According to Fanos Tech, a partner of Bybit, the second-largest cryptocurrency exchange globally in terms of trading volume, LBlockchain can revolutionise land administration in Ethiopia by ensuring clear and unalterable land titles. Fanos spoke with young people on Saturday who are interested in working with technologies or making money. The Science Museum was the venue for the meeting. Web 3.0 and bitcoin were also discussed at the summit.
The immutable nature of blockchain technology, which forbids recorded data from being altered, will present an opportunity to address long-standing issues in Ethiopia’s complex land record system and could save billions of birr in legal fees and litigation hours, according to Tewodros Sentayew, CEO of Fanos.
According to a number of studies, a significant percentage of land disputes in Ethiopia are caused by unclear titles. Corruption exacerbates the issue because property registration is still one of the most commonly reported public services where bribes take place.
One of blockchain’s main benefits, according to Tewodros, is its capacity to combine land records into a single digital system, doing away with administrative silos. Blockchain can lessen fraud and disputes by making it simpler to confirm property ownership and history, which will make land transactions easier for both individuals and businesses. He went on to say that governments and young people in many nations, including Ethiopia, are interested in the blockchain system.
It is important to note that numerous mining companies have been imitating the $50 million that was awarded in an auction for electricity used for Bitcoin mining.Fanos has been teaching and informing the youth about the technology for the past two years.
Oromia Cooperative Bank recently declared that it has started working with InFTF to launch an international remittance service in Ethiopia that is based on blockchain technology. About 80% of the mining companies that operate in Ethiopia are from China; the remaining companies are from Russia and the United States.This surge in mining activity has been particularly beneficial to Ethiopian Electric Power (EEP), the state-owned utility that last year received $55 million from Bitcoin miners. Over the course of the next year, that sum is expected to rise to $123 million.
An expert who attended the meeting was asked by Fidel Post to define Web 3.0. the benefits Ethiopia will receive from it.
“Well, it’s a bit of a people’s revolution actually,” the expert said. Much of the modern internet, or Web 2.0, is controlled by a few companies, such as Facebook, Google, Amazon, and Twitter. Currently, there is a movement to regain some of that power, and the term Web 3.0 encompasses the various directions that this movement is going. This covers cryptocurrencies like Bitcoin, decentralised finance, NFTs, blockchain technology, and virtual reality settings. Though it sounds very complex and futuristic, the basic idea is that Web 3.0 gives the individual more control over the business, allowing everyone to access the internet safely and privately without going through corporate gatekeepers.
The market capitalisation of blockchain technology, of which cryptocurrency assets are a key component, is predicted to increase from about $1.5 trillion today to nearly $50 trillion by 2030 as a result of this emerging ecosystem’s predicted more than 40% annual growth worldwide (buy that Bitcoin on the next dip!). More significantly, the talent pool in Ethiopia is capable of realising the advantages of this chance for the global Web 3.0 ecosystem. If given the opportunity, this talent can generate substantial foreign exchange profits, establish domestic internet companies that are competitive worldwide, and open up opportunities for the nation to advance. The specialist also said.