Blockchain is lined to transform African economies

Recent research from UWIN (Unleashing the Wealth in Nations), reveal that blockchain business shall transform farming and commodity trading in Africa and other parts of the developing world in the next five years.

According to the findings of the survey, 16 percent of 51 professional investors including hedge funds, private equity and pension funds interviewed between May and June 2018 by a market research company PollRight, blockchain could have a ‘huge’ impact across the continent in the half of the decade.

Julius Akinyemi, CEO of UWIN said: “You can see the positive impact technology in general is already having on all aspects of African life.  In East Africa for example, penetration of smart phones is expected to hit at least 50 percent by 2020 up from only two percent in 2010.  This is something that 78 percent of professional investors we interviewed think will be important in helping African economies grow.”

UWIN’s research revealed 51 percent of professional investors believe African economies are well positioned to benefit from rapidly accelerating technological change such as blockchain as it can unlock growth and leapfrog the limitations and costs of physical infrastructure in key areas of economic life.  Only 29 percent of those interviewed disagreed with this view.

Sandra Ro, Managing Partner and COO of UWIN said: “The potential for technology and blockchain to change the world for the better has never been greater.  Growth and development in Africa is being held back by several factors including poor infrastructure, and technology can help leapfrog these challenges.”

UWIN is currently in discussion with African governments on how they could use its new and unique technology proposition that for the first time will enable farmers in the developing world to properly register their commodities, mobilise them and efficiently trade their produce on a trusted platform.