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Blockchain in Kenya boosts financial inclusion, speeds up cross-border payments, and secures identity verification. Applications in fintech, smart contracts, and agri-tech show promise, though regulatory hurdles remain. Local startups drive adoption, transforming banking, farming, and real estate sectors.
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A blockchain is a distributed, decentralized, and frequently public digital ledger made up of documents called blocks that are used to record transactions across numerous computers. This ensures that any block that is involved cannot be changed in the past without changing all of the blocks that come after it.
Blockchain technology enables a collective group of select participants to share data
a) A public blockchain allows anyone to join without limitations, like most cryptocurrency types.
b) Private or permissioned blockchains restrict access to data, like the Oracle Blockchain Platform
c) A consortium or federated blockchain has strict control over the consensus process.
The decentralized structure of blockchain has potential for revolutionizing Kenya's financial industry. Commercial banks are investigating how this technology might increase transaction speeds and lower costs by removing middlemen from operations. Uncertain regulatory frameworks surrounding cryptocurrencies, however, continue to present difficulties and prevent wider adoption.
A) Empowering the Unbanked
Blockchain technology has the ability to close the gap between Africa's unbanked and traditional financial services. One such example is BitPesa, which is currently called "Celo." This blockchain-based network, which was founded in Kenya, provides an effective and reasonably priced means for Africans to send and receive money internationally, enabling financial inclusion for millions.
B) Cross-Border Payments and Remittances
Remittances and cross-border trade are essential to Africa's prosperity. However, the lengthy transaction times and exorbitant costs of traditional financial institutions have impeded economic growth. Blockchain-based systems provide rapid and economical cross-border payments and transfers, such as Flutterwave and SendCash.
C) Smart Contracts
By automating several financial procedures and eliminating the need for middlemen, smart contracts save costs and speed up transactions.
D) Identity Verification
In order to minimize fraud and expedite customer onboarding operations, blockchain technology is being investigated for safe identity verification procedures in banking.
1) ABYA University: this university reimagines higher education as a decentralized, blockchain-powered platform where students hold the reins
2) Actuate Biomedicine: Translation and Commercialization of Scientific Knowledge Catalyst in Kenya
3) Afrex: A Fiat to Digital assets On/Off-ramp and Non-custodial wallet service
4) AgUnity: AgUnity uses blockchain technology to improve agricultural supply chains, enhancing efficiency and transparency, and helping smallholder farmers connect with buyers for improved financial results.
5) Ajira Pay Finance: Ajira Pay is a decentralized web3.0 protocol that enables businesses to make safe and easy cryptocurrency payments.
6) alphabloQ Inc.: AlphabloQ is a real-world asset tokenization platform that reduces investment barriers, allowing Africans to start their investment journey earlier by purchasing income-generating tokens.
7) BenBen Blockchain Development Labs: They are Builders of web3 climate-investment focused digital land rights platforms.
8) BitPesa (now called Celo): A platform that uses blockchain technology to enable inexpensive cross-border payments, improving financial inclusion for people and companies involved in global trade.
9) BlockCoop Investments Ltd: Leveraging blockchain technology to transform the future of cooperatives.
10) Clixpesa: Simplifying money & digital assets through peer-to-peer mobile lending
11) COIN AFX: Coin AFX provides investors in the continent, a customized platform to purchase, store and sell digital assets.
12) GetPayd Technologies: In order to help creatives and independent contractors turn gig work into a reliable source of revenue, Payd is a financial management platform that provides gig management, analytics, insights, and payment aggregation.
13) HouseAfrica Blockchain Properties: HouseAfrica is a decentralized real estate and rental ecosystem, the first of its kind on the continent, leveraging blockchain technology to enhance rental process and open the African property market to international and local investors
14) JUA LABS: JUA is a peer-to-peer e-commerce and payment enterprise that is bridging the financial and trade gaps in Africa leveraging traditional financial rails and digital assets (stable coins and BTC)
15) Kipaji Social: It enable fans to connect better with their favorite local football clubs through fan engagement, fan membership and fan incentive programs
16) Kotani Pay: A fintech business that makes it simple for consumers to transfer and receive cryptocurrency, hence giving unbanked people access to financial services.
17) LocalBitcoins and Paxful: local cryptocurrency exchanges, which enable peer-to-peer cryptocurrency trading and support Kenya's expanding cryptocurrency sector.
18) Makazi Africa: Makazi Africa empowers one to take charge of his/her future through home ownership and smart investing.
19) MAYDAY CORPORATION: Efficient and Secure Luggage, Flight Courier and Loyalty Program
20) Metonic Gaming Guild: It is a play-to-earn gaming guild that brings players together to earn via blockchain based economies
21) Nomachain: It is a comprehensive FinTech ecosystem designed to revolutionize homeownership in Africa, particularly for first-time buyers
22) Once Sync Limited: this company focuses on Blockchain Technology on two verticals that’s financial services & AgriTech.
23) Pretium Finance: They offer a platform enabling cryptocurrency holders to effortlessly and directly utilize their crypto assets to cover essential utility service payments and also access loans using their crypto holdings as loan collateral.
24) Project RUDI: a global blockchain platform for those interested in charitable causes
25) SatoshiCentre Global Group: is a blockchain and fintech incubator that supports startups in the development and growth of blockchain and financial technology (fintech) solutions in Africa
26) Shamba Records Limited: An agtech leveraging blockchain to digitize small scale farmers in Africa.
27) Siha Organic Grocery Store: Siha is a limited company that deals in seed propagation, crop production (hydroponics, aquaponics, artificial intelligence), value addition, supply chain (blockchain)
28) Snark Health: Offers a new way to pay for health care combining data assets & digital assets
29) Swipepay: A fintech startup connecting Africa as a whole that offers money transactions at lower costs and a secure platform.
30) TapSwap Kenya: The crypto exchange for Kenya
31) Tensio Technologies Ltd: This business creates and manages blockchain-based energy management software.
32) Thebhub: A Blockchain and A.I Innovation Hub with programs aimed at accelerating the rate of innovation in developing countries
33) UserBase Afrika LTD:
34) Yna Kenya: E-Mobility using IoT, AI, and Blockchain for Carbon Trading.
35) ZAO: A secure, blockchain-based retirement savings dapp on Celo, empowering user
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