Blockchain is one of the pioneer technologies leading the 4th Industrial revolution alongside AI. It has proven its compatibility with Africa’s diverse economy. According to Statista, the total economic revenue drawn from E-commerce within Africa exceeded their initial estimate of $16.5 billion and at an all-time high of $37.77 billion.
Individually blockchain and E-commerce have revolutionized Africa’s digital world. Although combined, they ensure rapid efficiency and improvement in Africa’s digital economy. Over the past decade, Africa has relatively gone through a slow but steady metamorphosis within its overall economy.
The upcoming 4th Industrial Revolution has shifted young African entrepreneurs’ minds. Long gone are the days when Africa is only recognized for its agriculture as the continent steps into a headstrong digital age. E-commerce has thrived within Africa’s borders, having organizations like Jumia, which achieved its unicorn status simply from its endeavours within Africa. E-commerce is a thriving economy slowly but surely growing to greater heights.
However, a massive room for improvement has opened up, especially since blockchain technology stepped into the limelight of Africa’s ecosystem. Blockchain is one of the pioneer technologies leading the 4th Industrial revolution alongside AI. Fortunately, its very nature is surprisingly compatible with Africa’s ecosystem.