Chinese Billionaire Explains Why Africa Needs Blockchain Now
Bruno Wu believes that his firm Ideanomics can partner with some friendly countries.
Blockchain Lauded As Solution For Africa’s Trade Problems
The commodity trade in Africa is facing a number of issues. The sector is affected by unending corruption and mismanagement. However, there might be a solution to all these problems.
A Chinese tycoon has come out to suggest that it is time Africa deployed the blockchain technology to end these challenges. According to Bruno Wu, blockchain can assist Africa effectively trade natural resources for maximum profits. Wu is the head of Ideanomics.
He notes that blockchain and AI can be used to set up a platform that would bring on board effective pricing, accountability and selling of commodities. He said that the continent has a chance to become a major global player through the use of blockchain. Wu thinks that digitizing distribution will be key.
Speaking to investors in New York on Tuesday, Wu said that the continent must invest in a transparent future so as to reap big from the sector. He believes that blockchain is the only solution.
Ideanomics has been dealing in AI and blockchain systems for a number of years. The firm has invested in about 60 AI and distributed ledger entities. The firms are based in California and Asia. Ideanomics owns a stake in these companies.
Early September, the firm made public its latest partnership. It has a deal with Asia Pacific Model Electronic Network. The deal will be meant to digitize the latter for port operations.
At the moment, Wu acknowledged that his firm was researching the African market. He notes that they might end up working with some countries. He singled out Nigeria’s oil production and tea from Kenya.
Despite early resistance, a number of African countries are now studying the blockchain technology. A country like Kenya has a task force in place that will find out more about blockchain. The East African nation established a task force that seeks to determine the benefits and challenges of the technology. If adopted, the technology has the potential of revolutionizing agriculture in Kenya, trade in Nigeria and curbing land corruption in Ghana.
Blockchain’s foolproof nature might be beneficial in helping African countries save millions. African countries are losing millions yearly through rampant corruption in the natural resources sector. Wu concluded that a future with blockchain will be a major advantage to Africa.