While corruption, instability and inflation are global phenomenons, they tend to hit the hardest in developing countries.
The power of the blockchain allows for a transparent and open access movement of funds without the scrawny hands of dysfunctional banking systems.
Developing countries have gained an added layer of hope now! In countries where national money is worth potatoes, hyperinflation eroding currency value such as the case of Zimbabwe in 2008 [ source]
Bitcoin and the blockchain technology have become a lucrative asset and a solution that many aspiring entrepreneurs from around Africa thrive to implement.
Cool African Blockchain startups to watch out for:
Cryptogene [Nigeria] which aims to make the blockchain technology mainstream in Africa by promoting blockchain education. For More Info: [source]
Bitland [Ghana], based on the Bitshares blockchian, it allows land surveying and deed recording with blockchain integration. For more info: [source]
Bitmari [Zimbabwe] a multi-featured bitcoin wallet that supports multiple indigenous African languages. For more info: [source]
Custos Media Technologies [South Africa] A blockchain based startup that tackles piracy in the entertainment industry. Could that make Game of Thrones immune to Leaks :)? For more info: [source]
OTLW [Kenya] devs that aim to create DAPPS on top of second generation crypto's such as the Ethereum platform. Fore more info [source]
Power to the African People !
Technology is of most benefit to those who are most enslaved. It is common to find the poorer the country, the more basic the system of enslavement is. In the US, it is a highly sophisticated system, such that most people arent even aware they are enslaved.
That said, the benefit is that a technology like blockchain and crypto enables the surpassing of the enslaving controls no matter how strong. One of the biggest problems with financial aid from first world nations to Africa is that the money is often robbed before it gets there. This is something that is eliminated with crypto.
Excellent point Taskmaster!
" One of the biggest problems with financial aid from first world nations to Africa is that the money is often robbed before it gets there. This is something that is eliminated with crypto."
So True, it's amazing what crypto-technology can help us achieve...solutions that were never there before :)
I think that in some time in the future, African governments might limit our "movements" regarding cryptocurrency - If it does not benefit them, it might be a problem . . . but then again, blockchain technology is just too unique