Kenya, an African country, faces the similar issues that its neighboring countries face regarding its economy, among many others. It definitely needs reform, and many are suggesting to include the integration of blockchain technology to the most viable options for bettering the plight of the said country.
There are currently two major setbacks that the country faces: First, it is not the most promising economy for first-world countries’ financial institutions to invest in. Compared to other Asian countries, the African country pales in contrast. Second, a growing informal economy thrives in the country. In essence, hundreds — if not thousands — of small-scale retailers thrive in Africa, but they prefer other methods of buying and selling goods, availing loans, to name a few. This is the reason why they are deemed ineligible to be included for official credit ratings.
Blockchain technology can disrupt the informal economy, albeit, in a positive way, crypto enthusiasts claim. The reason for it is that it empowers businesses to evolve and build up incorruptible records. This is very vital for a world without an official credit rating as of the moment. Having a transparent and incorrigible ledger presents many benefits as well.
One startup in the country by the name of Twiga has already seen the possibility and thus have taken the opportunity. It relies on blockchain for its daily operations, in which it specializes in purchasing fresh products in bulk and retails them to minor businesses.
There are many things that the country has to catch up with regarding blockchain technology, but if many crypto enthusiasts believe in the emergence of the full-fledged digital world, then Africa has to be included, with Kenya beginning to show signs of life.