Bonding Experience: Can Kenya Pave a Path for Blockchain Change?

Noelle Acheson is a 10-year veteran of company analysis and corporate finance, and a member of CoinDesk’s product team.

The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday, exclusively to our subscribers.

elephant, road

A country with rickety infrastructure and a reliance on agriculture could be poised to kickstart mainstream use of blockchain technology.

I’m talking about Kenya, where last month, the government issued infrastructure bonds – with a twist. They were only available via mobile phones.

In a world first, the general public had access to government debt via an app. The M-Akiba project (akiba is Swahili for ‘savings’) aims to: 1) broaden participation in public financing, 2) stimulate the savings rate, and 3) raise funds for infrastructure investment.

The target was $1.5m, with the minimum investment set as low as KSh3,000 (approximately $30). It was open to all Kenyans with an M-Pesa mobile money account – well­ over half the population.

The issue sold out two days ahead of schedule.

Blockchain sweet spot

As CoinDesk reported this week, the World Bank plans to formally support the project with research on, among other things, how blockchain technology could simplify the underlying platform.

The use case is appealing. A

Read more ... source: CoinDesk

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