Profit-making idea: Capitalising on blockchain technology in Africa
Profit-making idea is a series of short posts, each with a piece of information that we think you might find useful: for investment, for growing your company or to start a new business. Read our previous posts here.
How We Made It In Africa asked Felix Mbugua, founder and CEO of Legibra, a Kenya-based technology firm, to identify one untapped business opportunity in Africa. Here was his response:
“Blockchain-based systems. This technology presents a jet-packed solution poised to improve virtually everything as we know it on the African continent. This heavily touches on, and is not limited to, the financial sector, trade, education, and property sectors, as well as government operations/structures, the economy, agritech and currencies.
“Mastering the use and implementation of this technology presents lucrative offerings to the professionals who will come out on top in proficiency. The technology is new; therefore, early adopters will be sought-after pioneers. Before many can join the bandwagon the few who have mastered blockchain will be a rare commodity that will not be cheap to procure.
“Applications include creating Ethereum-based systems in sectors like education, blockchain-based systems for bookkeeping in banking/finance, blockchain-based systems in property, smart contracting, smart grids for energy distribution, identity management, supply chain, international trade, and more.
“I believe blockchain can provide all-inclusive and holistic access to services in the African context because it leapfrogs the continent past the cost and time taken by developed continents to achieve the infrastructure and level of technology that set them way ahead, and apart, from Africa.”