Web 3.0 lifts Africa’s blockchain technology investment to 1668%, says report
By Cynthia Ezekwe
Blockchain technology investment in Africa increased by 1668 per cent between 2021 and 2022, driven by a rapid adoption of Web 3.0 technologies..
Emurgo Africa, a global blockchain technology company, disclosed this in its first comprehensive state of Web 3:0 report in Africa, scheduled to be released on June 23, 2023 in Nairobi, Kenya.
The report, according to a statement by the blockchain company,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.
Web 3.0 is recognised as a decentralised internet built on an open blockchain network that is not owned and controlled by large entities.
Emurgo Africa stated that Web 3.0 technologies are experiencing 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.
It also noted 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.
The report 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.
Commenting on the report, Ahmed Amer, the chief executive officer, Emurgo Africa, noted that 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.
“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 emphasises the critical importance of collaboration between stakeholders, policymakers, and regulators in fully realising the transformative power of Web 3.0 technologies in Africa,” Amer added.
The report also pointed out that factors such as regulatory clarity, infrastructure development, and collaboration between stakeholders will play a significant role in the widespread use and successful implementation of web 3.0 technologies.