Blockchain Adoption in Kenya: An Interview With Blockchain Taskforce Chairman Bitange Ndemo
Kenya’s private and public sectors have shown a keen interest in blockchain technology as the world attempts to tap into its potential benefits. To better understand the current state of blockchain adoption in Kenya, Bitcoin Africa reached out to Bitange Ndemo, the chairman of the Blockchain & AI Taskforce for his insights on the subject.
The State of Blockchain Adoption in Kenya
While blockchain adoption in Kenya is at its infancy, there are already a handful of companies implementing this disruptive technology to solve various challenges. The most notable of these companies include IBM, Twiga Foods, and TAZ technologies.
Moreover, Kenya’s Ministry of Housing has declared its plans to execute its affordable housing project on the blockchain to improve transparency while Kenya’s telecom giant Safaricom, Kenya’s electoral body, and the Association of Construction Managers of Kenya have also shown interest in implementing distributed ledger technology.
Additionally, the government seems interested in creating an environment to enable widespread blockchain implementation. The creation of the Blockchain and AI taskforce, which has made several recommendations towards blockchain adoption, is a testament to this. Some of the taskforce’s recommendations include creating trusted digital identities and a central bank digital currency.
Creating Trusted Digital Identities
In the past few months, Kenyans engaged in the registration of a digital identity, which will enable them to access government services more seamlessly.
According to Mr. Ndemo, the Huduma number (digital number) initiative was a recommendation of the taskforce to give Kenyans a trusted digital identity. The trusted digital identity will “enable the creation of the blockchain [for the flawless provision of] services,” Ndemo stated.
A trusted digital identity will prevent problems such as the duplication of identification numbers and the necessity to hold multiple numbers from a driving license number to a birth certificate number.
Developing a Central Bank Digital Currency
In 2018, the taskforce proposed the development of a central bank digital currency (CBDC) that would act as a valid legal tender. Although it is not yet clear if the CBDC will be executed on the blockchain, the digital currency would improve transaction traceability and thus reduce cases of corruption in the East African nation.
The proposal is supported by the Central Bank of Kenya (CBK) where its officials are working together with the taskforce to create a legal sandbox, according to Ndemo.
South Africa’s central bank, for example, is already making huge strides in exploring a CBDC, which could motivate the CBK and the taskforce to develop these plans further.
Tokenising the Kenyan Economy
The tokenisation of assets is another important aspect of blockchain adoption in Kenya. According to Ndemo, Kenya’s economy needs to be tokenised in order for Kenyans to enjoy benefits such as increased liquidity, enhanced security during the transfer of assets, elimination of intermediaries, faster transfer of ownership, and the ability to sell or buy assets 24/7.
“We need to slowly begin to tokenise the economy and develop some value chains to help the citizens to understand [this process],” Ndemo stated.
Tokenisation is the act of digitally storing the rights to an asset on a blockchain enabling the transfer of ownership from one person to another. Some examples of assets that can be tokenised include houses, land, information, art, music rights, and identity.
The Future of Blockchain Adoption in Kenya
Much is expected from the Blockchain & AI Taskforce as Kenya strives to live up to its African Silicon Valley title. Therefore, the taskforce has an uphill task as it begins implementing some of its proposals.
“We finished the [blockchain and AI] report two months ago and now we start some of the implementations,” Bitange asserted.
Asked about the future of blockchain adoption in Kenya, Bitange said adoption is inevitable.
“There is no choice but to embrace these disruptive technologies. Several enterprises have already started to use the fourth industrial revolution technologies with excellent results. Soon, virtually everybody will need these technologies.”
With a vibrant local tech startup scene, a small but established cryptocurrency community, and a government that is supportive of blockchain technology, Kenya is positioning itself to become a leader in distributed ledger technologies. It will most likely not take long for blockchain trials to turn into blockchain solutions that are being used by Kenyans on a day-to-day basis.
How Mobile Apps are Changing Sports Betting
About two decades ago, the mobile device was still at its nascent stage, and thus, a very small percentage of people owned a mobile device. However, years went by and ushered in the popularity of mobile devices. With this came the introduction of mobile betting apps.
These mobile apps are made for different industries. However, the betting industry is one area where mobile apps have made a significant impact. Today, brick-and-mortar betting houses have diminished in their numbers and are now being replaced by mobile apps.
In this article, we’ll analyze the impacts of mobile apps on betting and how they are changing sports betting.
Impact of Mobile Apps on the Sports Betting Industry
With the inception of mobile sports betting apps, many challenges were suddenly eased. For instance, sports betting has become more accessible as punters do not have to visit a physical betting house to place a bet on their preferred sports event.
Mobile betting apps have also seen significant growth in the number of people participating in sports betting. Also, more sporting options are open to individuals on the tip of their fingers. Today, you’ll find some of the best betting apps in South Africa (By Indran Naidoo) competing for market share.
Notable Features of a Sports Betting Mobile App
Mobile apps for sports betting come with standout features that enhance the overall betting experience of individuals. Some of the unique features include:
Mobile betting apps allow players to bet on an ongoing match in real-time. This type of bet is known as an in-play bet. With it, you can bet on many market options, such as the next corner, who’ll score the next goal.
