INTRODUCTION

African Economies chiefly relied on the centralized banking system and governmental intervention for good performance and success but it's marred with financial irregularities prompted by corruption, fraud and other human fallacies but blockchain technology eliminates the need for intermediaries that plagued the economic process and transactions as well as secures and improve the process for more economic growth and development.

CHALLENGES FACING THE ECONOMIC PROCESS IN AFRICA

Despite the huge potential and abundance of resources in Africa, Millions of people are struggling and can't be feed properly. Several factors are mitigating the economic situation in Africa. Let's talk about some of these factors and their impacts.

Every economic terrain have basic amenities that serves as the basis the economic activities to thrive. They are essentials which can't be toiled with for efficient economic transformation and growth.

Despite its huge multiple cultural and political systems, European countries are linked together by various international freeways and suburban train stations which promote their trade and economic activities. Virtually every part of Europe have experiencing unprecedented economic growth and development as their products and services as they can easily get to everyone thereby promoting trade and development. But in Africa, local roads, rail and water ways are not adequately developed. Internationally, the there's poor linkages between countries and lands as they still depend on the primitive footpath used by their forefathers for trade and business activities.

Despite the huge devastating effects of the world wars on the European infrastructures and facilities, there's limitless improvement on that sector that facilitate trade and economic growth but in Africa, transportation debts in infrastructures is very huge and creates a gap that's affecting trade and investment opportunities.

Shortage of energy have serious untold effects on economic activities in Africa. In the west Africa, over seven countries with over five hundred, thousand people depend on a single river for electricity for their homes and industrial activities. River Niger being dammed at Kaiji with five super turbines provides electricity for Nigeria and other neighbors leading to power failure and unreliable which affect the economic situation and trade.

Africa have huge potential for electricity generation and production for their need that will drive their economy. For instance, Huge arable land with undulating forms for wind electricity, constant sunlight, majestic rivers like Congo, Nile, Niger etc and natural resources like uranium etc can be utilized for this cause for economic growth but corruption and mismanagement will lead to having such good proposals in paper than be implemented for economic growth. European countries still drive their economies and homes from those resources from Africa necessary for their enviable infrastructural growth.

Prolonged political instabilities in Africa countries and international can affect economic growth and trade. Sadly, many Africans are displaced from their homes and villages due to failure in political changes in those countries. Niger, Mail and Guinea recently had coup d'etre and counter ones which are unpleasant political situations that halted the economic transformation as investors might be afraid to continue their business or left for another. Recently, Ghana is prided as African country with best and strong political institutions which have positive impact on their economic growth and trade. Many countries and investors left other African countries like Nigeria to Ghana thereby providing more jobs and economic stability for their growth and development.

Eritrea, Somalia and other African countries are struggling due to wars. Ethnic tension and struggles affect the peaceful coexistence and trade within the country. Political strifes in Ukraine have untold hardship on Africans as their economy depend mostly on importation with less productivity. This economic crisis are hard to overlook and stressful to the people and their growth.

HOW BLOCKCHAIN TECHNOLOGY CAN TRANSFORM AFRICAN COUNTRIES ECONOMICALLY

The immutability and transparency of blockchain technology can prevent fraudulent practices and activities within the Africa trade and business. Africa is well blessed but shady business deals have caused them fortunes and affect their infrastructural development which is the basic for efficient trading and economic terrain. Recently, Nigeria government mandated by court to paid handsomely to their foreign investor over a termination of unfulfilled contract on Ajaokuta steel mill which remains the one of largest white elephant and abandoned projects in their country that corrupt leaders subsequently used to snap and steal billions from taxpayers which can be channeled for economic transformation.

Smart Contracts can be employed for automation and reliability which can stabilized the elections and political institutions. With smart contracts, human errors and interests are removed and the process will be secure and transparent to produces leaders of the people's choice, not puppets which danced for their cabals tune in the detrimental of the economic growth and development of their people.

Blockchain uses distributed ledger for records which can be verified and secured publicly. Such technologies can be applied to the transactions in Africa especially in the bureaucratic process as government agencies owns and run the institutions that control the factors of production and trade within Africa. Their transactions should be visibly correct and verifiable for smooth economic growth and stability. Millions of dollars drains annually by botched and shady deals that have untold suffering and hardship on Africans which can be improved by blockchain technology.

Tokenization and monetization have great financial benefits to the people thereby preventing centralized and manipulative economic situations which have financial strains on the economic growth and development on Africans. When everyone can benefit financially from the economic situation and process, suffering and problems economically are controlled and wealth will be redistributed for proper development and growth.

Finally

Blockchain technology is a revolutionary concept that's shaping the digital transaction and information technology. With its decentralized and use of distributed ledger, Blockchain enable secure, transparent and tamper-resistant record keeping that improve the economic landscape including Africans.

There's an urge and yearn for improved economic growth and development as other Asian countries are experiencing in the recent years for the betterment of the people. Blockchain technology can improve the economic situation so adoption of its projects are very important.