Africans in a technically autonomous region of Northern Syria appear to have a greater awareness of blockchain technology than westerners in the United States or elsewhere likely wood, according to new in-depth reporting by Coindesk’s Rachel Rose O’Leary.
O’Leary has been reporting on the scene in Africa. Her in-depth research finds that at least one aspect of the regional terminal is an ability for local authorities to think far outside of the box. In the latest installment, readers learn about an unorganized territory in North Syria that
According to O’Leary:
“North Syria has been researching how technologies such as blockchain could complement its societal model, which is built on an ethos of decentralization.”
The concept is not a new one among blockchain believers.
Leapfrogging Banking to Blockchain
If you study how Africa has adopted mobile phones at a faster pace than the United States or any other western nation did – after having a very limited landline system – it makes sense that a technology can appear to leapfrog a generation.
Many believe this is exactly what can happen with financial innovations. Judging by the sentiments expressed in the latest on-the-ground reporting, this theory could very well prove out.
A technology student at Open Academy from Rojava – which is described as “de facto autonomous” – told a western journalist that he’s got no reasonable faith in the “Syrian pound” or the American dollar, describing them as merely pieces of paper.
Bitcoin, though – that’s another story.
Even among college students, a viewpoint like this would be rare to find in the coddled West, where owning a bank account is a matter of course.
Blockchain’s Unbanked Target Market Speaks Up
Even for people who are locked out of the regular banking system, a variety of alternative institutions exist.
Imagine being middle-class, and earning a middle-class living, but having no means to do online – or any kind – of banking?
Imagine being forced to risk your net worth every time you stepped away from your property? That’s the reality of cash-only economies, or a lack of effective banking, at least.
But blockchain offers a new reality. Even somewhere that no bank wants to open, a cash-based economy in the middle of North Syria, for example, can build whatever solutions it likes on a myriad of existing, stable blockchain solutions.
Which is exactly what’s going on – and the incoming generation is building momentum in that direction.
Sadly, MENA, beyond its petroleum production, lacks much influence in the world. Dubai and several Arab nations can go all in on blockchain, but the rest of the world might just wait until they’ve no choice.