Is Africa on the Verge of an Economic Resurgence?

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Africa leads the rest of the world in blockchain and cryptocurrency adoption. Chainalysis’ geographic trends report states that Africans recorded the highest figures in peer-2-peer cryptocurrency transaction volume in 2021.     

According to a survey by African Report, Africa’s cryptocurrency market achieved a significant mark, with over $80 million in cryptocurrency holdings. African countries like Nigeria, South Africa, Kenya, Uganda, and Ghana are among the top countries in the world in terms of cryptocurrency adoption. 

Furthermore, the continent saw a remarkable 1,200% increase in crypto payments from 2020 to 2021. 3air recognizes the potential of the growth of this industry, and it is leveraging these advanced technologies to resolve the perennial connectivity and finance services problems throughout Africa.      

Africa is the new blockchain frontier

Africa is the second-most populous continent in the world, with around 1.3 billion people living there. However, it has failed to live up to its full potential due to infrastructural limitations caused by political, climatic, and economic issues peculiar to the continent. 3air aims to resolve these limitations to build an efficient ecosystem for internet and finance users.  

K3 Telecom, the Swiss broadband provider and 3air’s partner, will provide unique and best-in-class broadband infrastructure in African capitals and major cities. “Cable in the air” is a live broadband system that has operated in Sierra Leone for almost 3 years. This broadband system does not require traditional cable infrastructure, saving time and cost.       

The demand for decentralized services 

Cryptocurrencies are a reliable way to store and exchange value. People can send cryptocurrencies instantly from their mobile phones, which immediately resolves the issue of inadequate traditional financial infrastructure. Crypto also facilitates cross-border payment settlements and business growth opportunities. 

Financial services like payments, rewards, lending, and borrowing microloans will become accessible through smart contracts on the 3air platform.

Digital identities can solve the problem of poor identification systems. Users can purchase connectivity NFTs and access ultra-fast internet, IP telephony, and digital TV through their digital identities. The combination of digital identity and connectivity NFTs allows users to build their credit scores.With a valid payment track record and other personal information, users can enter low-risk microloans in the scope of previously acquired services.    

The 3air platform will facilitate transparent collection and secure storage of verifiable records in sectors such as education, healthcare, finance, etc. 3air will provide users with digital identities and connectivity NFTs.   

What does the future hold for crypto in Africa? 

Africa, becoming a stronghold of blockchain adoption, is ready to embrace crypto for decentralized and transparent cross-border interactions. Blockchain technology has and continues to impact everyday commerce and provide a new decentralized economy. 

The economic growth of Africa’s blockchain sector will impact other industries in the region, putting Africa in the position to become one of the world’s most economically developed continents. 3air will focus on its role in removing technological barriers and promoting the usage of digital assets throughout Africa. Contingent on the government and the crypto industry finding a suitable common ground, a world in which blockchain technology and cryptocurrencies fuel entire economies is not improbable, and Africa is in the best position to capitalize on this potential.

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Written by Rachel Woods