Tip of the iceberg.

Just a few years ago, Bitcoin was only a whisper in Africa.

From humble worldwide beginnings Bitcoin - a digital currency and otherwise known as cryptocurrency - was born from blockchain technology.

Bitcoin is the tip of the iceberg when it comes to blockchain technology. Many financiers argue it will transform the world money system and maybe be the next dotcom-style boom in Africa. Until recently, the bank was the only keeper of these records, which in turn is proof of your transaction. This is called the ledger system. The process of verifying the information takes days and also means banks are able to dictate the cost of these transactions. Blockchain short-circuits the ledger system in the blink of an eye, by decentralising it.

Africa is looking at adopting blockchain-based currency. In February, the South African Reserve Bank said it is open to issuing a national digital currency, which would likely be based on blockchain or distributed ledger technology. Senegal is set to roll out its eCFA, a digital version of the West African franc, later this year, and there are even plans to extend distribution across the West African Economic and Monetary Union (UEMOA). Tunisia was the first country in the world to have its own government-issued digital currency.