It is truly amazing to see how quickly bitcoin and blockchain technology have grown around the world. New digital assets and decentralized ledger systems are shaking up old ways of doing business in the financial world and opening up new business possibilities.
Kenya is one of the first countries to use cryptocurrency. As of 2022, about 6.1 million people, or 10.71% of the population, owned cryptocurrency. Kenya is one of the first places in Africa to adopt these technologies because it has a strong ecosystem of crypto enthusiasts, companies, and regulations that support them. These new ideas are set to progress further reshaping the way Kenyans buy things and see ads. Those not up to date on cryptocurrencies can start here, understanding how they offer easy cross-border payments, financial inclusion, openness about ad spending, and new ways to make money through micropayments and decentralized ad networks.
Impact on purchases
- Easy payments across borders
Cryptocurrencies are making money transfers cheaper and faster, which is very helpful for Kenya’s big population of people who live outside of Kenya and send money back home. Traditional ways to send money across borders, like banks and money transfer services, often have very high fees and bad exchange rates. On the other hand, crypto platforms use blockchain technology to make sending money across countries almost instantly and cheaply possible.
- Inclusion in finance
By giving people access to digital payment and shopping sites, cryptocurrencies can help more people get access to money. People who don’t have bank accounts can make a crypto wallet on their phone and join the digital economy. This creates economic chances, especially in rural areas where banks aren’t readily available.
- Different ways to pay
More and more stores in Kenya are starting to accept cryptocurrencies as payment. This keeps you from having to deal with the high fees and risks of currency fluctuations that come with using credit cards or other common payment methods for cross-border transactions.
Cryptocurrencies are about to change the way Kenyans buy things in an economy that is becoming more and more digital by making cross-border spending easier, helping more people get access to money, and giving people new ways to pay.
What it means for advertising
- Ad spending that is clear
One of the best things about blockchain technology for advertising is that it makes ad spending clear. Advertisers can see exactly where their money is going with the blockchain because it keeps a decentralized and unchangeable record of all transactions. This helps fight ad fraud, which is a big problem around the world and costs companies billions of dollars every year. With blockchain-based ad platforms, Kenyan marketers can be sure that their ad funds are being used wisely and that there is no fraud or misallocation.
- Small payments for content
Micropayments are made possible by blockchain technology. This means that people can pay very small amounts to access digital material or services. This gives Kenyan content makers new ways to make money. They could offer premium content that can only be accessed by paying small amounts of cryptocurrency. People who want to pay for content have more options, and people who make content are motivated to make good work because they can directly make money from it.
- Multiple, separate ad networks
Big tech companies like Google and Facebook control the way ads are shown now. They act as middlemen between marketers and publishers. Blockchain lets people make open ad networks and markets, which get rid of the need for middlemen. This gives customers and publishers more power and a bigger cut of the money made. Blockchain companies that are working on decentralized ad platforms want to build ad ecosystems that are open and work well.
Blockchain technology could completely change the advertising business in Kenya and around the world by making it more open, allowing small payments, and supporting independent ad networks. It gives marketers, publishers, and consumers more power while fighting problems like fraud and not having enough control over user data.
What the future holds
Blockchain will inevitably change how people in Kenya buy their items and and absorb their ads. There are still issues with things like regulations, infrastructure, and education, but these forward thinking ideas show a lot of potential. A lot of people can get money through these technologies, new businesses can start growing, and industries that are prone to scams and a lack of control will become more reliable.
Cryptocurrencies make it cheaper and faster to send money across borders, which helps Kenya’s large population of people who live outside of the country and send money back home. They give people who don’t have bank accounts a way to start using digital payments and shopping online. Blockchain makes ad spending clear, so Kenyan marketers can be sure their money is being well spent. It also makes it possible for content makers to get paid in small amounts and for decentralized ad platforms to give consumers and publishers more power.
Kenya has a strong presence regarding this and was one of the first places in Africa to use these technologies. This means it will be able to lead the way in Africa in getting the most out of them. People, companies, and the government will all need to work together for this technological shift to go fluidly and for crypto and blockchain to fully benefit everyone.