For instance, 3air is championing this drive with the K3 Lastmile technology, a broadband infrastructure that can provide an internet speed of 1 Gbps.The Lastmile technology, first deployed in Sierra Leone in 2019, has been successful and compared to what is currently available in Africa, sets the continent to become a league of its own.Moreover, through the Cardano blockchain, users will access 3air’s broadband-based internet services hassle-free and at a pocket-friendly cost.How Blockchain Telecom Can Impact the Economy of Developing CountriesBlockchain telecom has direct impacts on key sectors of Africa's economy, especially because stable internet connectivity is paramount in today’s world.
Here are practical ways developing countries can benefit from the service offerings of blockchain internet providers:FinTech and BankingAbout 57% of the adult population in Africa lacks any form of bank accounts.
That makes Africa a viable destination for over 576 Financial Technology (FinTech) startups headquartered on the continent, whose goal is to promote accessible payment services, financial inclusion, and convenient alternatives to traditional banking.However, the major limitation to the growth and adoption of FinTech in developing countries is the lack of sustainable and affordable internet access.
Even with Africa’s impressive mobile phone market growth, FinTech companies are having a hard time onboarding customers due to epileptic and expensive internet costs.The emergence of the blockchain telecom market directly addresses the issues of high internet rates and poor internet speed, making it possible for more persons to gain financial inclusion through accessing online banking services in the region.Small Business and eCommerceIn 2019, Africa’s biggest eCommerce company, Jumia, became the first African startup to list on the New York Stock Exchange (NYSE), charting a new course for the African eCommerce ecosystem.
With an annual growth of 20%, the nation would spend $11.16 billion between 2022 and 2026.While funding seems to be the predominant issue plaguing the nation’s healthcare system, the poor infrastructure and services of the existing internet providers in Nigeria play a major role in hindering innovation and growth in the healthcare industry.For instance, Nigeria and most African countries are not yet in tune with the Internet of Medical Things (IoMT) revolution.
IoMT, which involves remote diagnostics, remote monitoring, and remote robotic surgical procedures, could save the region a great percentage of funds spent on medical tourism.As amazing as the technologies behind IoMT may be, they are heavily dependent on stable high-speed internet servicesㅡwhich no internet provider in Nigeria offers currentlyㅡemphasizing the need for blockchain telecom services.Education and Remote LearningAfrica has over 34 million out-of-school children within the primary education age bracket.
