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Blockchain will be the key technology that will define Africa for the next decade, Jimmy Nguyen told audiences at the recent Africa Tech Festival. The founding president of the Bitcoin Association talked about how Bitcoin SV is enabling fast and cheap remittances for Africans, how the BSV blockchain can end corruption, and why BSV is more than just a digital currency.
“We envision a world for Africa in which Bitcoin SV is not just a currency, but a ledger for sending financial and data transactions,” Nguyen said.
He was speaking on a panel that explored the big technological trends that will define Africa for the next decade. He was joined by Razvan Ungureanu, chief technology officer at telecommunications giant Airtel Africa, and Tunde Fafunwa, lead advisor to the United Nations Economic Commission for Africa.
#Africa – digital trends for the next 10 years. #blockchain #BSV https://t.co/XHrA58rFbV
– Jimmy Nguyen (@JimmyWinSV) November 12, 2020
Bitcoin SV will go beyond being a digital currency and address other key challenges facing the continent, Nguyen continued.
“We will see the use of the one big blockchain to create more honesty and transparency in government activities, because the BSV blockchain is open, verifiable and verifiable. This creates a better way to keep track of things like ownership of property, for both tangible and intangible ownership. The vote will also be traceable on the BSV blockchain. “
Nguyen also believes that blockchain offers African countries the opportunity to bypass many Western nations to become global blockchain hubs. While European, American, and Asian countries have an edge with blockchain exploration, none have cemented its place as a global hub. African countries can take advantage of this and take their blockchain initiatives beyond these Western countries.
Nguyen talked about what makes Bitcoin SV superior to all other blockchain projects, citing its ability to scale massively, very low fees, and stable protocol as just some of the features that separate BSV from the rest. Now processing 2,800 transactions per second, BSV is way beyond projects like BTC and Ethereum that have denied their users the ability to build applications for the masses.
Centbee is already showing what is possible for Bitcoin users in Africa. The South African wallet provider has brought Bitcoin to the masses, allowing them to easily buy and spend Bitcoin SV. It also allows instant cross-border transfers on its Minit Money platform at a fraction of the normal fees, Nguyen said at the virtual event.
Tunde agrees with Nguyen, stating that blockchain technology has an important role to play in giving people ownership of their data. For his part, Razvan revealed that Airtel, which has over 120 million subscribers in Africa, is exploring blockchain technology.
“Using blockchain technology, we are very interested in this as a way to protect information and create traceability of this information. We are still in the very early stages of this,” revealed Razvan.
Nguyen summed up: “I think the best way to understand Bitcoin SV is big business from small payments … Blockchain, in the form of Bitcoin SV, which has grown large to allow for huge volumes of transactions with minimal fees, allows a economy of growing business models that use very low payments. This is how you grow a digital economy. “
New to Bitcoin? Check out CoinGeek Bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin, as originally intended by Satoshi Nakamoto, and blockchain.
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