Inadequate infrastructure is a major problem faced by Africa and other developing parts of the world.
Besides the technical implications that have hindered the infrastructural development of the aforementioned parts of the world, human interference is also key in slowing down their rates of development.
Afrikanus Kofi Akosah Adusei, acting Africa community manager of XinFin, emphasizes the poor state of infrastructural development in Africa:
“Globally there are more than three mln people without electricity and almost a million without access to clean water. Our mission is to create incentives for financiers and encourage them to finance low profile projects.”
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The statement was made at a meeting held on Saturday, July 22, 2017 in Zambia, where about 40 African business men and women came together to learn how the company is using the Blockchain to provide low-cost infrastructure financing around the world.
Corruption hinders development
Cases of tedious bureaucratic procedures, coupled with deliberate human obstructions make the award and execution of contracts a major bottleneck towards infrastructural development in developing countries.
Allegations of corruption at various levels usually lead to inflation of contracts despite the low revenues of most of these developing countries. This and many more factors have been responsible for various setbacks and the slow development in Africa and other parts of the world.
Solving social problems
One of the major obstacles that have hindered infrastructural development in regions like Africa is the absence of transparent contract procedures. Considering the characteristics of the Blockchain, with transparency and immutability as fundamental properties, it is expected that corruption in the form of bribery and diversion of funds would become a thing of the past using such systems.
Another Blockchain company that is currently disrupting traditional infrastructural processes in Africa is Bitland. In the case of Bitland, real estate which is usually a cultural aspect of the people is introduced into a revolutionary system of inventory.
This solution is expected to bring along a cost effective way of transfer or trading of landed properties, by eliminating the services of middlemen. But most importantly, the opportunity of opening up an immutable and transparent registry is expected to significantly reduce the erstwhile common land disputes which have been responsible for so many social crises and deaths, especially among natives.
Despite the progress made by these companies among several others, one fundamental aspect of Blockchain revolution in Africa where a lot of work needs to be done is education.
The promise upheld by most of these beautiful projects cannot be denied. However, assuming that the expected consumers of such products will naturally align with such disruption may be asking too much from the people.
Therefore, it is essential that regular and intensive hangouts, seminars and deliberate awareness programs be organized very often by solution vendors.
The room for development in Africa is enormous. The citizens are also curious and eager to embrace the promise laden technological advancement. However, the horse must be put before the cart. Blockchain education is very necessary.