Cryptocurrencies and blockchain are increasingly being used across the world in an to improve operations, provide solutions and transform sectors.
This is the strongest indication yet that crypto and blockchain are here to stay, and will form a significant part of our lives from now on.
There are some parts of the world where this has already begun to happen, with Africa being the most notable example.
Crypto and blockchain use is far more common in Africa than anywhere else. For example, Nigeria is the second largest crypto market in the world, when looking at trading volume, only behind the United States.
Blockchain is being used to solve long-standing problems on the continent as well, and another great example of this can be seen in Kenya.
Grassroots Economics, which is a Kenyan non-profit organization that is helping marginalized communities in the country to safeguard their economic future, launched Bangla-Pesa in 2012, a highly-lauded virtual currency to help facilitate the transfer and exchange of goods and services.
The name comes from an informal settlement in Mombasa, known as ‘Bangladesh’, where this currency originated.
Kenya has been one of the leaders in Africa when it comes to mobile payments, and so it is no surprise that this sort of currency has been created there by using blockchain.
It is available through a mobile application, and allows residents who do not have access to regular banking services to be able to exchange goods and services. The equivalent of Ksh87,200 (200 Euros) can be used as vouchers in the 200 shops that are a part of the network, and this has now been implemented in five other communities in the country as well.
Before we look in further detail at Kenya, it is important to note the impact that crypto and blockchain have had on various sectors globally.
Multiple areas have been transformed through their usage of these innovations, with the online gambling sector providing an excellent template for other sectors to follow.
Most online gambling platforms, whether in Africa or elsewhere, now offer players the option to place bets through cryptocurrencies, while also using blockchain to strengthen their digital infrastructure.
Therefore in the past few years dogecoin gambling sites in Kenya have become quite common, and have generated a lot of revenue and traffic due to their use of these solutions. Thus, other sectors can take these solutions on board as well as a way to integrate crypto and blockchain into their operations.
With regard to blockchain in Kenya, it is also important to note that this is not the first financial platform to be run on blockchain. M-Akiba is the world’s first mobile bond selling platform, where the Kenyan government has been issuing government bonds for development project funding.
This platform allows people to create an account in ten minutes, rather than the usual time of three to 21 days, and this is only possible due to the underlying blockchain network.
 Issuers can also receive funds daily instead of monthly, which is another benefit that has been made possible through blockchain. Blockchain networks also provide transparency, since all records are stored on decentralized ledgers, and this has prompted a lot of international interest as well.
Kenya has been invited to several international conferences and forums as a result of this project, and the country has emerged as a leader in terms of implementation of crypto and blockchain in Africa.
There are several incubator projects that are taking place in Kenya as well, with ideas being tested in closed and protected environments.
One such project, under the Capital Markets Authority, is only looking at financial markets, while another, the Huduma Whitebox, is much more generic in nature.
These projects are supported by the government think tank on blockchain and artificial intelligence, which was launched in 2018, and these examples all show how Kenya is becoming one of the global leaders when it comes to blockchain integration and usage.
