Techpoint Africa is hosting a blockchain summit that is starting today in Lagos. The summit will bring together policymakers and entrepreneurs to debate blockchain technology, cryptocurrencies and their future applications in Africa.
Web3, the theoretical future development of the Internet incorporating independent, decentralized data held by individual users, will be the subject of the conference. Speakers will discuss how to best use upcoming blockchain technology such as cryptocurrencies and non-fungible tokens to boost business and growth.
The use of cryptocurrency in Africa has increased by over 1200 percent in the last year. Because it exists outside of traditional financial systems, funds may be transferred quickly and cheaply across international markets. This is used by Africans living overseas to send money home, as well as small businesses to fund development projects.
While these technologies have the potential to benefit developing markets, widespread adoption is still a long way off. In the short term, the conference will likely focus on the role of blockchain in facilitating small-scale transactions and fund development.
In the long run, blockchain and Web3 could help Africa accelerate its economic development by embracing innovative technology and combating corruption through transparent ledger-based transactions that cut out corrupt institutions. This is not a given, and any dependence on blockchain carries security and regulatory concerns.