The Remarkable Applications of Blockchain in Life

Not limited to the field of cryptocurrency, blockchain can provide benefits for international trade, combat cybercrime, and monetize data.

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Expanding the Horizons of Blockchain: A Multi-Industry Revolution

Blockchain technology, often associated with Bitcoin, is now making waves in various sectors, promising to disrupt international trade, combat cybercrime, and unlock the potential of data monetization. During the Digital Nigeria International Conference 2023, a panel, including Lise Li from Shanghai Keyi Tech, explored how Africa can harness this innovative technology to propel its development.

Li stressed that the first sector to benefit from blockchain’s transformative potential is international trade. In a world where consumers increasingly prioritize product quality, blockchain can serve as a connective thread, linking data from all participants in the trade ecosystem. This enhanced transparency and traceability can instill trust and accountability into global trade practices.

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Furthermore, blockchain has the capacity to revolutionize payments, as highlighted by Li, who leads the BSV Blockchain Hub in China and APAC. Drawing inspiration from China’s successful digital payment systems, Li envisions blockchain as the foundation for Africa’s payment infrastructure, offering a cost-effective, instant, and secure settlement layer.

In Nigeria, the government has been actively promoting the eNaira, Africa’s pioneering Central Bank Digital Currency (CBDC). Despite Nigeria’s prominence in digital payments and digital asset adoption, the eNaira has encountered challenges in achieving widespread adoption.

Centbee CEO Lorien Gamaroff proposed a potential solution during his presentation, suggesting that tokenizing the eNaira on a highly scalable blockchain like BSV could be the key to the CBDC’s success, making it more accessible and efficient.

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Dr. Eva Porras emphasized the substantial cost savings that African businesses can realize by adopting blockchain for payments. The founder of Blockchain Smart Technologies argued that current payment channels, including card processors and banks, disproportionately exploit small businesses.

She pointed out that shop owners often bear hefty fees ranging from 3% to 12% to credit card companies for accepting payments. In contrast, leveraging BSV for payments would translate to mere cents on the dollar, ultimately fostering wealth retention within the country.

Related: XRP Achieves Outstanding Speed, Capable of Transforming the Banking Industry

Beyond finance, blockchain’s influence extends to diverse domains, including entertainment and agriculture. Over the past decade, Africa’s entertainment industry has experienced a significant surge, with African artists achieving global recognition and success.

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However, just like artists worldwide, African talent faces exploitation by intermediaries, with record labels, social media platforms, and streaming sites reaping substantial profits, leaving artists with meager earnings.

Bitlipa CEO Apollo Eric pointed out that blockchain can eradicate this exploitation, enabling creators to receive their rightful rewards. Apollo stressed that blockchain is the only technology capable of disintermediation, eliminating the numerous intermediaries from content creation to consumer access.

In Nigeria, agriculture plays a pivotal role in the economy, employing 36% of the workforce. Blockchain’s relevance in this crucial sector was underscored by Dr. Eva Porras, who highlighted its potential to underpin agricultural data, facilitating data-driven policy decisions. The immutable and transparent nature of blockchain data ensures consistency in decision-making across the board.

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Furthermore, blockchain can be seamlessly integrated with emerging technologies, such as AI, to revolutionize farming practices. Michelle Chivunga of the Global Policy House, an organization aiding governments in policy formulation and implementation, cited the example of combining blockchain with AI for predictive analysis, empowering farmers to make informed decisions about planting and harvesting.

Following the harvest, consumers can rely on blockchain to track the journey of produce from the farm to their plates. In an era where sustainability and organic produce are paramount concerns, blockchain’s immutable ledger can validate the provenance and supply chain journey of any agricultural product.

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As a bonus, farmers demonstrating their commitment to responsible farming practices, such as pesticide-free cultivation, can command higher prices for their produce.

The significance of micropayments in Africa was also emphasized in Conversations with Gbemi Akande, highlighting the potential for even small transactions to be processed efficiently and securely, further empowering individuals across diverse industries.

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