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The adoption of blockchain technology has been lacking due to several technical issues mostly at the large-scale consumer level. On the other side, the majority of early adopters are reaping fruits on cryptocurrency investment.
The recent blockchain news states an emerging smartphone blockchain network is undergoing development. This project will drive large-scale consumer in the areas of Sub-Saharan Africa probably by 2021.
This mobile money service platform will operate with a new blockchain protocol basically for the youth evolving market. DéMars (DMC) is the initial platform that is one of its kinds getting developed in Africa. Shaun Burrow, the founder at DMC says,
I started researching the entry-level market and I was simply blown away to learn that 1.7 billion adults don’t have access to basic financial services and to learn that in the remittance space, families are paying about 45 billion US dollars a year in fees on the funds they are sending home.
He believes that Banking as a Service Platform will help minimize the expense of remittances to and within emerging markets. Moreover, it will offer access to insurance, simple lending, and savings products.
This will be possible using the smart contract escrow feature. Leveraging the feature, you can place an advert and trade services. Back in 2017, Sub-Saharan Africa was under observation reflecting the leading market, especially, in an overall mobile money industry.
Once, this industry has been processing transactions worth $1 billion per day including revenue of around $2.4 billion. The money transfer via mobile phones in emerging countries is already experiencing wide and successful adoption, rather than transferring money via the traditional banking system.
What do you think about the mobile payment service via blockchain technology? Share your thoughts with us!