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Chinese Billionaire: Blockchain Can Help Africa’s Commodity Market

Chinese Billionaire: Blockchain Can Help Africa’s Commodity Market

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Answer Chinese Billionaire: Blockchain Can Help Africa’s Commodity Market

Bruno Wu, a Chinese billionaire and CEO of Ideanomics, believes that blockchain technology can be a solution that helps African countries trade minerals and natural resources more efficiently and profitably.

Wu made the comment while speaking with businessmen and investors at the Africa Collective House event in New York recently.

Formerly known as the Seven Starts Cloud Group, idianomics has invested heavily in artificial intelligence and blockchain companies through their owned or partnered enterprises, and the US-based company recently announced a joint venture aimed at To remove intermediaries in the “port supply chain”.

Speaking about how Africa can benefit from blockchain technology, Wu said that the number of asset production and distribution will put the continent at the forefront of the commodity market in the same way that it leads the money market and noted that “the future will become better and the reality will be more transparent as it can The blockchain has a role in that.”

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In an interview with Quartz, Wu said his company is currently considering entering the African market and is open to partnerships with countries such as Nigeria and Kenya. He explained that he seriously believes that the African continent can benefit from the adoption of “blockchain technology” and use it to save millions of dollars that are earned from the sale of goods, which are often lost due to corruption and money laundering.

Wu’s desire to see Africa benefit from blockchain technology follows a damning and similar comment from Andrew Darfur, CEO of finance firm Alexander Forbes.

Dravor had previously told CCN in an interview:

“Blockchain is something that we investigate and study very well to evaluate, and I think it has benefits but I’m thinking of it as a broader digital strategy.”

Africa has a continent that has been very hesitant regarding the use of blockchain. This was a mixture of conservatism and risk and until now Kenya has been the focal point of the continent where the government has established a body of experts working on studying its benefits and challenges, but this has not prevented it from adopting this technology as it is now being applied in elections and in the health sector.

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Other African countries such as South Africa have taken it a step further by piloting a new technology dedicated to the banking sector with the aim of reducing processing and settlement time for financial transactions.


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