We are witnessing the dawn of yet another industrial revolution, one characterized by a fusion of technologies that are blurring the lines between the physical, digital, and biological spheres. Technologies such as Artificial Intelligence, Robotics, Virtual & Augmented reality, Quantum computing are examples of these technologies. Probably the most revolutionary of these 4IR technologies is Blockchain.
In itself blockchain is simply a shared ledger that is built on a peer to peer distributed network. This simplicity however presents new possibilities that until today could not be realized through technology primary of which is trust. The Economist in its article “The trust Machine” highlighted the possibilities of a how a trust-based technology like blockchain could not only disrupt finance but every industry where trust is at the center of interaction.
Cryptocurrencies, the first born of the blockchain, have now risen from being obscure techie fads used as gaming tokens to now represent over $300 billion in value. Being hinged on blockchain, they have democratized access to finance by bypassing the middleman and facilitating peer to peer payments, drastically lowering the cost of trade and catalyzing financial inclusion.
Africa has for the longest time remained on the sidelines simply witnessing these advancements in technology or at best being mere consumers. Blockchain presents a shift in this narrative for Africa. For the first time we have the opportunity not only to participate in this budding new phenomenon but become a world leader.
A few weeks ago i had the honor and privilage to spend time with one of the biggest names in the blockchain and cryptocurrency space, Mr Changpeng Zhao popularly known as CZ. For someone who’s net worth is between $1.5 and $2 Billion, his humility and openness took me aback. Hearing the Binance story of how in just 9 months they grew from idea to the largest cryptocurrency exchange in the world, i couldn’t help but imagine the possibilities of this for Africa.
Separating the wheat from the chaff of cryptocurrency, there is immense value to be harnessed not only for exchanges, payment systems and trading platforms, but for startups, growing businesses and governments. ICO’s (Initial Coin Offerings) are already disrupting the startup space by simplifying the ability of good ideas to raise funds. Think of them as IPO’s through crowd-sourcing. This is HUGE for startups because it removes the VC bottleneck which is stringent and very selective but with the decentralization of funding, any idea around the world can be supported by people all over the world. So where only 1 idea out of 50 had a chance at life through the traditional systems, now all 50 do, and this support is not from investors alone but also the eventual consumers of the product.
So what does this mean for Uganda? the opportunity is here! Being one of the most entrepreneurial and simultaneously the youngest country in the world, ICOs will inject huge capital that will fuel these ideas. Young people will become job creators because their startups are not only getting well funded, they are getting exposed. And with Binance, the biggest name in the industry, in Uganda thousands of startups will thrive and these will employ millions of Ugandans.
As our demographic widow approaches we must prepare to harness a massive young workforce by facilitating and fueling a vibrant startup environment and this, in my view, is what will get poverty out of Uganda. The time is now, and we as Blockchain Technologies Africa (BTA) have heard the call and taken action. By partnering with Binance, with whom we share this vision, we will setup CryptoSavannah which will be a hub, lab and accelerator of blockchain based businesses. CryptoSavannah will also host a blockchain and cryptocurrency center of excellence where we will work with academia to educate and promote blockchain development skills in schools, collages and universities. In the next 5 years we plan to have the worlds largest talent pool of blockchain experts positioning Uganda strategically globally. BTA is on the verge of launching its Blockchain-As-A-Service product that will allow us to uniquely address challenges that have crippled our society for decades through “blockchainizing” systems and bringing trust, transparency and accountability to previously closed opaque systems. We have also finalized the setup of Binance Uganda which will give direct access of cryptocurrencies and ICOs to Ugandans and give Ugandans access to the $300Bln industry.
Blockchain is here and has the power to transform Uganda and Africa. With all the benefits and potential its not just a disruptive technology, its the technology of disruption.
