The growing popularity of blockchain technology has expanded to various other industries, such as music, accounting, governments, and online marketplaces. The relatively newfound success of blockchain tech hasn’t stopped people from investing in it. Once obscure and confined to the realms of small forum discussions, blockchain has set its foot deep into the trajectory of the modern economy by offering a set of unique features. Despite being heavily publicized to the common man through pop culture, people still do not have a clear understanding of what blockchain is. To put it into simple terms, blockchain technology is a transaction system that is safe from being tampered with or reversed; allowing two parties using the technology to engage in digital transactions securely without a third party. Every transaction that passes through a computer is recorded by this automated digital ledger which broadcasts these transactions to an entire network of computers on a peer-to-peer system. To be verified, each transaction needs to be identical on all systems. Additional security is provided because of this since each transaction is verified several times and is extremely hard to tamper with.

Despite originally being used for crypto transactions when blockchain was created back in 2008, it now has a wide range of uses in a myriad of different industries. Accounting, financial services, smart contracts, storage management, security have all started the application of blockchain technology owing to the software being safe and efficient.

Like any investment opportunity, a sudden rise and growing popularity cause apprehension in the minds of investors who aren’t keen on taking risks or jumping in the race for fast profits. However, statistics show that people will continue to pursue blockchain technology owing to its concept based on shared trust and transparency.

Accountants who deal with clients who are concerned about digital security and bookkeeping, or those in ownership of some type of cryptocurrency, need to understand this blockchain technology and be able to use it for keeping records and financial planning. This is necessary in a world being taken over by cryptocurrency; a decentralized virtual currency based on a blockchain that is not issued by any authority thus, making it theoretically immune to government interference or manipulation.

Cryptocurrencies across the board have seen a revival and newfound fame since the creation of the very first cryptocurrency-Bitcoin, in 2009. This sudden popularity is due to what IMF called “The Great Lockdown.” The devastating impact of the coronavirus and the strict lockdowns imposed dealt a severe blow to economies worldwide. Bitcoin revival was a result of the growing fears among investors about traditional assets.

Africa, in the context of cryptocurrency and its adoption, has shown tremendous progress and is also the fastest-growing cryptocurrency market among developing economies along with being the third-fastest growing market globally. Although, the market is the smallest. There has been a 1,200 percent increase in cryptocurrency payments from 2020 to 2021 according to the data platform Chainalysis. Also. The data platform ranks Kenya, South Africa, and Nigeria among the top 10 countries in the world in terms of cryptocurrency use.  cryptocurrency use. African countries have struggled with infrastructural problems which have significantly affected the accessibility of financial services. Crypto is foreseen as a viable alternative to overcome this major hurdle and take the continent’s economy on the blockchain. 

   This is primarily the reason behind the importance of the African indigenous cryptocurrency called the XTEM . The currency would provide a safe and secure payment service across Africa, thus improving the system of transactions. The need for XTEM was a result of the realization that there was no single point of contact for trading indexes, stocks, forex, and cryptocurrencies, along with African agricultural products. The idea is to use the currency to provide an improved, safer, secure, and secure digital payment service across Africa.

TEMCoin was envisaged as a solution that would become the primary driver of liquidity and would help in the creation of the first-ever consolidated exchange in Africa. Through this, the aim to utilize the latest tech in uplifting the African economy would be achieved, which was otherwise thought of as impossible.