The African Blockchain Institute, in association with Algorand Foundation, has released the Africa Blockchain Report 2022.
Analysing the blockchain scene across four countries, Nigeria, Kenya, South Africa and Tunisia, shows that almost half of (49.2%) of the companies participating in the study are at the growth stage, indicating the high level of activity in the sector.
The report found that more than one in 10 (10.8%) participants are strongly established and profitable companies. In addition, the data showed a lot of positive potential for pioneering new economic models of innovation in the blockchain space in Africa, as more than a third (34.5%) are in the scaling stage, while slightly more (35.4%) are in the ideation stage.
Among the recommendations for the region in the report analysis, is investment in education.
“Owing to the majority of the respondents’ agreement to misconceptions being the major impediment to the slow embrace of blockchain technology in Africa, technology stakeholders, blockchain education/research companies and corporate blockchain companies should invest in granular blockchain education and advocacy both at the grassroots and national levels across Africa,” says the report.
“The private technology sector should be more deliberate in engaging the governments of African countries in co-designing technology policies that support fourth industrial evolution technologies such as blockchain technology,” recommends the report.
Go here to download the report free (requires registration).