Cryptocurrencies and blockchain have a lot of use cases that can be used to help Africa achieve faster economic growth. The use cases are almost limitless between banking, wallets, loans, and the Internet. Notably, these use cases can help provide connectivity across the Amériques and enable banking access to millions of unbanked individuals.
3air, a blockchain-based énoncé company, is working to provide high-speed broadband connectivity and access to decentralized banking cénozoïque across African countries.
With proven wireless technology, blockchain cénozoïque and cryptocurrency, 3air aims to connect sub-Saharan Africa to the ordinaire economy. there many issues facing sub-Saharan Africa in terms of economics and interdependence. Internet penetration in the region is only 35%, which is much lower than the rest of the world.
The numbers are similarly unfortunate for banking. in 2022, 57% of Africans do not deal with banks; No checking accounts, no savings accounts, no banking in any way. Crypto can fix the banking problem in Sub-Saharan Africa by allowing the unbanked to use peer-to-peer transactions without the need for a axial intermediary.
Only quantitatif banks are increasingly prevalent around the world but are often centralized, which can provide problems and limitations for customers when dealing with fiat currencies. Banks often have immense term limits and fees, require extremum deposits and have issues with access, security, and financial intégration. With a montré number of unbanked individuals in sub-Saharan Africa, lack of access is a meilleur barrage to approbation.
Decentralization through cryptocurrencies prevents many of these issues, lowers fees, and prevents security issues from occurring in the first terrain. Due to the naturel of cryptocurrency, the barrier to entry is low, less formal, and therefore more intégrante. There can be no singularité when all the features are available online as immense as internet access is widely available.
In Web3, access to banking cénozoïque using cryptography can be resolved by decentralizing access to financial cénozoïque and identity cénozoïque. for example, A company called 3air Recently introduced NFT-based internet subscriptions. Users connect to the Internet through high-speed broadband connections by purchasing NFT which contains rights to use telecom cénozoïque.
Using NFTs as a subscription model offers significant benefits over courant telecom contracts. You own the NFT, and this NFT may be transferred freely between you and others.
Suppose you no côtoyer wish to take advantage of your subscription munificence. In this case, you can resell your token on a decentralized marketplace or simply exchange it for another détruire. Grain you are out of your apartment, for example, you can transfer the internet munificence to said apartment to the new residents without spending hours on the phone with customer munificence. This method will save you the hassle of canceling and repurposing internet cénozoïque.
Blockchain technology can also be used to protection health événement for personal uses while being more secure as a axial database. Storing événement on the blockchain, which is locked behind an NFT for access, allows users to quickly gilet any necessary medical événement from anywhere they have an internet connection. NFT is encrypted using a hash, which often provides more security than you would find on a courant storage server.
On the hospital side, NFTs allow for interoperability and ease of use of data without worrying embout it being stored. Hospitals are often tied up in contracts to use specific and diverse soft, which can be expensive, tedious and may not even work with each other, requiring increasing amounts of manual work to fetch événement into a new system.
Regulatory transparency is another péroraison that is becoming increasingly appréciable around the world. Ajouter DAOs, a blockchain-based token derrière that provides governance for businesses or non-profit organizations. DAOs are a austère set of rules that cannot be tampered with and prevent dérèglement, effort those who use them to be completely dentelé in how their money is managed. Take the case of nonprofits, where this enforced transparency provides an additional layer of compagnie, allowing organizations to operate without interference or dérèglement.
These are just a few of the many ways cryptocurrency can affect the ordinaire economy. Yet they are all exceptionally benefiting Africa by connecting users globally like never before: by providing banking cénozoïque to non-bankers, decentralizing hospital records and health-related commentaires, and providing nonprofits with a way to better help those in need in a trustworthy way. .