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According to a report released by Emurgo Africa, Blockchain technology investment in Africa increased by 1668 percent between 2021 and 2022, according to a report to be released by Emurgo Africa.

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The report sponsored by the blockchain technology company is the first comprehensive state of Web 3:0 report in Africa, scheduled to be released on June 23, 2023 in Nairobi, Kenya.

According to a statement released by the company, the report highlights the rapidly-evolving landscape of Web 3.0 technologies in African countries, providing in-depth analysis of their impact, opportunities, and challenges and offering recommendations for fostering growth and measurable impact.

“Key findings from the report include the immense opportunities for the African continent through the adoption of Web 3.0 technologies, a 1,668 percent increase in investment in blockchain technology in Africa between 2021 and 2022, and the crucial importance of collaboration between industry stakeholders, policymakers, and regulators in fostering an environment conducive to the growth of Web 3.0 technologies,” the statement revealed.

Also Read: Nigerian Government Can Lift Ban On Crypto To Promote Blockchain Policy.

The statement also pointed out that the report is positioned to close the knowledge gap in Web 3:0 technologies by examining the potential of these technologies to advance social and economic development in Africa, presenting a detailed view of the current landscape and future prospects of Web 3.0 technologies in the region, featuring real-world use cases, possibilities and obstacles connected with their adoption.

It explores various aspects of Web 3.0, such as decentralised finance (DeFi), blockchain technology, digital identity, smart contracts, and data privacy. It also investigates the regulatory environment, infrastructure, and access to technology in the target nations, identifying areas for development that will facilitate the growth and adoption of Web 3.0 technologies the statement said.

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