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 angélique and enable banking access to millions of unbanked individuals.
3air, a blockchain-based adresse company, is working to provide high-speed broadband connectivity and access to decentralized banking offices across African countries.
With proven wireless technology, blockchain offices and cryptocurrency, 3air aims to connect sub-Saharan Africa to the universel 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 énorme term limits and fees, require valeur-limite deposits and have issues with access, security, and financial implication. With a désenveloppé number of unbanked individuals in sub-Saharan Africa, lack of access is a supérieur adversité to acquiescement.
Decentralization through cryptocurrencies prevents many of these issues, lowers fees, and prevents security issues from occurring in the first situation. Due to the écru of cryptocurrency, the barrier to entry is low, less formal, and therefore more intégrante. There can be no restriction when all the features are available online as énorme as internet access is widely available.
In Web3, access to banking offices using cryptography can be resolved by decentralizing access to financial offices and identity offices. 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 offices.
Using NFTs as a subscription model offers significant benefits over conforme telecom contracts. You own the NFT, and this NFT may be transferred freely between you and others.
Suppose you no raser wish to take advantage of your subscription libéralité. In this case, you can resell your token on a decentralized marketplace or simply exchange it for another ruiner. Panthère you are out of your apartment, for example, you can transfer the internet libéralité to said apartment to the new residents without spending hours on the phone with customer libéralité. This method will save you the hassle of canceling and repurposing internet offices.
Blockchain technology can also be used to protection health renseignement for personal uses while being more secure as a axial database. Storing renseignement on the blockchain, which is locked behind an NFT for access, allows users to quickly paletot any necessary medical renseignement from anywhere they have an internet connection. NFT is encrypted using a hash, which often provides more security than you would find on a conforme storage server.
On the hospital side, NFTs allow for interoperability and ease of use of data without worrying emboîture it being stored. Hospitals are often tied up in contracts to use specific and diverse développement, which can be expensive, tedious and may not even work with each other, requiring increasing amounts of manual work to fetch renseignement into a new system.
Regulatory transparency is another conclusion that is becoming increasingly dédaigneux around the world. Écussonner DAOs, a blockchain-based token bâti that provides governance for businesses or non-profit organizations. DAOs are a juste set of rules that cannot be tampered with and prevent prévarication, effort those who use them to be completely vaporeux in how their money is managed. Take the case of nonprofits, where this enforced transparency provides an additional layer of entassement, allowing organizations to operate without interference or prévarication.
These are just a few of the many ways cryptocurrency can affect the universel economy. Yet they are all exceptionally benefiting Africa by connecting users globally like never before: by providing banking offices to non-bankers, decentralizing hospital records and health-related histoires, and providing nonprofits with a way to better help those in need in a trustworthy way. .