A blockchain is a public database that is similar to the internet. This database lives on multiple computers distributed all over the world. And it can store millions of pieces of information that anyone can view on an internet connected phone or computer anywhere on the planet.

Below are different ways the Senegalese population can benefit from this technology

As we all know, sending money through traditional money transfer companies such as Moneygram can be a costly and frustrating experience. These transactions usually take a long time to complete and the charges can be sky-high. We've heard of fees of 10% of the amount transferred or above in some cases.

But with the blockchain, the typical money transfer charges are rarely above 5% as there is no need for banks, brokers and money changers. The transactions are faster as the funds are usually received in less than 30 minutes from clicking the 'send' button. And blockchain based transfers are more convenient as you get to transfer money on your phone 24/7 instead of having to travel to the change office in person.

Having a bank account is the most basic tool one needs in order to build financial stability. But according to world bank's figures, as many as 1.4 billion people around the world don't have basic banking services.

If you happen to be part of this group there is hope.

With the advent of blockchain technology, financial services such as online debit cards that were once inaccessible to consumers in Brazil, India, Nigeria and Vietnam are now available in those places thanks to blockchain technology. So, using these countries as examples of things to come, it's safe to think it's just a matter of time before those same financial services become available to the Senegalese population as well - if that hasn't been done already.

The other way that blockchain can help better the lives of the Senegalese people is in the area of Defi or decentralized finance.

So, what is DeFi you may ask? All of the things a bank normally does such as the issuance of investment, insurance and lending products, Defi can do by using the blockchain and without any actual banks or other intermediaries being involved. Instead, there are just computer programs doing all the work instead of the bank.

Why Defi - As a Senegalese man or woman, one of the reasons DeFi is important is that it gives you access to quality investment opportunities in the global economy that might not be available in your country.

Another benefit is that by getting involved in Defi, you'll have access to stablecoins, a blockchain currency that's always worth one (1) US dollar per unit. Many Africans choose to buy and hold stablecoins instead of holding their local currency to protect themselves from the devaluation of the latter.

# Real world asset tokenization

A good way to understand asset tokenization is to think of a farm that is put up for sale for 100,000 Euros. Without asset tokenization, you would need the full 100,000 euros amount to purchase this farm individually. But with asset tokenization on the blockchain, you could put together a group of 100 buyers - with you included - and ask each one of them to invest 1000 euros toward the purchase of that farm. Essentially, all 100 buyers would become co-owners of this farm by only investing 1,000 euros each. Without tokenization you would have no choice but to spend the full 100,000 euros to buy the farm in question on your own.

Furthermore, because all the information associated with the farm's sale transaction is stored on the blockchain and because the latter is publicly viewable by all, the ownership rights of each one of the 100 co-owners would be protected from anyone who might want to challenge them on that basis.

In many African countries, people often fight over who won the last election. Blockchain technology can help by making sure that every vote is counted and that nobody cheated, due again to the fact that all of the votes are publicly available for everyone to see on the blockchain.

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