nChain’s Dr. Craig Wright Shares Africa’s Cryptocurrency Development Needs After A Recent Visit
Dr. Craig Wright is the chief scientist for nChain and had an interview with Becky Liggero of CoinGeek. Much of the discussion turned to innovations that platforms are bringing to Africa, and how blockchain has the potential to improve it. Dr. Wright took the time to visit Africa recently, where he sees the potential for how far the technology can go.
One thing that Dr. Wright has learned is that the banking industry in Africa is fairly limited.
“We have people who basically could be less impoverished, could grow, could be more entrepreneurial and could expand and become something more than they are right now, and we can do that because of Bitcoin Cash.”
Based on the information from Dr. Wright, both the United States and Europe are employing cryptocurrency in many different use cases.
However, in Africa,
“it’s a system that a lot of people don’t have. It is a way of saving that they don’t have. It’s replacing something they don’t have. It’s not, ‘Oh, big bad banks,’ it’s ‘We don’t even have banking. We don’t have a way of storing money, and under the mattress isn’t good enough.”
Dr. Wright noticed that there are a lot of young adults and children that will be dealing with the responsibility of supporting their families. Blockchain technology and cryptocurrency were not available to earlier generations, but this one has a chance to provide for a spouse and even children with the right understanding.
“They’re going to get to a stage where they have two retired people for every person working, and that’s really going to change their economy. They’re all anxious to learn about how they can be part of the world of tech,”
Through this interview, it is clear that Dr. Wright has a lot of answers, but he admits that he does not have them all. The people who are presently learning the technology will eventually expand on it and have a greater understanding of controlling their own future.
Expanding on this idea, Dr. Wright said,
“This is the thing people don’t get, the younger the people are that are going to build everything going forward. Watching and seeing how this world will carry forward, it’s great. We’re developing in nChain, and we’re going to release solutions, but it’s going forward, these are the people that will invent things that I haven’t even thought of. I mean, I might have been involved with the internet for god knows how many years now before it was actually the internet even, but the reality is I’m just an old dinosaur, and these people will think of things I haven’t even imagined.”
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