Africa’s investment in Blockchain technology increased by 1668% – report

Blockchain technology investment in Africa increased by 1668 percent between 2021 and 2022, according to a report to be released by Emurgo Africa.

The report sponsored by the blockchain technology company is the first comprehensive state of Web 3:0 report in Africa, scheduled to be released on June 23, 2023 in Nairobi, Kenya.

According to a statement released by the company, the report highlights the rapidly-evolving landscape of Web 3.0 technologies in African countries, providing in-depth analysis of their impact, opportunities, and challenges and offering recommendations for fostering growth and measurable impact.

“Key findings from the report include the immense opportunities for the African continent through the adoption of Web 3.0 technologies, a 1,668 percent increase in investment in blockchain technology in Africa between 2021 and 2022, and the crucial importance of collaboration between industry stakeholders, policymakers, and regulators in fostering an environment conducive to the growth of Web 3.0 technologies,” the statement revealed.

The statement also pointed out that the report is positioned to close the knowledge gap in Web 3:0 technologies by examining the potential of these technologies to advance social and economic development in Africa, presenting a detailed view of the current landscape and future prospects of Web 3.0 technologies in the region, featuring real-world use cases, possibilities and obstacles connected with their adoption.

It explores various aspects of Web 3.0, such as decentralised finance (DeFi), blockchain technology, digital identity, smart contracts, and data privacy. It also investigates the regulatory environment, infrastructure, and access to technology in the target nations, identifying areas for development that will facilitate the growth and adoption of Web 3.0 technologies the statement said.

Commenting on the first-of-its-kind report Ahmed Amer, the blockchain company’s CEO lauded the potential of web3.0 to drive unprecedented development in Africa.

“The future of Web 3.0 technologies in Africa is bright, with the potential to drive unprecedented social, financial and economic development across the continent. This report emphasizes the critical importance of collaboration between stakeholders, policymakers, and regulators in fully realizing the transformative power of Web 3.0 technologies in Africa,” Amer said.

“Web 3.0 technologies are experiencing exponential growth and expansion in Africa, with the potential to bring transformative change to various industries such as trade and industry, financial services and lending, supply chain management and logistics and healthcare provision and accessibility. Factors such as regulatory clarity, infrastructure development, and collaboration between stakeholders will play a significant role in the widespread use and successful implementation of these technologies.”