Is Africa Leading the Journey to the Massive Global Adoption of Blockchain Technology?
A quick intro...
If you know Bitcoin, you’ve certainly also heard of Ethereum. Bitcoin was the first deployment of a Blockchain Technology with a crypto currency use case. Ethereum expanded it’s application of the Blockchain Technology to include smart contracts and dApps(decentralized apps). The idea behind a Blockchain is that each block is like a ledger capable of carrying different information, it could be details of transaction etc. The block is one ended meaning blocks can can get in but can’t get out, each new block is linked to the preceding block through the hash value of the preceding block this creates a chain of blocks hence the name blockchain.
The hash is a long set of numbers, generated using a hashing function to cryptographically mark a block. Aside from the hash every block has other details like the nonce, block number etc these details combined with the hash value enables a block to be identified. In Bitcoin for instance the idea of mining is simply iterating through the hash value, nonce and number to identify a block, the process is extremely resource intensive as it uses a proof of work consensus. Newer Blockchains have made the consensus process easier and less resource intensive through the use of other protocols like the proof of stake. In another article we will explore the basics of Blockchain in detail.
As at the time of speaking there are so many other Blockchain Technologies rolling out. Of all these the one to watchout for is Cardano. Cardano’s native currency is Ada.
Cardano carefully studied the shortcomings of 1st and 2nd, generation Blockchain Technologies to develop a more research driven Blockchain ecosystem. Cardano and it’s different tiers is managed by IOHK.
Yesterday, IOHK partnered with the Ethiopian government to rollout a Blockchain Driven protocol that would help the government track the identity of students and teachers. This particular project is handled by Atala Prism. One the commercial arms of the Cardano organization.
The biggest adoption yet
“Ethiopia’s blockchain-based education transformation is a key milestone on IOHK’s mission to provide economic identities and employment, social and financial services for the digitally excluded,” said O’Connor, IOHK African Partnerships Lead.
However, according to one report, there are expectations that this project could ultimately be extended to universities where degrees are also verified digitally on the Cardano blockchain. This function will allow employers to easily validate the authenticity of applicants’ educational credentials.
If you’re a Master’s degree holder outside the Africa and you did , your Bachelor's within the African continent, sometimes having your institution send your transcript to your school of choice can be daunting in most Especially if you went to a federal University where the records are poorly maintained. This has denied a lot of persons some international opportunities. Now imagine how Blockchain too can solve that. The applications of the Blockchain Technology extends into real estate, identity management, health, supply chain management etc.
A BIT on FINANCE
To get a bit more technical. One of the problem with the internet is that anything you send over the internet is just a copy. Meaning if you send a file, your receiver has a copy while you still retain a copy. This problem is called Double Spending in finance. It works for the internet but for money that would be a disaster, because anything you send is supposed to be debited from your end and credited to the receiver. It’s like sending $5 to someone and still having your initial $5 that would lead to large scale inflation and devaluation. That’s where a Blockchain Technology utilizes advanced cryptography to make sure that if something leaves your end you no longer have it thus controlling the problem of double spending (this has proven successful with currencies i.e Crypto Currency) but beyond this, it’s versatility has proven to have more use cases that are still currently explored.
Dubai recently used Hyperledger Fabric, another Blockchain implementation to build a fully encrypted smart payment system. This is part of their Digital Silk Road initiative, to keep Dubai 10yrs ahead of other cities and to aid the city-states trade with the world. The entire Digital Silk Road initiative is planned to utilize AI and Blockchain Technology.
What’s the future of Blockchain Technology
It is certainly still gaining traction but the world will sure catch up. This is the best time to take a stake in the trend. The most beautiful thing right now is that if you’re already a Developer you can port your skills easily to start Blockchain Development. You can still invest in it too. We Move 🚀.
Don’t forget to follow me on Twitter for updates.
Written by Otobong Peter
#Mastermind #blockchain #CardanoAfrica #Bitcoin
