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Bitcoin Daily is delivered to your inbox each morning, we find the top 3 stories and offer our expert analysis. Check out our latest newsletter. Leave this field empty if you're human: Bitcoin to ZAR South Africa, a country home for some of the most innovative startups in the world, is set for the next fintech and blockchain revolution.
According to Disrupt Africaa leading startup news platform, most of the innovations in the year will be focused on mobile payments, digital banking, Bitcoin, SME financing, data analytics, real estate and automation solutions.
Interestingly, all these areas present an opportunity for the implementation of blockchain technology.
African banks have been a bit late to the fintech party, but since mobile phones have made such a huge impact on the financial industry in the African countries, banks are looking at this continent to test out new technologies like Bitcoin and Blockchain.
They provide merchants in Kenya to accept payments through mobile phones. Increasing penetration of smartphones in all of Africa is only going to further benefit MPesa and the likes in future. Interestingly, MPesa was founded by three Americans, who came up with the idea on a whiteboard in a Seattle basement, before bringing it to Kenya.
African technology companies absolutely do not want this to happen again. Peer-to-peer payment processors like MPesa and digital currencies such as Bitcoin are tremendously helping people transact money in Africa.
This is a trend that big banks like Barclays are not only starting to acknowledge, but are also taking part in it. To make that shift, you have to approach talent that sits at the front end of that change curve.
Barclays has been helping several blockchain startups across the globe. The platform uses digital ledger protocol to record medical records that are often mismanaged or lost in the region. This disruptive technology is scaring the banks from losing the grip. Banks like Barclays Africa and others are trying to adopt these innovations with the reputations of trust they believe legacy institutions bring.
Many believe if digital currencies are adopted by more African nations, it could significantly reduce corruption from government. Bitcoin comes with a lot of transparency and gives control to the citizens — something this continent desperately needs.
Vinny Lingham, a South African serial entrepreneur and founder of blockchain startup, Civicbelieves Africa will be disrupted faster than any continent in the world. He feels that a trustless method will remove the need for traditional banks.
The way mobile leapfrogged fixed lines communications in Africa, blockchain will leapfrog a lot of the financial infrastructure that exists today. I loved the way he made his offer in Bitcoins. He told the Augmentors founders: Corruption in African countries Corruption is nothing new to Africa.Case Study BTC Group»We have gained a considerable competitive edge: a virtualized data center, based on the latest Fujitsu products and technologies, helps to enhance the effectiveness of users’ operations and significantly reduces potential IT expenses.
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August 29th update: I’ve been contacted by yet another BCN member saying the following: I want to update you directly, without adding a link to your blog replies.
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