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Home Blog Page 7299

The Bitcoin Lottery, the Blockchain African Value

By
Ndubuisi Ekekwe
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0

This is a Short Note.

Greetings. A lady asked me a question this morning via LinkedIn: Would you invest in bitcoin, the crytocurrency? She smartly waved all legal issues as I do not offer insights when there are potential risks. 

This is what I told her: Greetings. I will not invest in bitcoin but I will invest in a product based on blockchain which powers bitcoin. In my new eBook  which is out tomorrow, I explain . Why people can make money from lottery, I do not think it is a good way to build wealth. I see bitcoin as lottery. However, blockchain is a solid technology. There are many ways companies are using blockchain.

A Blockchain is a tamper-proof record of transactions distributed across all participants in a Blockchain network. Via digital authentication and verification, the technology removes intermediaries and reduces transaction time and fraud. In the financial sector, companies like SWIFT and banks are developing Blockchain projects for payments transactions. The potential of Blockchain however, extends to other areas. Estonia recently partnered with Bitnation to digitize citizen identities using Blockchain. While these are early days, Blockchain has immense potential in Africa given its massive development challenges.

In the book, I explain the interface of IoT, blockchain and AI with fusion of cloud to drive the next level of prosperity in Africa.  I have many cases to show how new generation of makers can hit big. The application of IoT will deliver new value to Africa.

The Internet of Things (IoT) uses an array of sensors to capture real time data from a range of sources including computing devices, objects and people. It allows users to monitor and manage objects remotely and make data-driven decisions. Lack of actionable data is a major challenge for emerging markets. IoT can help address this challenge. ThingWorx for example, uses sensors to capture data on crop fertility across various parameters and advise farmers on maximizing productivity. Similarly in healthcare, Kaa operates an IoT platform to remotely monitor patient health statistics and predict ailments.

Now, I ask the house: will you invest in bitcoin? I personally do not support bitcoin. But I am 100% in for blockchain. You will be better working on blockchain than playing lottery with bitcoin.

This piece was shared on LinkedIn but expanded here.

 

11.1 – Emerging Tech Business Ideas

By
Ndubuisi Ekekwe
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3

New business possibilities will emerge in Africa as new technologies penetrate in the continent. In this section, I note some business ideas from emerging technologies like IoT (Internet of Things), cloud, blockchain, big data/analytics, AI (artificial intelligence), drones, solar and robotics can individually and/or collectively drive in Africa. While some African entrepreneurs are already driving […]

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The Confident Message from Kenya

By
Ndubuisi Ekekwe
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0

This is a Short Note.

More  than 400 election observers including the European Union, African Union, and the United States, felt that the Kenyan presidential election which took place in August was credible. In short, former US secretary of state John Kerry said the election was “free, fair and credible.”

There will also be spaces for IEBC guests, as well as its officials who will be swamped with work to collate, tally, before Mr Chebukati makes the final announcement.

The commission has also set a state-of-the-art media centre, with at least 50 internet-enabled computers.

Former US Secretary of State John Kerry termed as “extra-ordinary” the organisation of the IEBC after he visited Bomas and held a morning meeting with Mr Chebukati.

“The IEBC has done an extraordinary job to ensure that Kenya has a free, fair and credible poll. People will need to be patient, and we wish everybody well,” said Mr Kerry, who is leading the Carter Centre Observer Group

Yet, the Kenya’s supreme court declared the result  “invalid, null and void.” Incumbent president Uhuru Kenyatta had been declared the winner by Kenya’s electoral body, the Independent Electoral and Boundaries Commission (IEBC). A contestant in the election, Raila Odinga, had petitioned the court and the court agreed that the process did not meet the constitutional requirement of Kenya.

This is not news – what is news is that nearly everyone saw it differently, including most parts of the Kenyan press, but Kenya’s supreme court and Raila Odinga. Specifically, I am surprised that the court did not even care what Kerry had to say. I mean, America had noted that the election was free, fair and credible. But the voice that mattered saw it differently.

I commend the Kenya’s supreme court for this high level of independence. With the near unanimous agreement from the international community that the election was fair, they could have been swayed. This supports my narrative that Africa’s solutions are within Africa when we begin to do the right things. No one can lead us into the proverbial promised land, but us. We cannot see others, especially Western powers, as gods in our national affairs. We need to have the confidence to be Africans in our shared destiny.

This lesson, demonstrated by Kenya’s supreme court, can be extrapolated into how we run our economies. We do not have to always take everything from World Bank, IMF and other global institutions as gospel messages. African leaders must be independent to question what others present to them. It means relying on African economists, over foreign experts who become African experts just by spending two days per year in the continent.

We know more about Africa than anyone from outside. As the Kenyan supreme court had demonstrated, they understood the situation clearly, even as the world was fooled. I do hope that Kenyans have their moments to elect a leader in accordance with the laws of the land. They have a working court on this.

13.0 – Recommendations and Conclusions

By
Ndubuisi Ekekwe
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1

The turmoil of creative destruction is the pill Africa needs to effectively cure itself from the cyclical boom and bust associated with commodities. Innovators with their infectious visions and energies will deliver those pills by providing new vistas of doing things in the continent across industrial sectors. From the north to south, east to west, […]

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10.3 – Innovation Frontier Sectors

By
Ndubuisi Ekekwe
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0

The following sectors will see innovation opportunities in Africa in coming years as the consumer base increases and the continent becomes richer with higher purchasing power. In some areas like energy and education, the innovation spark is already taking place. These sectors offer avenues for innovators and entrepreneurs to create wealth as they provide solutions […]

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