Cardano’s “Africa Strategy” explainedCardano is looking to serve underdeveloped nations by banking the unbanked and using blockchain technology in supply chain management.
Cardano’s “Africa Strategy” is said to drive Cardano blockchain adoption in Africa so that everyday users and businesses may benefit from it. The project will engage with local stakeholders to solve real world issues that affect the African market. This will be followed by training local developers to create solutions on the Cardano blockchain. The project aims to improve trust, transparency and efficiency amongst governments, NGOs, private sector companies and everyday users.
How Cardano’s “Africa Strategy” worksHere are three current use cases of Cardano’s “Africa Strategy”:
- Cross-Border/Supply Chains
Africa’s economy is mainly focused on the export of goods, oil and farm products. The current supply system is at times, inefficient mainly due to countless middlemen in the system. Middlemen increase costs and reduce the return on investment. With Cardano’s blockchain technology and smart contracts, middlemen can be reduced.
- Energy Supply Regulation
Cardano’s blockchain technology will assist with the effective regulation of energy infrastructure. There is a growing interest in building energy infrastructure in Africa, such as windmills and solar panels. Until now, construction has been haltered due to challenges experienced by recording transactions and regulating supply according to demand. By recording these transactions on the Cardano blockchain, transactions will be accurate and tamperproof whilst supply can be regulated automatically.
- Property and Identity Management
By registering property (real estate) transfer on a Cardano blockchain, it will save time and costs whilst also ensuring authenticity of the documentation. Furthermore, banks cannot give loans without proof of land ownership. It has become relatively easy to forge these documents. By having ownership confirmed on a tamperproof blockchain, authentication of the documentation is guaranteed.
What is EMURGO?EMURGO serves as the link between the Cardano blockchain and Africa. It promotes the adoption of Cardano by assisting companies/organization with the implementation of the Cardano decentralized blockchain ecosystem. It serves as the official commercial and venture arm of Cardano and is pivotal to its success.
The coffee industry in Ethiopia has benefitted greatly from EMURGO and Cardano. In specific, by verifying the origin of coffee on the blockchain. In the future, smart contracts will be used to reward coffee farmers for quality coffee. This is important since coffee is Ethiopia’s largest export and could have massive societal benefits.
In conclusion, many cryptocurrency projects talk about banking the unbanked and implementing blockchain technology in Africa. Which cryptocurrency project is most likely to succeed at this task? Cardano’s vision for Africa seems attainable, especially with the implementation of several upgrades to the mainnet. This will enable Cardano to become a platform for building dApps and creating simplified smart contracts and customization, amongst other things. If you believe Cardano will succeed in bringing blockchain technology to Africa, be sure to buy ADA Tokens on South Africa’s favourite cryptocurrency exchange, AltCoinTrader today.