With mobile betting apps, you can cash out even before the game is over as long as your game is still in the running.
Mobile betting apps give you the ultimate privacy to bet on any game you want without someone looking over your shoulder. With your device, you can choose your market carefully within the comfort of your space and at your own pace.
Bonus and Promotions
Mobile betting apps offer players bonuses and promotions such as welcome bonuses, weekly bonus offers, and so on. There is also the tendency for some mobile betting apps to give players boosted odds.
Demo for Fun and Practice
Some mobile betting apps allow players to open a demo account. This demo account will be funded with fictional money, which you’ll use to bet on real-life games. The main distinction is that winnings on a demo account cannot be cashed out.
This helps players practice strategies or new markets without fearing losing valuable funds.
Mobile betting apps give players unlimited access to sports markets to bet on every minute of the day. You can be in your office, at a meeting, or even in the restroom and still have full access to markets to bet on.
Some Popular Types of Bets in Sports Betting Apps
You can place many popular types of bets on a mobile app. Some of them include:
This is the type of bet where you choose an outright winner at the end of a match. Other aspects of the game are not considered in this sort of betting. The final score of the game is all that matters.
This type of bet occurs when a player plays multiple match selections in a single bet. Usually, this is done to improve the bet’s odds.
This type of betting is popular with football in particular. You can wager on the total number of goals that will be scored throughout a game. For instance, “over 1.5” simply means that a game will witness a total goal of more than one. On the other hand, “under 1.5” means that the total number of goals in a match won’t be more than one.
There are more options in mobile betting apps that are open to players to enjoy and win real money in the process.
There is no doubt that mobile betting apps have made a huge impact on the growth of the betting industry. It is safe to say that mobile betting apps have come to stay.
Why Cryptocurrencies Are Going to Be the Future of Gaming
Do you know that many predict that online gambling will depend on Crypto in the future? Of course, this makes a lot of sense since digital currencies have become a universal asset in recent years. By the way, we can also say that casinos have benefited greatly from cryptocurrencies.
Aside from the fact that the gambling scene has expanded horizons, it has also bragged of unimaginable game lovers in no time. From this, you should have known that there is still another reason behind these gaming assumptions. But you know what? Sit with us!
Let’s look at the major reasons digital currencies will be the future of the betting industry.
Why Are Cryptocurrencies Going to be the Future of Gaming?
1. Players earn more
Today, cryptocurrencies serve as a way for players to make big bucks. Therefore, it is no longer news that the future of games is a digital currency. Thanks to cryptocurrency, the days when players had to make deposits to play their favorite games without a chance to win are over.
Moreover, digital currencies have continued to function as a major source of income for all punters. For example, it has a special way of rewarding players who have completed certain gaming tasks. These rewards are exceptionally offered by purchasing in-game items with in-game cryptocurrencies, contributing to crypto status.
2. Fast transaction
With fast trading via cryptocurrencies, there is reason to believe that betting sites with local play payment options such as Neteller, Skrill, and bank transfers have little future. This is because it takes time to confirm these payment options.
Speaking of cryptocurrencies, you don’t have to wait long to receive payments. Your account will be credited in a blink of an eye. So tell us! Would you like to leave the crypto-based betting platform for the traditional betting platform? We are doubtful of that! Believe us, it’s coming to the stage where only cryptocurrency game forums exist.
3. Ability to play anywhere
Cryptocurrency eliminates the need to be able to play only in physical casinos. Consequently, it’s a bonus point for the development of online gambling. With this, players can easily access multiple casino games, like a huge catalog of bitcoin slots, and gamble anywhere without fear of being cut off from their betting experience.
Imagine depositing and withdrawing funds from anywhere in the world without restrictions. This means that instead of using other currencies, you can use cryptocurrency tokens to play games in any location. Besides, we all want a stress-free life, and cryptocurrencies have made things easier than we thought. Therefore, there is no upper limit; digital currencies thrive in the gambling market.
4. Gamblers are better safe with Crypto
With the introduction of blockchain in the gambling industry, gamblers are much less likely to constantly fear being victims of data privacy breaches on gambling platforms. As far as we know, cryptocurrencies have the highest level of security to protect players from unforeseen circumstances.
Besides, you don’t have to reveal your financial and personal details on the gaming sites if you wish. That’s because, with crypto gambling, you can play anonymously and still have access to unlimited offers on the sites.
Of course, the technology behind casino games and digital currencies is practical, but you can’t deny that they fit like gloves. You can also buy and sell these digital assets for the benefit of gambling. So no doubt! Over time, the game world will become more eye-catching, and ultimately there will be no gambling forum without cryptocurrencies.
The History of Bitcoin, the First Cryptocurrency
Bitcoin (BTC) has taken investors and the rest of the globe on a wild ride from its modest origins in 2008. The Bitcoin price fluctuated for over a decade, eventually reaching tens of thousands of dollars. Read on to learn about the history of Bitcoin.
