Son Of South Africa’s Newly Crowned President Dons Bitcoin Socks At Inauguration #Legend


The Son Of South Africa’s President Dons Bitcoin Socks At Inauguration

The sixth president of South Africa, Cyril Ramaphosa, was inaugurated recently. Tumelo, his son, decided that he would wear some BTC-themed socks to his father’s inauguration. Tumelo Ramaphosa is a renowned advocate of blockchain technology in Africa. He even organized the Unlocking blockchain Africa Conference that took place in Johannesburg on August 2018. Tumelo is bullish on the potential that cryptocurrency has to help African reach the unbanked as well as improve service delivery for the banked. Thus, it is not surprising Tumelo was donning Bitcoin socks during the inauguration.

Why This Matters

Africa in the past has been mainly renowned for bad infrastructure and its sordid past of colonialism. About 80 percent of Africans in Sub-Saharan African do not have access to formal or semi-formal financial services. This is the highest proportion of any region in the world. However, the blockchain tech could change all that with its promise of a financial leapfrog. It could help the continent get past its mode of finance that was entrenched by the West. Africa could create a unique system of financial services, production, and governance with this tech.

African Livestock, Digitized

Tumelo has, in the past said that he first encountered Bitcoin in 2010. Since that time, he has been an active organizer as well as a conservationist. In South Africa, the price of rare animals and livestock can at times get to ridiculous levels. Tumelo is planning to digitize cattle ownership and other assets for the local population using the StudEx startup.

He will be leading efforts this year to launch a blockchain-focused university that will be targeted at young entrepreneurs in South Africa. Tumelo is hoping that by educating the youth, South Africa and the rest of Africa can build bridges to the active blockchain sector in the US and other parts of the world. His socks were a way to make a stylish statement of just how much of a believer he is in the blockchain technology.

Innovative Startups Using Blockchain Tech In Africa

One of the best examples of how blockchain could help Africa is Sela Labs. Over 13 million barrels of crude oil have been spilled in the Niger Delta. This has had a major impact on the local population. For instance, the population of the Niger Delta has an average lifespan of just 18 years.

One man using blockchain tech to resolve the issue is Chi Nnadi, a grandson of the former mayor of Port Harcourt. He created Sela Labs when he realized that the issue could not be resolved scientifically since there were organic solutions available. It was all about access to information and capital getting to the right people. For instance, when the village of Bodo won $84 million in a settlement, most of it never goes to the locals.

Through Sela, he is creating a platform that allows impact investors, donors, and the government to deploy capital more openly into the region. To achieve this, they are using the blockchain to track and measure the impact of investment in the region.

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