Chinese Billionaire Investor Of Ideanomics Eyes Blockchain To Fight Africa’s Business Corruption

The African commodities market is in trouble. With corruption, mismanagement of funds, and hidden business practices are just a few ways that the last few decades have marked the economy. However, Bruno Wu, a Chinese billionaire that is the co-CEO of Ideanomics, believes that a combination of blockchain technology and artificial intelligence could help.

These two forms of technology could make it possible to develop a new system that can efficiently handle, pricing, selling, and improving accountability.

Wu commented,

“Having a better tomorrow for Africa is about having a more transparent future. And blockchain can help there.”

He also believes that making asset production digitized could help the continent to basically jump on board with what the rest of the world is doing with their funds.

Ideanomics has been using blockchain and AI alike to help them change the way that business works in the industry. So far, this company is deeply invested in 60 different companies regarding these technologies, which are primarily based in Silicon Valley and China. Just this month, the firm also decided to join up with the Asia-Pacific Model Electronic Port Network in an effort to digitize it, eliminating many layers that were clogging up their supply change.

While speaking with Quartz Africa, a Wu said that his company was looking into the market in Africa to see how they can improve it. Allegedly, they are willing to get involved with the countries that have key commodities in the market, like oil (Nigeria) or tea (Kenya). This statement comes around the same time that the African government is loosening the reigns on their apprehension regarding blockchain.

Though the Kenyan government has primarily been faced with both restraint and aggression in dealing with blockchain technology, they have task forces in the works to see how this tech could help. Though they are remaining cautious, using blockchain technology has been helpful in many arenas already, like Kenya’s agriculture, Zimbabwe’s and Nigeria’s trading, and Ghana’s struggle with land fraud.

By using blockchain technology, it is possible that the economy could realistically save millions in funding, especially considering that the corruption and money laundering would be a non-issue.

Wu encouraged the adaption, saying,

“Africa has an advantage with this digital future. So, let’s not waste it.”