Boda bodas are deeply ingrained in the culture of East Africa, particularly in bustling cities like Nairobi, Kampala, and Dar es Salaam. These motorbike taxis serve as the most convenient mode of transportation to navigate through the busy streets and reach your desired destination.
For millions of Africans, boda bodas are not only a primary means of transport but also a crucial source of income. This sector is now on the brink of a revolutionary change with the introduction of blockchain technology, which will enable real-time tracking of vehicles financed by asset financing company Watu.
In a recent announcement shared with Cointelegraph, Watu revealed its partnership with Nodle, a blockchain-powered decentralized physical infrastructure network (DePIN), to enhance the tracking of motorbikes it has financed.
Watu has provided loans to over one million individuals across seven countries in Africa, enabling them to purchase motorcycles and offer taxi services. By leveraging Nodle’s DePIN infrastructure, Watu aims to obtain real-time location data for these vehicles, ensuring the protection of owners in case of theft and providing better visibility of the assets it has financed.
The project will commence in Uganda in May 2024 and will gradually expand to Kenya, Tanzania, Nigeria, Sierra Leone, and the Democratic Republic of the Congo in the following months.
To build the Watu asset location solution, Nodle will utilize its decentralized mobile network, known as the Nodle Network. This network operates by turning users’ smartphones into secure nodes within a DePIN system. Leveraging the widespread usage of smartphones and advanced geolocation capabilities, Nodle’s DePIN promises extensive coverage and precise tracking.
Micha Benoliel, co-founder and CEO of Nodle, expressed his belief that the partnership with Watu will significantly accelerate the deployment of the network throughout Africa. He also highlighted the projected increase in smartphone usage, which is expected to account for 88% of mobile connections by 2030, up from the current rate of 50%.
Gunars Bidins, head of GPS tracking at Watu, emphasized that Nodle’s network aligns perfectly with Watu’s asset management requirements. This collaboration will enable Watu to efficiently track and manage its financed assets.
Florent Stroppa, Nodle’s chief product officer, emphasized the benefits of DePIN highlighted by this partnership with Watu. He stated that the crowdsourced network will enable the swift and cost-effective deployment of new services, ultimately benefiting economies and societies.
DePINs are a rapidly growing sector within the blockchain industry. This technology is being utilized not only for sourcing cloud computing resources but also for a range of real-world applications, as discussed in the latest episode of the Decentralize with Cointelegraph podcast.
68% of Runes are currently experiencing losses, prompting questions about their actual value as an upgrade for Bitcoin.