• How Blockchain Works: Africa leads in decentralized systems, mastering transparency and trustless networks.

• Blockchain Applications in Business: Transforming industries with digital IDs, solar energy, and efficient transactions.

• Benefits of Blockchain Technology: Curb corruption, secure identities, and revolutionize financial systems.

The world is undergoing a radical shift, and Africa is the place to be. What started as a small dream called Bitcoin has now grown into a radical shift in thinking, and now individuals worldwide have gone from asking What is Bitcoin? to How Blockchain Works?—with Africa at the center of it all. Whether you are an investor, a developer, or simply tired of your 9-to-5 job with a meager salary and harsh work environment, well, now is your chance.

Decentralized systems, blockchain applications in business, blockchain’s impact on financial transactions, and the benefits of blockchain technology are just a few high-ranked searches Africans are turning to today.

How Blockchain Works In LayMan’s Language

At its core, blockchain embodies one vital factor: freedom—a concept those in the shadows dread and fear. Blockchain technology forms the core of Web3, the next iteration of the internet, which caters to individuals rather than the masses, giving a platform, a voice, and a means to actually change your circumstances. Currently, Africa is brimming with innovations, led by young minds tackling real-world problems such as identity fraud via blockchain for identity verification, which has numerous applications.

We at Web3Africa.news are keen to bridge that knowledge gap and showcase that we do not need to look outside (with a few exceptions) to be part of the technological revolution that is Web3. This is an opportunity to shift the paradigm and, instead of focusing on following a rigid routine, take a step into the unknown—a new change, a Web3 change.

What Is Blockchain Really?

Throughout the years since the first application of Bitcoin emerged, there have been numerous iterations of the technology. Its first documentation dates back to 1979, but the real breakthrough occurred when Bitcoin first landed on the internet. This ignited a ripple effect worldwide, inspiring great thinkers such as Vitalik Buterin to adopt and improve the technology, rather than compete, by building Ethereum.

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Imagine a tightly knit community in which each individual has their own role; unlike traditional systems like Web2, this community values each member equally and fairly, embodying equity rather than equality. Each member has a role and a task to complete, and after the completion of each task, each member is rewarded based on their contribution. The beauty of blockchain is that it honestly doesn’t care what kind of machine you are using; each member’s contribution is valued. This essentially prevents a single user from dominating the community, regardless of their contribution. The rewards are based on tasks completed, but the value of each community member remains intact.

This essentially prevents a narcissistic mindset from emerging within the system. In addition, any new entity that seeks to join the community must wait until at least 50% + 1 of the community agrees. Many might think this could lead to corruption or, in this case, a virus, but at the end of the day, the system as a whole reigns supreme, caring not for the wants of one narcissistic entity but focusing more on the little guy.

Some might say this is the implementation of true democracy, while others may cry that this is the end of an era where the rich can no longer exploit the weak by eradicating a single plague that has seeped into humanity called corruption.

Benefits of a Non-Corrupt System

Transparency is why the blockchain technology revolution is such a big wave—it embodies laying it all bare for everyone in the system to see: who has what and how they gained it. A prime example is blockchain for identity verification, which may sound simple but encompasses many applications. It replaces the need to consistently rely on passwords and allows the system to verify you based on a unique feature within an individual. A close comparison is biometric scans, but the difference is that instead of storing data in a central location, it is stored across all devices within the network.

A good application for this is the ECOWAS Digital ID Initiative, launched in 2018 as part of the West Africa Unique Identification for Regional Integration and Inclusion. According to its founders, the initiative aims to reduce election fraud—a rampant issue worldwide—by implementing biometric digital IDs for voter verification. I won’t bore you with the technical jargon for now, but essentially countries like Nigeria, Ghana, and other regions can finally obtain a streamlined voting process.

A good application for this is the ECOWAS Digital ID Initiative, launched in 2018 as part of the West Africa Unique Identification for Regional Integration and Inclusion.[Photo:Biometric-Update]

This prevents shady, nefarious, and somewhat underhanded activities from transpiring amid elections. This essentially benefits Africa as a whole and finally encourages users to feel proud that they can vote without expecting votes to be stolen—a poor state of mind indeed.

Applications and Case Studies for How Blockchain Works

The benefits of blockchain technology and decentralized systems are vast, and since it is still an evolving industry, its applications are numerous. Going through them all is like going through a never-ending line. Despite this positive conundrum, some of the few worth mentioning include blockchain in renewable energy. Currently, at the time of writing, the sun is showcasing its might and power, reaching as far as 86 degrees Fahrenheit.

This is a prime opportunity for solar energy, but with a touch of transparency from blockchain technology. A good example is Sun Exchange, founded in 2015 by entrepreneur Abraham Cambridge. According to its official page, Sun Exchange tokenizes solar energy projects, allowing individuals to invest in solar panels via blockchain. In Africa, this solution is among the best alternatives, as it pales in comparison to some outdated power plants, which are frankly not worth mentioning at this point. Clean energy that utilizes Africa’s abundant resources instead of relying on old power means.

Another prime example of blockchain application in business is Mara Community, which leverages educating its community on the developer side of blockchain. The organization offers virtual classes and hackathons to train African developers in blockchain and Web3 skills. At the end of the day, education reigns supreme, since the true kings and queens of this world are the young ones—those born today, tomorrow, next week, next month, and next year. Decentralized systems embody one factor: transparency, to build an era where no one can lie and get away with it. It builds a platform where equity, integrity, and accountability reign supreme, not one where mistakes are dumped onto the innocent.

Wrapping Up

We at Web3Africa.news seek to tell the story of the hidden innovation within Africa, highlighting that creativity is a gift only reserved for humanity. To shed light on unsung talent, to showcase that there are real problems in the world, and that even the smallest voice is trying their best to make a change—no matter how small—since it’s clear that relying on the strong to fix our ignorance was a grave mistake.

Decentralized systems, blockchain applications in business, and learning how blockchain works are some of the first steps we should take to create a brighter future, to create a new tomorrow where the next generation of youth won’t feel oppressed, won’t feel isolated just for thinking differently. Blockchain embodies freedom, and true peace is only attained not by fixating on what is different, but by embracing our differences and still choosing cooperation despite them.