Metasebia Abebe has an academic background in Marketing management and have been working in the banking industry. Currently, she is pursuing her postgraduate in Enterprise management with Xi’an shiyou university. Her research interest focuses on the innovative technologies adoption in the banking industry with a special focus on African market.
Abstract
Are we putting the cart before the horse?The block chain is one of the emerging technologies about which every media is narrating. Most of the prestigious financial analyst companies are also putting the block chain technology as the soon to be the biggest thing. True it is, block chain is changing the financial system. Perhaps it is making the financial transactions peer to peer getting rid off the third parties involved via cryptocurrency gradually replacing the fiat money. This has facilitated for a more efficient, faster, cheaper and safer transactions. Block chain technology is at the core of how cryptocurrencies work.
According to Dering, One of the four pillars of block chain remains to be connectivity. However, what percentage of the world population is connected remains an issue to be solved for block chain to be effective as fore casted. The UN report of 2017 shows 52% of the world population is still not connected to the world via the Internet. Africa has only 21.8% of its total population connected to the Internet. We conducted a study to assess the awareness and readiness to use cryptocurrency by Africans living abroad using UTAUT model. The result shows, the responses are not as promising at least in near time as the tech companies are forecasting. About 73 % of the respondents responded that they are not ready to use cryptocurrencies to transfer money to their family and relatives in Africa. The following chart shows the statistics and reasons of the respondents.
For block chain and cryptocurrency to bring the aspired socio-economic impact on the lives of people; governments, telecoms and Internet companies, need not to work together and improve the global connectivity coverage as the return is for all stake holders.