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.