Africa’s trade systems are in dire need of a significant upgrade was the message at the IOTA East Africa Web3 Innovation Summit, which was held in Nairobi.

Current procedures are impeding the continent’s advancement, from customs delays to an interminable amount of documentation.

The summit convened a diverse group of individuals, including entrepreneurs, government officials, and technology experts, who all concurred that digital tools, particularly blockchain, have the potential to facilitate more transparent, efficient, and seamless cross-border trade.

The panelists shared real-life frustrations, including the delay of products at ports for weeks, the absence of documentation, and bureaucratic obstacles that result in a loss of time and money for businesses.

Blockchain-powered platforms demonstrated how smart contracts, digital identities, and real-time monitoring can alleviate a significant portion of the friction that currently impedes African trade.

Successful proof-of-concept examples were demonstrated through a limited number of pilot programs in Kenya and Rwanda.