The Venom Foundation has now partnered with the Kenyan government to create a blockchain hub in Africa, with a primary emphasis on creating useful applications for Web3 and blockchain technology. By working together, Kenya and the rest of Africa stand to gain from increased innovation in crucial spheres like financial services, logistics, agriculture, small and medium enterprises, and international trade.
There are more than 8.4 million people in Kenya, and more than 84 percent have access to banking and fintech. However, adopting blockchain infrastructure as a long-term strategy will further boost the value for the population, generate more prospects for Kenya's local economy, establish new international trade routes, and bring efficiency to intra-African trade lines.
The expansion of the Venom Foundation into Africa emphasizes the forward-thinking attitude that Africa is taking to adopting web3 and blockchain technology. This demonstrates Africa's dedication to embracing innovation and leading by adopting new ideas.
The goal of the Venom Foundation's efforts to promote the use of blockchain technology is to strengthen African communities, connect traditional financial and commercial systems with the web3 economy, and boost regional economic growth through the facilitation of trade and transactions across borders.
Minimized transaction costs, better transparency and security, a rise in access to financial services, faster settlement times for cross-border transactions, and the introduction of new investment opportunities are all tangible benefits that can be gained through asset tokenization. These developments have the potential to significantly help Africa's progress toward a more prosperous economy and more financial inclusion.
The blockchain center will serve as a primary platform for forming collaborations with innovative enterprises and facilitating knowledge sharing, networking, and collaboration among important stakeholders in the blockchain field, including African initiatives, entrepreneurs, and government officials. To help African nations lay a firm groundwork for their digital transformation, Venom will also provide essential tools and resources.
Tokenization of assets, supply chain management, and voting systems are just a few instances of how blockchain technology is being put to use. The partnership's goal in adopting these solutions is to increase openness, efficiency, and trust across Africa's multiple economic and social spheres.
Chief technology officer of the Venom Foundation Christopher Louis Tsu said, "Africa is already rich in natural resources and human capital; by bringing next-generation blockchain technology to the continent, it will empower the people and help not only Kenya but many other African nations to capitalize on their assets and participate in new global markets, competitively."
The government of Kenya has also shown its support for the alliance. Cabinet secretary for investments, trade, and industry Moses Kuria said, "We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology and financial and technological developments in the world. We believe that establishing this blockchain hub will catalyze further innovations in various industries, benefitting our people nationally and globally."
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash