Adoption of Blockchain in Africa may be critical in the next few years
Africa has seen rampant and ground breaking growth in relation to blockchain or cryptocurrency, even though there are still unclear laws and regulations on it. Meaning, that it still remains unsettling to determine the impact it will have on the future of Africa.
During a debate of the use of blockchain technology, the director of Naija Lottery, John Kamara, believes in the coming years cryptocurrency will become popular and be embraced by most in Africa.
However, it was emphasised that there is still uncertainty surrounding blockchain and what it has to offer and information on how it works in the gaming industry. This was highlighted at the SBC Digital Summit Africa during a two-day discussion
Just like gaming, one cannot ignore the potential impact blockchain currently has on the economy, and will have in the future.
“We have started to see a few more regulators who have started to think about it more from a centralised platform, so now showing them the power of the blockchain and the incorruptible nature of it means that we are now beginning to show regulators that this is better than doing it on a centralised network” says Kamara (pictured left).
Blockchain is perceived to become the new currency for transaction in the continent as it continues to grow within different regions, its growth can be seen in the increase in revenue and some government organization expect this growth within their economy as well.
However, the most challenging part of Blockchain is the misconception surrounding it and it is extremely important to educate people about the use of blockchain and empower people to understand that they themselves have control over their balance.
Ian Sherrington, CPO at Quanta, “On blockchain, you cannot sign a transaction on the user's behalf, so an operator that is running a sportsbook or casino are used to transferring money or placing bets on behalf of the user regardless of the user saying they'd rather do something else; it is the company who carries out transactions.”
About SiGMA's revamped website:
SiGMA Group is excited to announce the launch of its newly revamped website. The website is currently available in 5 languages, English, Russian, Mandarin, Portuguese, and Spanish with plans to add another 5 languages over the coming months - namely French, Thai, Korean, Japanese, and Hindi.