Profit-making idea: Using blockchain to help intra-country trade in Africa

Profit-making idea is a series of short posts, each with a piece of information that we think you might find useful: for investment, for growing your company or to start a new business. Read our previous posts here.

John Wainaina Karanja, founder and consulting lead of Nairobi-based incubator BitHub Africa, reveals in which industry, other than his own, he would bet his money.

“In the blockchain space I usually see many fantastic ideas that would really blow one’s mind if they ever came to fruition. However, I think the truly disruptive ideas are the ones that solve basic problems like moving money across borders cheaply and instantly. Remittances still cost 12% of the transaction amount.

“One particular area that I feel remains unexplored is peer-to-peer e-commerce. This is where one can connect buyers and sellers of commodities remotely without having middlemen charge exorbitant listing or ridiculous transaction fees. These kind of permission-less and friction-less markets have huge potential in Africa as they will facilitate trade between people. We still need good roads and rails to transport goods efficiently, but this technology can go a long way in driving the case for intra-country trade amongst Africans.”