Blockchain Technology and the Development of African Economies: Promises, Opportunities, and the Legal Issues at Stake
Alexander Wilhelm · Recht in Afrika · 2019
The blockchain technology-or more generally, the technology of distributed ledgers (DLT)-has been heralded as a 'game changer' for the development of African economies.Whilst the private sector is already blazing ahead with a multitude of applications, lawyers are still struggling with the legal implications and potential pitfalls of the new technology.The following paper outlines the promises and opportunities of DLT for developing countries in particular and offers an analysis of the most pressing legal issues that African lawmakers need to address.To that end, the author draws from his experience as a German lawyer and provides a synopsis of regulatory approaches that have been taken across the world.The goal is to suggest solutions that may be suitable for jurisdictions in Africa, hopefully inspiring African lawmakers to develop their own tailor-made regulatory approach.16 It has been commented to me that only few people truly understand the technology of distributed ledgers, and that even fewer are able to write about it in a credible manner.I respect these concerns and humbly hope that the following description is sufficiently accurate to allow the subsequent legal analysis to be useful.17 J.Condos et al., 'Blockchain Technology: Opportunities and Risks', Vermont Legislative Report, 15 January 2016 (