Connect with us

Blockchain Technology

South African Blockchain Startup Ekasi Bucks Aims To Provide Financial Services to Townships

Published

on

Ekasi-bucks

South African-based blockchain startup Ekasi Bucks aims to offer financial systems to township-based enterprises operating in an economy worth 50 billion Rands ($4.7Bn).

Ekasi Bucks notes that the unbanked population has been disadvantaged and has had problems of controlling their money. Thus, the start-up wants to redistribute wealth to give them back the control over their money.

“We are […] bringing mobile banking over the blockchain to more than 300,000 unbanked clients on our database,” the company’s press release says.

Ekasi Bucks provides cryptocurrency wallets and money exchange services. The company is tapping into these services to enable local merchants to receive point of sale systems with loyalty programs. Furthermore, Ekasi Bucks’ cryptocurrency is not governed by the South African Reserve Monetary System, which means that its value shall not get affected by local economic situations or political atmosphere.

Ekasi BucksEkasi Bucks also provides a mobile wallet that is linked to the company’s Prepaid MasterCard. The transactions involved in their network are cheaper than conventional money transfer methods. With this in place, the company states that it will provide “Township P2P & B2B instant money transfer at a fractional cost currently being charged.”

The start-up is planning to raise capital through an Initial Coin Offering (ICO) where it will issue a 100 million Ekasi-Bucks out of the available 200 million, at less than R7 ($0.5) per Ekasi Bucks coin. The ICO is set to begin on Friday the 7th and run for three weeks to 31st July 2017. During the ICO, the company also intends to give out bonuses for early backers. Those who make the purchase in the first 24 hours will get a 50% discount. Those who buy in the second week will get 20% and the last week buyers will have a 5% offer.

Bringing financial services to low-income areas is a not an easy feat, which is why Ekasi Bucks is reaching out to the cryptocurrency community to raise funds using an initial coin offering.

Ekasi Bucks president and co-founder Lucky Kgwadi told BitcoinAfrica.io:

“We are aiming to raise at least R50 million, which will be used to purchase POS equipment for our township clients and [any] further funds will be utilised for building container-based cashless malls for our clients.”

“We already have pre-lease agreements signed up for those interested in renting the space in four townships, Soweto, Soshanguve, Umlazi and Gugulethu. This is due to increasing number of shopping malls being built in the Townships and small businesses cannot afford rental space to operate and gain more fleet,” Khgwadi added.

* The article previously incorrectly stated that Ekasi Bucks has entered into a partnership with Lykke. Instead, Ekasi Bucks has joined the Lykke Streams programme to use the Lykke Platform to provide services to South African Businesses but there is no official partnership between the two startups. 

*Disclaimer: Readers should do their own due diligence before taking any actions related to the promoted company, product or service. Bitcoin Africa Ltd. is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.*

Blockchain Technology

AI and Blockchain-Powered Project CareAi Could Improve Healthcare in Africa

Published

on

CareAi

CareAi is a project of the Joint Research Centre from the European Commission that has the potential to improve healthcare services in Africa through the use of artificial intelligence and blockchain technology.

The open-source solution provides intelligent and anonymous healthcare and can diagnose diseases like typhoid fever, malaria, and tuberculosis within seconds through the use of AI. The aim of the project is to reach out to undocumented migrants, ethnic minorities, and populations secluded from healthcare systems. The anonymous nature of CareAi also allows patients such as migrants to receive a diagnosis without worrying about deportation.

How It Works

CareAi is a machine featuring a finger prick and a lab-on-a-chip technology initiated by a Harvard University chemistry professor called George Whitesides.

To receive a diagnosis, a patient will have their finger pricked and the blood sample is deposited on the chip, put in the machine, and anonymised. Once this is done, CareAi’s AI-powered health assistant analyses the sample by referencing it to a wide range of medical and diagnosing data and then displays the results on a screen and provides a printout for the same.

The results come with actions that the user should take such as getting a prescription from partner chemists or seeing a participating NGO doctor that provides anonymous treatment and who can claim back payment for services rendered.

Additionally, CareAi correlates medical data with records of academic data and journals anonymously. The anonymised data is securely stored on the blockchain while smart contracts manage the rights, permission, and access to the stored health data.

Organisations use a distributed app to access the data through smart contracts. For instance, if a government wants to access the stored data for policy purposes, it has to buy tokens called CareAi Points. These tokens are then used to pay the participating healthcare NGOs and for machine maintenance.

According to a Medium article by Lucas Lorenzo, these points can propel “economic interactions in the form of a valued currency, locally and at scale; exchanging economic value and intelligent healthcare feedback for anonymised data.”

The Possible Applications of CareAi in Africa

CareAiAlthough CareAi targets refugee camps in Europe, the technology could also make a positive impact on the African continent according to the founder of cloud-based health records platform Medcera, Ndubuisi Ekekwe. He believes:

“[…] Products like CareAi could become catalytic when they begin to penetrate into villages and cities across the continent. If AI systems could handle some of the minor healthcare issues, the available healthcare professionals could focus on the most difficult issues.”