Bitcoin is a decentralized electronic trade between individuals. In layman’s terms, individuals may transfer money to one another without going through a bank or intermediary. Bitcoin was created to facilitate financial transactions without dependence on the government or large financial institutions. Bitcoin users may deal with one another through the blockchain, which tracks transactions and the bitcoin price using a “proof-of-work” technique.
Some believe Bitcoin will someday replace fiat money. Despite Bitcoin’s shortcomings, venture investors remain hopeful about the progress in the Bitcoin price achieved since the cryptocurrency’s inception. The emergence of Bitcoin has gathered a group of individuals thrilled about the advent of cryptocurrencies and the possibilities they will provide for companies and investors. Furthermore, Bitcoin has spawned dozens of alternative digital currencies.
When Did Bitcoin Start?
During the 2008 Great Recession, the role of banks in the financial sector was investigated. This was when Bitcoin was created, and a Bitcoin price was established. People claiming to be Satoshi Nakamoto published a white paper about the problems with centralized money management and the importance of trust when dealing with other people’s money.
Transaction costs can add up in the traditional financial system when a transaction can be undone or changed by a third party. The goal of bitcoin was to eliminate the need for a middleman in commercial transactions. Instead of depending on banks and other institutions outside the network to verify network integrity, the Bitcoin system employs cryptographic proof.
The first block was mined in 2009, marking the formal launch of the blockchain. A week on, the first test transaction was done. The only individuals who could obtain it for the first several months were miners who could check the Bitcoin price on the blockchain. Miners would exchange Bitcoins for no other purpose than to have fun. Miners are individuals who utilize very powerful computers to solve complicated mathematical problems to discover new Bitcoins and ensure that previous Bitcoin transactions are honest and accurate.
For another year, there weren’t any major transactions involving the new medium of exchange. Shortly thereafter, in 2010, a Florida resident offered some 10,000 BTC in a bid to have the priceless $25 commodity come home. His name was Pizza John. With this deal, the world had its first genuine Bitcoin prices set at some four Bitcoins for every penny. On average, this haul of Bitcoin compares to approximately $400 million in modern money. Interestingly, crypto enthusiasts have set aside May 22 to mark the groundbreaking occasion, known as “Pizza Day.”
The Price of Bitcoin in the Past
One feature that distinguishes Bitcoin price is its volatility. Because Bitcoin is a novel asset, there is a lot of speculation about it, and its value is widely discussed. Despite fluctuating prices, Bitcoin’s value has skyrocketed since its inception in 2009. Bitcoin’s history has been chiefly one of fast growth, punctuated by a few dramatic price declines here and there. Bitcoin surpassed the $1 milestone in February 2011.
Bitcoin price was less than $2 initially, but then it went up. It had its first bubble in June 2011, rising to above $31 before falling into the single-digit price range. After more than two years, Bitcoin finally reached $200 in April 2013. It was worth more than $1,000 by November of the same year. In November 2017, the fee was raised to $10,000. In November 2021, it reached a high of close to $68,990. That doesn’t mean the journey was without incident.
Bitcoin was called a bubble in 2017 because investors paid more for it than the Bitcoin price was worth. According to Furo, the 2017-2018 bubble was largely caused by an increase in initial coin offerings or ICOs. Some experienced investors compare the Bitcoin bubble to the end-of-the-century internet boom.
Everyone was talking about Bitcoin or other cryptocurrencies, a new network or protocol, from wealthy hedge fund investors to your neighbor. The ICO craze boosted the cryptocurrency market by billions of dollars. The beginning of 2018 saw a significant drop in the Bitcoin price due to psychological and technical issues. When the price of Bitcoin fell, a “mature market” developed around it.
Because of these changes in the Bitcoin price, the Bitcoin market has matured considerably. Established efficient and intelligent exchanges are taking the necessary steps to create a self-sustaining and viable market for investing and trading in Cryptocurrencies such as bitcoin, and key institutional-grade participants are following suit.
Right now, the Bitcoin price is around $37,000. It’s far away from its all-time high and post-peak low. Earle claims that no one knows the inventor- Satoshi Nakamoto. This topic can be discussed, speculated, and may lead to conspiracy theories.
One of these theories holds that Bitcoin is a “skunk work” or top-secret project of a company like Alphabet Inc. or an intelligence service. Others believe it is a “trap-door project” that will be taken over by a bad person waiting in the wings. Earle considers Bitcoin’s present to be more important than its past. He argues that the predominant evidence points to two primary, widely held ideas. The first is: Like anything else, money is actually a good. Secondly, money results from a given market process.
Cryptocurrencies have almost wholly supplanted conventional money, but the Bitcoin price is still maturing, and Bitcoin is becoming a value store and unit of account.
So, what is the future of Bitcoin as a cryptocurrency and the Bitcoin price? Nobody knows, but Furo believes it would be lovely and intriguing.
New, low-cost, and simple investment options are becoming a reality. The Bitcoin price will make acquiring bitcoins even more accessible to many individuals. Such access would be comparable to that of well-known markets. Keep in mind that no investment is without risk.
How Mobile Apps are Changing Sports Betting
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