By Cryptocurrency and blockchain technology has been around for a while, but they are only just making their way into developing nations in the world. Other than simplifying the process of digital payments, blockchain and crypto technology is capable of starting significant revolutions for such countries, across different sectors.
For this reason, many crypto giants are looking to invest in developing regions by coming up with several blockchain projects. Just recently, Richard Ells, in an interview with BlockTV, explained how his company, Electroneum, was making efforts to bank the unbanked. Through their app, Electroneum is simplifying the crypto jargon, so that everyone can understand. Ultimately, this move helps them achieve their main aim to give everyone access to the global digital economy.
By partnering with local mobile operators in South Africa and Brazil, Electroneum increased its user base in these countries. In Brazil, users can top-up their prepaid airtime by using ETN, Electroneum’s in-house coin. The Electroneum app also makes it easier for users to buy and sell services to the global market. These services are then paid for using cryptocurrencies.
Blockchain Projects in Developing Countries
The project by Electroneum is not the only one of its kind. Blockchain solutions are now being introduced in several developing regions of the world. While most underdeveloped nations were skeptical about embracing the new technology, these projects have helped to raise awareness on the crypto-space. As a result, cryptocurrency is witnessing a mass adoption in the said regions.
Sela Labs, Nigeria
Launched in April 2018, Sela Labs’ main aim is to curb the oil spillage problem in the Niger Delta. And they are doing this using blockchain technology.
The project began in Ogoniland, a village in Nigeria that is considered to be the most polluted part of the delta, according to UNEP. The need for a solution to the oil spillage was crucial, given that a report by the Guardian showed that babies born within 10km of the spillage were more likely to die within their first month.
The Sela platform consists of three modules. The first is a web-based app that funders use to create, read, report, and update new and existing projects. The second is a user interface that allows all involved parties to discuss the ongoing projects. The final module is the crypto program, through which community members receive rewards in the form of cryptocurrencies. This last module is an open-source wallet called Lumina and runs on the Stellar network.
Cycle, Colombia
Achieving viable energy solutions is a significant problem for many developing countries. Colombia is getting ahead of the game thanks to their renewable energy system, Cycle. Through this project, homeowners and communities can generate and redistribute excess energy with others in exchange for money tokens.
The project is powered by Ethereum blockchain and uses mobile communication technologies and satellite connections to provide a decentralized platform for all their IoT devices. The system consists of a smart network of houses with renewable energy sources. The homes all have an IoT device, the Harvester, which contains data on what home has excess energy and who needs the power. The Harvester then initiates the flow of energy, and the house with the surplus gets their money tokens instantly.
Land LayBy Technology, Kenya
The process of buying and selling land should be a simple legal process. Thanks to corrupt land officials, fake land titles, and other deciding factors, land buying is a tedious process in Kenya.
Land LayBy makes land transactions more accessible, faster, and more transparent.
The shared distributed ledger holds records for all land buying and selling transactions. These transactions cannot be altered, forged, or duplicated.
The blockchain is home to an infinite number of blocks. Each block contains four crucial details on a particular piece of land. These details are the nature of the property, location, history of ownership, and transactional information. Once the transactions on a block are complete, a new one is created, and the two are linked together using cryptography.
CryptoSavannah, Uganda
CryptoSavannah is a blockchain innovation hub that is spearheading the blockchain technology in Uganda. Since its inception in 2017, the startup has been working with both governments and the private sector to identify real-world problems and come up with blockchain solutions for them.
By partnering with prominent industrial leaders such as Binance, cryptoSavannah aims to make Africa a leader for blockchain talent, innovation, and investment. The team also provides advisory services to individuals and businesses trying to understand blockchain technology and help them find ways to integrate this technology into their activities.
Binusu is one of CryptoSavannah’s main projects. It is an exchange platform that allows Ugandans to buy and sell cryptocurrency using the local fiat currency. The platform integrates mobile money technology, making it easier for all Ugandans to access the platform.
Africa Remains an Untapped Potential for Blockchain Technology
Africa is home to most of the developing countries in the world. Even with the blockchain projects that are currently underway, the continent still holds vast untapped potential.
Blockchain technology could help the continent solve most of her problems. However, many countries are yet to understand and embrace the technology altogether. Besides, brain drain is a significant problem in major industries, with many developing countries struggling to keep their talented developers.
While the continent is warming up to cryptocurrencies, there remains a huge market gap. It remains to be seen how talented crypto gurus will tap into this potential and provide lasting solutions for developing countries all around the world.
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