Economics

Blockchain and Cryptocurrency; Are they practical in Africa?

Blockchain and Cryptocurrency; Are they practical in Africa?

A lot of people would presume that the blockchain technology refers to cryptocurrency, and the first thing that comes to mind is Bitcoin. Well, that is the most famous type of cryptocurrency. The truth and reality of it is that the blockchain technology could be used for so many things as listed above.

Blockchains are signed, peer-to-peer, distributed ledger databases, and a cryptocurrency is a digital asset that can be an exchange medium. Cryptocurrencies are implemented by using blockchain technologies, the Blockchain technology is what allows transactions using the cryptocurrency to occur in a decentralized, distributed fashion. This decentralization is why using cryptocurrencies have so many advantages.