How crypto can help redefine business across Africa

Cryptocurrency and blockchain have many use cases that can be used to help Africa experience faster economic growth. The use cases are nearly limitless across banking, wallets, loans, and the Internet. In particular, these use cases can help provide connectivity across the continent and enable banking access for millions of people without a bank.

3air, a blockchain-based connectivity company, is working to provide high-speed broadband connectivity and access to decentralized banking services in all African nations.

Through proven wireless technology, blockchain services and cryptocurrency, 3air aims to connect sub-Saharan Africa to the global economy. There are many problems that Sub-Saharan Africa faces with regards to the economy and connectivity. The region has an internet penetration rate of just 35%, which is significantly lower than the rest of the world.

The numbers are equally unfortunate for banking services. In 2022, 57% of Africans were without a bank; no current accounts, no savings accounts, no banking services of any form. Cryptocurrencies can solve the banking problem in Sub-Saharan Africa by allowing non-bank users to use peer-to-peer transactions without the need for a centralized intermediary.

Digital-only banks are increasing in prevalence around the world, but they are often centralized, which can provide problems and limitations to customers when it comes to fiat currency. Banks often have lengthy identification procedures and fees, require minimal deposits, and have accessibility, security and financial inclusion issues. With huge numbers of bankless individuals in sub-Saharan Africa, inaccessibility is a huge barrier to adoption.

Decentralization through cryptocurrencies prevents many of these problems, lowers fees, and prevents security issues from occurring in the first place. Due to the nature of cryptocurrencies, the barrier to entry is low and less formalized, therefore more inclusive. There can be no exclusion when the features are all online as long as Internet access is widely available.

In Web3, banking accessibility can be solved with cryptocurrencies by decentralizing access to financial and identity services. For example, a company called 3air recently introduced NFT-based internet subscriptions. Users are connected to the Internet via high-speed broadband connections by purchasing an NFT which contains the rights to use the telecommunications services.

Using NFT as a subscription model offers significant advantages over standard telecom contracts. You own the NFT and the NFT can be freely transferred between you and others.

Let’s say you no longer want to use your subscription service. If so, you can resell your token on a decentralized market or simply trade it with another user. Once you have moved out of your apartment, for example, you could transfer the internet service to that apartment to the new residents without spending hours on the phone with customer service. This method will save you both the hassle of canceling and resuming Internet services.

Blockchain technology can also be used for storing health information for personal use while being as secure or more secure as a centralized database. Storing information on a blockchain, locked behind an NFT for access, allows users to quickly extract any necessary medical information from anywhere they have internet connectivity. NFTs are encrypted using hashes, which often offer more security than you might find on a standard storage server.

On the hospital side, these NFTs enable interoperability and ease of use of data without having to worry about archiving it. Hospitals are often tied to contracts to use specific and variable software, which can be expensive, tedious, and may not even work with each other, requiring increasing amounts of manual labor to feed information into a new system.

Organizational transparency is another increasingly important issue around the world. Enter DAOs, a blockchain-based code base that provides governance for businesses or nonprofits. DAOs are a rigid set of rules that cannot be manipulated and prevent corruption, forcing those who use them to be completely transparent about how they manage their funds. Take the case of nonprofits, where this enforced transparency provides an extra layer of trust, allowing organizations to function without interference or corruption.

These are just a few of the many ways cryptocurrencies can affect the global economy. However, they all benefit exceptionally well from Africa by connecting users globally like never before: providing banking services for those without banks, decentralizing medical records and health records, and providing nonprofits with a way to better assist those in need in more reliable way.

Disclaimer. This is a paid press release. Readers must perform their own due diligence before taking any action relating to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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