Blockchain to transform African economies: UWIN

money 2724241 640Research from Unleashing the Wealth in Nations (UWIN) has revealed that 70 per cent of professional investors believe blockchain and modern technology will have a positive impact on Africa over the next five years

UWIN, a blockchain business aiming to transform farming and commodity trading in Africa and other parts of the developing world, stated that around one in six (16 per cent) think blockchain could have a ‘huge’ impact over this period.

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 smartphones is expected to hit at least 50 per cent by 2020 up from only 2 per cent in 2010. This is something that 78 per cent of professional investors we interviewed think will be important in helping African economies grow.”

The research has revealed that 51 per cent of professional investors believe that African economies are well positioned to benefit from rapidly accelerating technological changes, such as blockchain. It can unlock growth and leapfrog the limitations and costs of physical infrastructure in important areas of economic life. Only 29 per cent of those interviewed disagreed with this view.

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

UWIN is in discussion with the African governments on how they could use its technology to enable farmers in the developing world to properly register their commodities, mobilise them and efficiently trade their produce on a trusted platform.

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