Blockchain technology is known as the new revolution that has a great opportunity to change the process of economic growth in Africa. Blockchain has more than delivered on its promise of responding to the real-world needs for progress and inclusiveness by providing secure, transparent, and, importantly, decentralized solutions.

They align with the objectives of improved financial performance, with a key benefit being the provision of financial inclusion. Across much of the African continent the formal banking system is still very underdeveloped, and this means that even the most fundamental of financial services such as access to own a simple overdraft are unavailable to millions of people. Some examples are financial service providers which include digital wallets, peer-to-peer lending platforms, and others that are enabled by Blockchain technology and offering affordable financial services to the people as compared to traditional banking institutions.

In addition, there is evidence that blockchain is stimulating the streak of the entrepreneur and the innovative. ICOs and tokenization, according to its respective argument, allow African startups to raise capital more effectively and honestly, deeming the currently high barriers to entry for small businesses as unfavorable for an efficient entrepreneurial landscape.

Transparency and immutability of records and evidences are also very important for checking and preventing corruption. In the management and procurement processes exercise of the public sector, through recording transactions in a shared ledger system called a blockchain, fraud is minimized as well as accountability is attained.

Moreover, blockchain technology holds the potential in reshaping the shape of supply chain management for different industries including agricultural and supply industries by improving the track and traceability as well as the effectiveness of the supply chain operations. This not only enhances the market opportunity for smallholder farmers but also opens up a fair and deserving price for their produce along with addressing quality standards in the supply chain.

This brings out the fact that there are still some challenges that are in place, such as the unclear and unsound regulations as well as the inadequate technological frameworks. Therefore, African governments and policymakers have a central and proactive role in promoting the efficiency and favourable environment for the creation of the blockchain by introducing the legislative frameworks that are coherent with the concepts of the distributed registry technology and investing in the corresponding digital ecosystem.

On balance, it can be at last concluded that considerable opportunities of using the blockchain technology are thought-provoking in the efforts of Africa to step up economic development. Through the facilitation of access to affordable financial services, support for innovative business initiatives, maintaining higher levels of transparency, and improving supply chain effectiveness, blockchain is helping to create a fair and prosperous society in the African region. With increasing adoption and advancements in technology the positive effect of blockchain on major African economies stands to become even more apparent making it possible to foster lasting adoption of blockchain in African economies.