When the words bitcoin and Africa appear in a sentence, the word remittance usually follows, write Alex Lielacher in.
Bitcoin was launched eight years ago and hit the mainstream in 2013. Its low-cost money transfer feature was hailed as the solution to expensive remittance charges by the large money transfer operators Western Union and MoneyGram — especially true when it comes to transferring funds to Africa.
However, bitcoin remittances in Africa have not really taken off.
A summit Thursday in Johannesburg focused on believers who think blockchain technology will emerge as one of the biggest disruptors of this age.
From IT Web Africa. Story by Olusegun Ogundeji.
Ahead of last Thursday’s Strate Africa Blockchain Summit in Johannesburg, speakers shared their views on potential uses of blockchain technology in Africa. The summit focused on how blockchain technology will emerge as one of the biggest disruptors of this age.
Although bitcoin was the first product to use blockchain technology, interested users need to separate bitcoin from its underlying technology, said Llew Claasen, executive director, of Civic/Bitcoin Foundation. He was scheduled to talk on Blockchain KYC and Perfecting Identity Validation.
“Many other organisations have subsequently started work on alternative blockchains, but the principles are mostly still the same,” says Claasen.