The zenith of the blockchain market is continuously being speculated about by many enthusiasts in the space. As a matter of fact, global spending on blockchain is expected to reach $12.4 billion by 2022, with the fintech sector driving major initiatives in this economic uptrend.
Evidently, the blockchain industry could become a radical tool to reshaping national economies, as well as expanding influence across borders at the continental level. Speaking of continents, blockchain startups have sought to share a piece of the revolutionary pie when it comes to Africa, considering the latent opportunities the continent possesses, especially in the areas of remittance and cross-border finance. However, these opportunities can be fully harnessed to profit its people only if the technology can be layered over processes.
With the advent of blockchain technology comes smart contracts, tokenization, distributed consensus, and many more algorithmic infrastructures. One of the major areas where blockchain technology continues to thrive is transparency, being a technology of truth due to its immutability and consensus-based infrastructure.
Blockchain to Facelift National Economy
Apollo Foundation, an ambitious blockchain platform, has recently partnered with the Lesotho government in order to give a facelift to economic processes in the country by leveraging its disruptive feature-rich blockchain technology. The platform intends to focus its integration on improving government services and initiatives, reducing the friction of cross-border remittance payments, and advancing the commercialization and trade of mineral wealth, especially diamonds.
Lesotho, with a population of 2.2 million, builds its economy around export-import trades – of which it is a major exporter of garments to many US industry giants such as Foot Locker, Gap, Gloria Vanderbilt, JCPenny, Levi Strauss, Saks, Sears, Timberland and Wal-Mart. Other economic opportunities revolve around remittance, and the…