How crypto can help redefine business across Africa
African Cryptocurrency
Modified Date:- Published Date:-Categories: Cryptocurrency
How crypto can help redefine business across Africa
Cryptocurrency andblockchain have a lot of use cases thatcan be used to help Africa experience rapid economic growth. The use casesbetween banking, wallet, loan and internet are almost limitless. Most notably,those use cases could help provide connectivity across the continent and enablebanking access to millions of unbanked individuals.3air, a blockchain-basedconnectivity company, is working to provide high-speed broadband connectivityand access to decentralized banking across African countries.
Connecting Connectivity with Banking
Through proven wireless technology, blockchainservices and cryptocurrencies, 3air aims to connect sub-Saharan Africa to theglobal economy. Sub-Saharan Africa has many issues with regard to the economyand connectivity.
The Internet penetration rate in this region is just 35%,which is quite low compared to the rest of the world. Decentralization throughcryptocurrencies prevents many of these issues, reduces fees, and preventssecurity issues from occurring in the first place. Due to the nature of crypto,the barrier to entry is lower and less formal, thus more inclusive. As long asaccess to the Internet is widely available, there can be no exclusion if allfeatures are online.
Using NFTs to Resolve Banking and Identity Issues
In Web3, banking access can be solved with crypto bydecentralizing access to financial and identity services. For example, acompany named 3air recently introduced NFT-based internet subscription. Usersare connected to the Internet through a high-speed broadband connection bypurchasing an NFT based internet subscription. Users are connected to theInternet through a high-speed broadband connection by purchasing an NFT whichhas the right to use telecommunications services. The use of NFTs as a subscriptionmodel offers significant advantages over standard telecom contracts.You are theowner of the NFT, and that the NFT is freely transferable between you andothers.
Blockchain in healthcare
Blockchain technology can also be used for storing health informationfor one's personal use while being more secure or in the form of a centralizeddatabase. Storing information on a blockchain closed behind NFTs forAccess allows users to quickly pull up any medical information they need fromanywhere with internet connectivity.
NFTs are encrypted using a hash, Whichoften gives more protection than you'd find on a standard storage server. Fromthe hospital side, these NFTs allow for interoperability and ease of usewithout having to worry about storing data. Hospitals are often locked intocontracts to use specific, different software, which can be costly, tedious,and may not even work with each other, requiring information input into a newsystem. An increasing amount of manual labour is required to do this.
Blockchain and transparency
Organizational transparency is another issue that isincreasingly important throughout the world. Enter The DAO, a blockchain-basedcode base that provides governance for businesses or non profits. DAOshave a strict set of rules that cannot be manipulated and prevent corruption,which forces those who use them to be completely transparent about how theymanage their funds.
Take the case of non profits, where this forced transparencyprovides an extra layer of trust, allowing organizations to function withoutinterference or corruption. These are just a few of the many ways in whichcrypto. However, they all benefit Africa exceptionally well byconnecting users globally like never before: by providing banking for theunbanked, decentralized hospital records and healthcare documents, and fornon-profits. Providing a way to better assist those in need in a more reliableway.
Cryptocurrency, Banking, Bitcoin, Blockchain Technology, Decentralization, NFT, Banking Access, DAO, Internet subscription