Several areas of the world are slated to enjoy unprecedented levels of economic growth in the coming years. Africa is a prime example of a continent on the cusp of pronounced fiscal productivity; due in no small part to its willingness to become fully integrated within the digital domain.
It is also no coincidence that this very same sense of proactive innovation has birthed some of the most forward-thinking personalities of our generation. Emmanuel Musa is a prime example of how professional insight is no longer limited to geographic borders, and he is particularly knowledgeable in terms of how blockchain technology is helping to reinvent African accountability on a global scale.
Before we take a deep dive into this interesting subject, it is wise to quickly examine the credentials of Mr. Musa, and what types of skills he has honed over the years.
Born and raised in Nigeria, Emmanuel Musa is no stranger to economic hardship. However, he has also seen his nation make massive leaps forward in terms of economic prosperity. This sense of forward momentum affected him at an early age, and directly influenced his educational career.
"I began to believe that the best way I could contribute to society was to remain one step ahead of the latest financial instruments. This led me to obtain a degree in Management Information Systems from Covenant University, to publish a handful of well-received research papers, and to (eventually) turn my focus to the cryptocurrency sector."
He also feels that the cryptocurrency landscape does not necessarily have to represent a topic only understood by the select few. As a result, Mr. Musa strives to educate consumers, to cut through the proverbial DiFi "fluff", and to help others better understand what the future has in store.
These are the very same traits which make him perfectly suited to address the crux of this article. How is blockchain technology impacting the African economy, and why will it provide a much-needed sense of transparency that may have been lacking in the past? Regardless of whether or not you have any vested interests in the African financial system, the observations outlined below should prove to be quite thought-provoking.
We will begin to address the questions above with another query. Why was the blockchain initially created? As some readers may know, this network (alongside Bitcoin) was the brainchild of a man known as Satoshi Nakamoto. He envisioned a peer-to-peer digital payment ecosystem that offered a transparent, and decentralised edge. This was in direct antithesis to traditional fiat transactions.
So, the first main takeaway point here involves the transparent nature of the blockchain. Mr. Musa employs a decidedly interesting analogy to summarise this concept in simpler terms.
"Imagine that you create a Google document that cannot be edited, falsified, or duplicated in any way. This document contains important information such as transaction histories, and detailed ledgers. You then choose to distribute this data to your closest friends. As no changes take place during every subsequent transfer, they can remain confident that all details have remained intact. This is the same principle that governs the decentralised blockchain."
African industries such as agriculture, mining, petroleum, and renewable energy can implement the blockchain to all but eliminate instances of fraud that may have tarnished their reputations in the past.
Perhaps even more importantly, the blockchain represents a borderless digital entity. This dramatically streamlines transactions to other regions of the world; enabling African businesses to enjoy a truly global presence. When combined with other inherent traits such as superior levels of cryptography, systems leveraging blockchain technology represent tempting alternatives to traditional fiat-based payment gateways.
Emmanuel Musa has already authored several white papers outlining the role that blockchain-based tokens such as Bitcoin now play in relation to international commerce. This is why we felt it prudent to pose a final question. Does he feel that the blockchain will be welcomed with open arms throughout Africa?
"I see no reason why industrial sectors across the continent would be hesitant to implement these systems. However, we also need to remember that not all existing infrastructure support cutting-edge technologies such as DeFi payments, and high-speed wireless connectivity. I believe that, from a conservative standpoint, large-scale implementation will take time; perhaps a number of years before it is fully realised."
He nonetheless goes on to conclude that the blockchain will irrevocably transform the concept of "business as usual" throughout Africa. The ultimate results include enhanced accountability, second-to-none levels of corporate transparency, and an efficient means to remain connected to the global economy. This is simply good news for everyone involved.
