The advent of blockchain comes with a plethora of use cases, many of which benefit constituencies previously marginalized. With this in mind, the African Digital Asset Framework (ADAF) launches to push the blockchain agenda across the continent. In particular, the body seeks unified standards for blockchain in Africa as well creating awareness among the people.
Further, the project “aims to build a compliance-focused, cross-border blockchain that will link together both African nations and Africans living abroad, easing everything from international payments to investment.”
This is the first such project with an exclusive focus on blockchain and on continental scale. Most of the existing emerging technology initiatives are national and focus on both AI and blockchain. In particular, Kenya created the Blockchain and Artificial Intelligence Taskforce which will publish the roadmap for the emerging technologies. The roadmap would guide the country’s exploitation of emerging tech for the next 15 years.
“In the ICT field, one year is almost equivalent to five years in the real world so we are breaking it into five-year periods so that we are able to take bite-sized chunks,” said Kenya’s ICT Minister in comments accompanying the official statement on the launch of the taskforce.
Many economies in Africa have “limited financial infrastructure or fragile currencies.” For this reason, blockchain advocates argue that blockchain is the right technology to breach these gaps. In particular, the advocates argue that the continent “can use cryptocurrency and other blockchain tools to leapfrog beyond the current state of infrastructure in the developed world.”
Unified standards for blockchain in Africa to encourage blockchain adoption
In this light, ADAF launches to set unified standards for blockchain in Africa for a streamlined adoption of the technology. According to an official statement, the organization will encourage strong legal and technical standards to support blockchain technology.
The statement further says: “ADAF works together with ecosystem partners across the continent and its diaspora to create standards that can be adopted and customised by companies and regulators.”
Interestingly, the organization enjoys high-ranking support from both national and continental leaders. Further, it complements “the African Union’s Single African Digital Market initiative, which seeks to leverage technology to stimulate digitised Pan-African economic integration.”