How Blockchain Can Boost E-Commerce in Cameroon
Come take a look at our article to learn more about how blockchain may be able to boost Cameroon's e-commerce industry and the steps needed to help increase its use.
With the introduction of blockchain, a whole new world has opened up, which simplifies complex systems into functional bits via a wide range of transactions.
A decentralized system such as blockchain eliminates much of the red tape that has long been the bane of small businesses. This system can help speed up transactions and increase volume if used for things like business setups, permits, taxes, and B2B payments. In Cameroon, mobile money is already used for a large portion of payments. Building applications that connect mobile money and blockchain will improve payments and open up Cameroonian e-commerce to the rest of the world.
Blockchain is an avenue of innovation in the fintech industry, where startups and established players offer a variety of products ranging from loans and insurance to actionable leads that can benefit small businesses.
Although there has been significant progress in money transfer in Cameroon over the last ten years, there are still limits and high costs to where money can go or come from. While the cost of blockchain transfers is still unknown, it offers an alternative to the existing financial system.
Another foggy area that Cameroonian businesses can use blockchain to benefit is smart contracts. Legal jargon can be confusing for some, and hiring lawyers is uncommon except for large corporations or in the event of a dispute. Smart contracts are transparent and immutable, making them impossible to tamper with once logged in.
The deployment of blockchain in Cameroonian e-commerce will also help merchants and clients to track their goods and purchases, building confidence in the system and drawing in new users. People buying out of Cameroon have always been wary of the system, but that is no longer an issue because they can now use blockchain technology to track their purchases from abroad.
Moreover, although Cameroon's ports can be a nightmare due to their complex systems and processes, blockchain can help. Cameroonian ports such as the ports of Douala, Limbe, and Kribi can improve their logistics and speed up e-commerce by using blockchain, sensors, and GPS tracking to transmit information to ports, importers, and exporters.
Overall, blockchain has the potential to create and deploy e-commerce infrastructure quickly, allowing for the creation of new platforms and opportunities that would otherwise be more expensive and time-consuming to manage. Teaching SMEs about the benefits of blockchain in e-commerce, training developers to learn and adopt it, and collaborating with blockchain promoters outside of Cameroon will all help to increase the technology's use in e-commerce.
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