Originally developed as an accounting platform (ledger) for cryptocurrencies, a blockchain is a distributed ledger technology, a way for untrusted parties to use a distributed database to ensure a common proof of record. Blockchain technology operates in a distributed system of nodes, where each node holds a copy of the transaction ledger and trust is managed by all nodes, not a central authority.
A blockchain is essentially a chain of blocks. Each block stores a transaction record or any data for that matter. A block is a permanent store of records on the chain which must have a relationship to a parent block and once created cannot be altered or removed from the chain because any subsequent block or record must be linked to that block. This is a very important attribute especially in relation to use cases that attempt to solve issues of accountability and corruption.
Spe Taxi – Ugandan Taxi Customers Can Now Pay with Crypto
Taxi drivers and companies have long been identified as candidates for bitcoin adoption and several companies around the world have been early adopters.
In Uganda, people can now easily book their nearest taxis and arrive at their desired destinations with a few clicks on the mobile app.
Spe is a passenger transportation company which was established in 2015 to addresspassenger transportation challenges in Uganda & contribute to a safe, modern & professional transport sector.
But there is more to using this taxi app compared to other platforms in the market: Spe accepts Crypto for payment, a first in the African market.
As CEO Mark Kamira says, “The idea of blockchain and cryptocurrencies was an exciting new technology and innovating and improving the business led me to accept cryptocurrencies.” ~ Mark Karamira, CEO, Spe Taxi Cab.
Spe Taxi Cab is a member of the Celo alliance for prosperity accepting the Celo dollar, cUSD, for payment.
Ugandan based Bit2Big has helped to shape and develop crypto-financial services in the region, having been a driving force in the development of the African Blockchain ecosystem.
Bit2Big has also developed a platform that enables anyone from Uganda to buy and sell crypto through an Over The Counter (OTC) platform.
Bit2Big is part of Celo Alliance for Prosperity which brings together mission-aligned organizations that are committed to seeing Celo’s mission of building a financial system that creates the conditions of prosperity become a reality.
Kanzu Code‘s flagship product Kanzu Banking is a core banking platform that simplifies the process of managing the financial portfolio of investment clubs, Savings and Credit Cooperatives (SACCOs), Village Loans and Savings Associations (VSLAs) and Micro-Finance Institutions (MFIs).
In July, Kanzu Code joined the Celo Alliance and the team has been integrating a Celo wallet product to Kanzu’s banking platform’s web applications. Additionally, Kanzu will enable customers not only be able to save in Uganda Shillings but save in Celo dollars, cUSD, as well with the value matching that of the US Dollar.
Cryptosavannah helps the private sector and governments to build practical solutions using blockchain technology to solve day to day challenges.
Noah Balesaanvu, the co-founder of CryptoSavannah has successfully been able to rally communities in Uganda to engage regulators in one voice for mass adoption of Cryptocurrency and blockchain. He was part of a team that was consulted by the country’s Financial Intelligence Authority to amend regulations to include virtual asset service providers (VASP) which opened doors for crypto exchange companies to serve Ugandans ina more compliant manner.
Crypto Savannah is part of the Celo Foundation, a nonprofit supporting the development of the Celo ecosystem.