Implementation of Blockchain in African nations to eliminate corruption – BTC threads

Of& nbspSwati Kishore

Africa is making great strides in the adoption of the emerging Blockchain technology to simplify operations and subsequently eliminate corruption.

To begin with, the Government of the African nation of Tanzania is optimistic about the potential of distributed register technology to solve the problem of ghost workers in the public sector. Up to USD 195.4 million from the total salaries earned in the public sector are subtracted from these phantom workers.

That's not all, the traditional financial sector of Africa is destined to be destroyed by Blockchain technology. The high costs of infrastructure and the low income of the general population prevent financial institutions from providing services to unbanked people on the African continent. On September 23, 2018, the president of Sierra Leone, Julius Maada Bio, announced the intention to create a blockchain-based credit agency. By addressing the two relevant issues that affect the traditional banking sector (ie history and credit identification) Blockchain can bring significant benefits to those who do not have access to bank accounts.

Uganda president Yoweri Kaguta Museveni has also made efforts to promote the country's economy by embracing the distributed Ledger technology. He was quoted in May 2018: "These members of Blockchain are people who trust each other and are like universal SACCOS members have access to master books because we are aware of how men and women are Businesses are infected by business secrets ".

Subsequently, in June 2018, the Kenyan government announced its plan to deploy Blockchain in the construction of houses for the poor by 2022.

In another piece of news, South Africa's central bank is testing a Ethchaum Blockchain platform to carry out transactions between banks. Furthermore, South Africa is considering cryptography as a form of payment. The SARB, the national reserve bank and the national treasury are also trying to change a set of infrastructures and mechanisms within the NPS, which prove useful for the transfer of money between legal entities and between citizens.

July 2018 saw the implementation of Blockchain technology by Nigeria's customs services to curb corruption and increase revenue.

With all these efforts made, it seems that the African continent is destined to radicalize its economy by exploiting the technology of the distributed ledger.

Swati Kishore

Swati has a strong interest in emerging technologies and loves to write them. He loves trance and is also interested in the philosophy of life.