A case for Blockchain in Africa
Growing Demand for Digital Solutions: With a rapidly growing population and increasing internet penetration rates, there is a growing demand for digital solutions in Africa. Blockchain technology can provide secure and transparent digital solutions for various industries, including finance, healthcare, and supply chain management.
Opportunity for Innovation: Africa has unique challenges and opportunities, creating an environment for innovation in blockchain technology. Market participants can leverage this opportunity to develop new products and services tailored to the African market.
Enabling Infrastructure: Many African countries have invested in telecommunications infrastructure, providing a foundation for blockchain technology. This infrastructure can be leveraged to support blockchain-based solutions and provide access to global markets.
Government Support: Many African governments prioritise blockchain technology as a critical driver of economic growth and have launched initiatives to promote adopting blockchain solutions. These initiatives create opportunities for private companies to partner with governments and implement blockchain projects.
Social Impact: Investing in blockchain in Africa can have a significant social impact, as it can improve access to services, create jobs, and drive economic growth. Blockchain solutions can help increase financial inclusion, reduce corruption, and improve the lives of millions of people.
The blockchain market potential in Africa is significant, driven by the continent’s rapidly growing population, increasing digitalization, and a need for innovative solutions to support economic growth. According to market research.com, The blockchain market in Middle East & Africa is expected to grow from US$ 199.37 million in 2021 to US$ 7,615.09 million by 2028; it is estimated to register a CAGR of 68.3% from 2021 to 2028.
In a report published by CV VC, titled “The African Blockchain Report 2021,” blockchain startups on the continent have raised $91 million in the first quarter of 2022, a staggering 1,668 percent increase in cash flow compared with Q1 2021’s growth of 149 percent.
