certainly, the UN Meals and Agriculture Organisation (FAO) have said that blockchain is a big improvement for agribusiness and might help to scale back meals fraud which prices the worldwide economic system round $40bn yearly.
Embracing know-how is a should particularly when it will probably make an actual, lasting distinction for thousands and thousands. Meals insecurity is among the biggest problems with our technology and any type of know-how that has the potential to extend meals safety for folks must be welcomed.
Blockchain is the reply to lots of our inherent finance points. The know-how gives instantaneous, safe entry to cross-border markets, avenues of funding and communication channels for provider and vendor. Belief can due to this fact be constructed between farmer and vendor, enhancing the availability chain important for on a regular basis life.
