By statistics, Africa has been one of the continents that has been stereotyped the most due to common limitations and problems.
But help has come and that will change the narrative of who they are.
Web3 Technology is the new undiscovered gold that will shoot them into prosperity and break them free from limitations.
With the numerous challenges that have made them laid back, this new gold will do justice in providing solutions to get them on their feet and take their place as one of the leading continents.
“While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and crypto related technologies”- Amir Zarvery.
What is Web3 Technology?
Web3 is the third generation of the series of the World Wide Web that has been developed on the basis of Semantic Web technology.
Literally, the idea of web3 incorporates blockchain technology, decentralisation, and token-based economics.
The main aim of Web3 is to create a platform that is open and secure for users to exchange value across a distributed network without a centralized authority, making it more efficient.
In 2014, Co-founder of Ethereum, Gavin Wood ideated Web3 Technology, gaining interest from large technology firms and also venture capital firms from 2021.
The ideation behind Web3 will almost find a similarity to what cryptocurrency is about.
Web3 Technology is the iteration of Web 2 with enhancements.
It is a term used to describe the collection of technologies, protocols and application that are enabled, to run on top of a decentralized blockchain.
Though, Web3 is still nascent and some promised effects are likely over-hyped, the technology could be transformative even if a fraction of the full potential is reached.
The financial services industry has experimented the most, creating applications including tokenized assets, payment system and settlement infrastructure.
How will Web3 technology affect Africa?
Africa is the second largest continent in the world with leading countries such as Egypt, South Africa, Nigeria and Algeria who have put in measures, infrastructures, innovation and structure to enhance development in to their country.
The Africa continent has become a vital destination, and a testing and dumping ground for new technologies.
Sectors such as agriculture, health, finance, and energy are being upturned by a wave of automation, artificial intelligence, etc.
While these technologies are often presented uncritically, it is likely to disrupt and threaten ecosystems and communities that depend on them.
Improvement in Healthcare
Good healthcare has been one of the numerous deficiencies in the continent of Africa. The transparency and security offered by the Web3 technology means that medical records of patients in hospitals are secure.
In addition to the benefit of the new found salvation, the continent experiences better health outcomes, improved facilities, modern day equipment, and treatment at an affordable rate for patients.
The Web3 technology brings improvements to the health sector – from safe confidential keeping of patients records, clinical effective trials, good supply chain of drugs, and insurance claim processing.
In most countries where Web3 technology has been incorporated into the health care industry, we see how doctors have quick access to information, so they know what exactly the situation is when dealing with patients.
In recent times, we have seen how Web3 technology offers a trusted, reliable and permanent solution through the decentralized ledger feature making sure that there is no tampering of data once recorded in the ledger.
Unlimited access to Data and Information
“Better to be unborn than untaught, for ignorance is the root of misfortune”.
One of the limitations of Africa is Ignorance. So many potential values have eluded Africa and its progress because of lack of information.
The web3 technology has significance by enabling people access data from anywhere, as it’s mainly driven by the heavy usage of smartphones and cloud applications.
The economy of Web 3 technology will create a more secured internet access that will allow Africans to enjoy a customized browsing experience.
Africa has been limited for a while but with the impact of Web3 technology, there will be no limit or barrier to information as Africans will freely gain complete ownership and access to information.
Empowerments through Open Source Projects
Projects that are open source are common in the world but rare in the African space. The open source concept adopts the modification and distribution of the source codes of products, platforms, apps and systems made accessible to the public.
Users worldwide have used open source projects to better their lives, embrace innovations, and earn financial freedom.
When Africa embraces this technology, it will create room for decentralized applications that offer new ways for people to interact with each other, thus having businesses independent of centralized services like Facebook or Google.
Africans can create apps and systems for themselves without the involvement of other continents.
The web3 Technology will bring impact but not as expected by people. The purpose is to see that at the end of the day Africans have a better life.
Improved Technology on Blockchain
The existence of the Web3 Economy in Africa came with many goodies. With its product – cryptocurrency- blockchain in Africa became the first demonstration of Web3 in Africa.
However, its first use case using blockchain technology brought a lot of transformation in terms of transparency and control over finances.
Africans took cognizance of this and afforded themselves financial freedom and power.
Increased Financial Inclusion
Financial Inclusion makes financial services more affordable and accessible to all individuals and businesses.
The issue of Financial Inclusion in Africa is widespread and there are several reasons for it.
One of the reasons is that Africans don’t trust most banks because of the alleged corruption concerns. Also, Africans believe that financial institutions charge too much for their services.
Other reasons for the low financial inclusion ravaging Africa include cultural backgrounds and ideologies, lack of financial institutions, low income and many more.
When web3 technology is fully implemented in Africa, banking infrastructures are unnecessary as Africans can access financial services without heavy transaction charges and middlemen.
Conclusion
Web3 Technology in all of its essence is a welcome development in the African space, due to the vast solutions provided by the same.
There are a lot of problems with fiat and corruption in Africa.
If Web3 technology can solve these problems and help rule the people, blockchain products will help developing countries grow more quickly and in a much more equal way.
Finally, It is endless possibilities with Web3 technology and it’s better late than never.
