Blockchain technology and digital currencies are changing the way we do business with each other: how we store and retrieve information, how we transact, and how we send and receive money across the world.
Blockchain technology offers advancements and innovation in various technological fields. The open-source, decentralised and distributed nature of the blockchain creates new opportunities in Africa because the technology offers people, governments, companies and institutions an alternative to existing systems.
Africa has a huge need for financial inclusion; therefore, governments, regulators and banks are looking at various supporting technologies to bring more financial services to the end user. Blockchain technology opens new avenues for traditional banking, mobile banking, payments and remittance services. More and more startups and established companies are now looking to disrupt this industry by undercutting or bypassing traditional operators and payment networks, while also offering businesses new ways of accepting payments.
Around the world, we have already seen innovation where title deeds, identity documents and marriage certificates are recorded and stored on blockchain systems. This evolution of smart contracts can also make businesses in Africa more efficient and make the legal system more equitable as they enable transactional efficiency. Any contract capable of automatically enforcing itself, without the need for a trusted intermediary, will save a massive amount of time and money, especially within the financial and securities sectors.
The financial services industry is in a metamorphosis with companies racing to provide both new products and services, and improve existing ones. The end result will be that the consumer will benefit greatly from these distributed ledger technologies. Many of the world’s largest banks are already experimenting with Ethereum, Bitcoin and Ripple through private and public blockchains as these offer secure, immutable, faster, cheaper alternatives to some of the traditional banking systems.
The possibilities of blockchain technology are endless. Any industry that deals with transactions can and will be disrupted by this technology. Rather than the Internet of Information, this is the Internet of Value or the Internet of Money.
The Blockchain Africa Conference 2018 will bring together a diverse range of experts who will discuss how blockchain technology can be used to transform exiting processes and systems in order to lower costs, improve efficacies and reduce fraud.
Whether you’re a financial services professional, CEO, CIO, CTO, compliance officer, investor, fund manager or entrepreneur, it’s time to be prepared for the impact that blockchain technology will have on your business and how it will affect your competitors.
