INTRODUCTION
African Economies are struggling and many factors both internal and external are reason for this struggles which affect the financial capacity of the people.
The dire need for infrastructural development create unholy quest for fund for construction and maintenance of the existing structures. Where it exist, Roads, bridges and others amenities are in shabby and need repairs. Many parts are struggling and use of pathway which is very primitive to convey goods, people and services thereby impacting negatively on economic state.
The need to have these structures when the funds generated are inadequate pushes the government to seek loans internally and externally thereby purging the nation in debts. For instance, Many African countries depend on Chinese people for their infrastructural need thereby becoming indebted to them. Nigerian government borrows millions of dollars for Lagos - Ibadan Railway construction still pay them for the construction services.
Agriculture plays major role in the sustainability and production of food. Africa have great potential with huge arable and fertile land for the practice but the yields are relatively low. The need for improved seedlings and machinery for huge output for best agricultural practices, sustainable development and high yield for exportation purposes demands more money which the states can't afford but seek foreign collaboration for the successful quest.
There's a tremendous human resources in Africa. Millions of people are skills and talents in their various endeavors with limited resources and opportunities. States seek ways to improve the human capabilities by providing entrepreneurial and financial education in the Universities. One of the potent ways of generating funds is by borrowing from the bodies, countries and organizations internally and externally to fund the educational process for tertiary needs.
Africa is blessed with multiple of natural resources. One reporter once quoted that it's unthinkable for Congo to be highly endowed with various natural resources when other countries are lacking. Other African countries are highly blessed too. Although the huge amounts of money are generated from the sales, mismanagement and corruption caused Africans to keep seeking loans and indebted to others.
Cryptocurrency can help Africans settle the debt and improve their economic status.
Blockchain technology promotes immutability and transparency which can solve fraudulent practices and activities which are visibly noticeable on shady business deals have caused Africans great fortunes and affect their infrastructural development which is the needed for economic growth and stability. Rather than having unverified transactions and falsified data which makes Africans more indebted and seek loans, Blockchain technology can simplify the process and governance for better development of the area.
In the world of cryptocurrency, Decentralized applications and projects have greater financial potential that have improved the financial and economic activities. Africans and their government can leverage on the features and services for funding the various development and activities that will improve their economic well-being with improved governance which can be devoid of huge debt and financing.
Mismanagement of funds can be controlled as Smart Contracts can automate the transaction and economic process. With smart contracts, human errors and interests are removed which are most of the reason why Africans keep taking loans and no projects to show for such money generated.
Distributed ledger for records which Blockchain technology employed makes transactions secured and verifiable publicly. Such technologies can be applied to the transactions in Africa especially in the bureaucratic process in their governance for better accountability. When transactions are visibly correct and verifiable for smooth economic growth and stability, Millions of dollars drains annually by botched and shady deals can be used to improve the economy and avoid unnecessary debts.
CONCLUSION
Blockchain have great potential that can be tapped by Africans and Their states for better economic activities which will be secure, efficient and reliable. Errors, manipulation and corruption can be avoided for better economic growth and development which can be free from debts.
Debts are huge responsibility on the national budget and have caused serious financial problems to the state. Blockchain with it's greatness on use cases and wonderful projects can erase the pain of debts and improve the economic situation for better financial transactions and utilization of the abundance of resources in her shores.