Ekekwe also says AI systems, such as CareAi, can enhance drug prescriptions where the medical history of a person is entered into the system. This enables the AI system to confidently prescribe drugs and connect the patient to the right pharmacy.

However, he notes that although AI and blockchain technology could change the healthcare systems in Africa, nations must invest in other areas such as training more healthcare professionals and installing electricity and clean water in all healthcare facilities. He also believes that the challenge of inadequate data has to be solved for AI to have a future on the continent.

Continue Reading

Blockchain Technology

Kenya’s RideSafe to Receive $140,000 in Funding from Aeternity Starfleet Incubator

Published

on

RideSafe

Kenyan tech startup RideSafe is set to receive $140,000 in seed funding from the Aeternity Starfleet Incubator, which it partook in earlier this year.

In Kenya, one of the easiest ways to get around is through motorcycles known as “boda bodas.” This subsection of the transport industry has been largely unregulated, creating a myriad of risks for riders and commuters alike. It is, therefore, quite likely to find riders creating associations or small social groups for their collective interests and pooling their resources and support in order to secure solutions for financing, health, and insurance.

RideSafe is a startup that has stepped up to provide health solutions for riders in real-time in case of accidents. Many riders are exposed to hazardous conditions daily. Hence, there is a need for robust solutions to safeguard their wellbeing.

Æternity Starfleet Incubator

RideSafe

Image by RideSafeApp.com

Earlier this year, RideSafe participated in the Aeternity Starfleet Incubator, which is specially designed to empower startups that seek to leverage blockchain technologies. From an initial round of 60 participants, RideSafe qualified for the shortlist of 17 teams, among which Vite and Utu were the only other African startups to participate.

Asiimwe Benson, the CEO of RideSafe, revealed in an interview that he met the Aeternity team at the World Blockchain Summit in Nairobi in early 2018, where he got an opportunity to sign up for the incubator and funding. With the $140,000 prize, the CEO intends to expand operations to serve more riders nationally; ultimately targeting the masses. The funding will also be used to build capacity and secure technical support.

Nikola Stojanow, the CEO of Aeternity Ventures, remarked that the finalists of their training program demonstrated passion, dedication, and far-reaching potential through their ability to take counsel and fine-tune their business models and road maps for best practice.

The ten teams that made it through Aeternity’s incubator have paved the way for other teams and startups to learn and gain meaningful experience in sustainably innovating solutions based on blockchain technology.

Continue Reading

Blockchain Technology

Coinfirm Partners with KAD ICT Hub to Launch Africa Blockchain Lab in Nigeria

Published

on

Africa Blockchain Lab

London-based blockchain regtech company Coinfirm and Nigeria’s KAD ICT Hub have launched the Africa Blockchain Lab with the aim of taking up companies focused on creating blockchain-based services and products for African economies.

The new hub based in Kaduna, Nigeria is especially interested in companies that are focused on financial inclusion and has already accommodated one such startup called Kora.

Kora, founded in 2017 by Dickson Nsofor and Maomao Hu, is a blockchain-based infrastructure for an inclusive financial system. According to the Inclusive Growth Forum, “the Kora Network will provide access to identity, secure storage, money transfer, and marketplaces on a low cost, universal access platform accessible via SMS/USSD on feature phones, or with internet access via a mobile app, enabled by blockchain technology.”

CoinfirmCoinfirm’s co-founder and CMO Grant Blaisdell said in a press release: “A Silicon Valley out-of-the-box solution approach has generally not worked in regions such as Africa; it requires a ground-up, organic approach. Coinfirm has already successfully built leading blockchain solutions, the largest structured blockchain database and coverage, and the first blockchain lab for Central Europe. Now, working with KAD ICT Hub, who share our vision of bringing transformative, blockchain-based solutions to African markets, and who have the local knowledge and expertise, we are going to do the same in Africa.” He added:

“We want to work with and provide opportunities for African entrepreneurs working in one of the most exciting and disruptive fields today while bringing our own solutions like our AML/KYC Platform and AMLT Network.”

The KAD ICT Hub

Launched in 2017, the KAD ICT Hub based in Kaduna, Nigeria is an IT innovation hub that receives support from the Nigerian government.

Africa Blockchain LabCo-founder and chief executive of the KAD ICT Hub Yusuf Bashir said: “[…] The transformative potential of blockchain is enormous, and we are confident that, working with Coinfirm, we can provide the testbed and support for today’s leading African blockchain companies, giving them the opportunity to become global leaders. Here in Kaduna, Nigeria’s third-largest state in terms of population, and leading learning and innovation hub, we are extremely fortunate to have a governor who is not only supportive of what we are doing but had ensured we are backed by the Kaduna State Government.”

The hub has been working with Trudatum, Coinfirm’s blockchain-based data document verification platform, which Poland’s largest bank PKO Bank Polski has recently started to use. Additionally, Trudatum could be used in Nigeria to securely store documents in government institutions and universities.

Continue Reading

Popular Posts