Blockchain, Telecom, Economic Freedom And African Leadership In Global Adoption Agenda – Insights from Oyedeji Oluwoye

Oyedeji Oluwoye, Co-founder and CTO at Canza Finance, was a Network Planning Engineer within the AT&T TP&E Global Technology and Implementation Team. His experience spans international and domestic designs, analysis, and modification of network components and architecture, supporting the wireless and wireline infrastructure.

MoveMint recently spoke with him about his involvement in the Blockchain industry since 2015. In this interview, he shares his insights on the intersection between Blockchain technology and telecommunications, the role of Africa in the global Blockchain adoption agenda, Web3 Policy, and the potential benefits of Blockchain technology for economic development in Africa.

Background and Entry Into Blockchain

For some years, he was in charge of the capacity management of AT&T network transport products in India, Indonesia, New Zealand, Singapore, Thailand, Vietnam, and Japan. As a Telco engineer and computer Scientist, Oyedeji is a foremost advocate of Blockchain implementation in Telecommunication. 

With a diverse background of growing up on two continents, Oyedeji is a global trotter who symbolizes a typical African fireball in the diaspora. When asked about his background and entry into Blockchain, Mr. Oluwoye revealed: 

“My background is Australian, US, and Nigerian. Born and raised in Sydney, Australia, then moved to the US in my teens. My Parents are Yourba Nigerians from Osun State. From a technical trade point of view, I was a network engineer/computer scientist. In 2015 for my Computer Science Masters degree, I did a thesis on Bitcoin and have been down the rabbit hole ever since.“

Five years ago, his proposal AT&T Blockchain-Backed Mobile Money Transfer Program won the Social Innovation Award. This recognition is part of the company’s Technology Innovation Pipeline Program. 

Blockchain and Telecommunications

As an experienced telco engineer, Oyedeji sees the convergence of Blockchain technology and telecom as a tremendous innovation to come. Notably, he points to how the development will transform new economic frontiers. 

“I see Blockchain technologies and telecom penetration as the driving force behind providing newfound access in underserved locations which breed innovation and creativity, especially in Emerging Markets,” he said. “By creating and empowering avenues for new solutions through Web 3.0 technology, we see this as the force that will help drop the term ‘Emerging’ from ‘Emerging Markets’ and create an equal playing field for the richest continent on earth.”

Blockchain And African Governments

When asked if it is Africa that needs Blockchain or Blockchain that needs Africa, Oyedeji responded, “Honestly, it is equally bi-directional. I truly believe Blockchain needs Africa as the Real World Utilization will be unlocked from African markets and the utilization of Real World 

Assets (RWA) will have the most application use cases on the African Continent.”

African governments have vehemently opposed Blockchain technologies like Cryptocurrency recently. In his opinion on whether that is ignorance or fear of losing control, he remarked: 

“I don’t believe it’s ignorance or a fear of losing control. Cryptocurrency is just one application of Blockchain technology, and many use cases have been encouraged that innovate the Blockchain technology ecosystem regarding Africa.”

From his standpoint, many things he has encountered have been positive concerning the technology on the so-called dark continent. Additionally, Africa will gradually see more progress with government involvement. 

Blockchain and Economic Freedom in Africa

With economic liberties, Oyedeji acknowledges Blockchain technology can be fundamental for driving economic freedoms and development across the continent. The technology delivers tools to remove third parties to reduce cost and increase transaction speed. 

He points out how the permissionless aspect of decentralized finance allows for genuine development and economic freedom free of limitations imposed by traditional financial institutions. This approach is suitable to help facilitate emerging market growth and development, specifically when focusing on B2B.

Africa’s Position In the Global Blockchain Adoption Agenda

However, Oyedeji, also a Contributor at Forbes, completely disagreed Africa would be left behind in the global Blockchain adoption agenda. He asserted many indicators pinpoint the contrary and hints Africa is positioning itself as a leader in this industry. 

“Not at all. Many reports are now focused on Africa, detailing the adoption of Blockchains, stablecoins, and utilization of the tools in the ecosystem,” Oyedeji illustrated. “I don’t believe Africa will be left behind as I see Africa moving in a position of innovation of the global Blockchain agenda in the coming years.”

Hence, he recommended a clear-cut policy framework that encourages innovation and will provide a fertile breeding ground for growth and development of new and innovative solutions. An approach like that can help provide the continent with the next generation of financial products and services, delivering an equal playing field with the rest of the world.

Follow Frisco d’Anconia on Twitter to ask any questions about Blockchain and Web3 technologies.