The rapid introduction of blockchain in African financial markets

Blockchain technology is a distributed ledger that records transactions across many computers simultaneously. It was created in 2008 by Satoshi Nakamoto and first appeared in Bitcoin. Since then, blockchain technology has been adopted by various industries, including finance, healthcare, real estate and government.

In 2018, the World Economic Forum (WEF) declared that blockchain technology would be the backbone of the Internet of Things (IoT). Blockchain technology is a decentralized database system that uses cryptography to secure data records, and this decentralization and data security is exactly what Africa needs.

Coins predicted to boost the African market economy

1. Bitcoin is the first cryptocurrency ever created. They were designed to operate without any central authority, such as banks or governments. These coins are issued and administered digitally, and independently of any government or central bank. There are a limited number of bitcoins that will ever exist, and they continue to be generated at a rate of about four per second.
2. Ethereum is a decentralized platform that runs smart contracts and enables developers to build Dapps. Developers use Solidity, a programming language that mixes object-oriented and procedural languages. It supports intuitive event management using variables, matrices and functions.
3. Ripple is a real-time gross settlement system based on open source software. OpenLedger is a peer-to-peer exchange where you can deposit money through any major banking app, withdraw money using your OpenLedger wallet and trade between cryptocurrencies. You can send cross-border money transfers to over 200 countries.
4. EOS is a blockchain-based operating system. Block.one manufactures EOS software and technical support services. Block.one CTO Dan Larimer founded the Bitcointalk forum back in 2011. On April 21, 2014, EOS released their alpha version, called ICN. In September 2017, EOS achieved the main network launch.
5. Tron is a next generation blockchain application platform. Justin Sun bought the project in June 2016. Tron aims to become a user-friendly blockchain with low fees, fast transactions and high scalability.
6. Stellar is a blockchain protocol developed by IBM and MIT. It is a distributed computing framework for sending payments. By cutting out intermediaries, it cuts costs and speeds up transaction times.

Many African countries are beginning to recognize and use these coins as exchangeable. The value continues to increase and everyone should take advantage of this growing opportunity. With platforms like Bitpapa, African traders now have direct access to new coins. The platform is safe, fast and easy to use.