Many people have said that the end goal for cryptocurrencies is for the industry to become mainstream, which means that countries from all over the world ultimately recognize crypto as a legitimate alternative currency. Cardano’s Charles Hoskinson wants this too, which is why he has been working diligently towards that objective and has even managed to have Cardano’s blockchain be used by Ethiopia in the past in order to improve that country’s social attainment and education.
With that in mind, Africa has long been supportive of cryptocurrencies primarily because plenty of African countries are struggling economically and are facing both financial difficulties as well as currency devaluation. Many nations such as Togo, Ghana, Kenya and Nigeria thus have some of the highest cryptocurrency adoption rates in the entire world. In places like these, using cryptocurrencies for the purposes of commercial and international transactions, as well as acting as a new kind of store of value has become increasingly common as these nations tend to lack traditional banking systems.
Use of blockchain on a global level continues to grow
It should come as no surprise that blockchain is being used on a massive scale within Africa, and some may be surprised to know that this usage is not limited to just personal finances either. Reports of several use cases in the region involved land registration, electricity trading, and more. Blockchain is additionally being utilized to have increased transparency and legitimacy in healthcare, which also includes quicker supplies of material and data.
Also read:On top of that, IOHK made it known earlier in the year that it plans to construct a new ID blockchain infrastructure on a national level in Ethiopia. As a result, this collaboration between the Ethiopian government and IOHK intends to establish a new system centred around student credentialing that is also reliant on blockchain technology.
Not stopping any time soon
James O’Connor, IOHK’s African operations director, talked about how there is a definite intention of showcasing the technological capabilities of Cardano within Africa for the foreseeable future, and that there are no plans of stopping the project’s global expansion any more time soon.
He then added that IOHK has already become involved in discussions with numerous African countries and that Charles Hoskinson himself shall meet many government officials from these nations who may have expressed an interest in blockchain and identity-based solutions. Some other interests involved central bank digital currencies, as well as micro-finance and remittance-oriented opportunities. Simply put, IOHK desires to build a ‘toolbox’ that can be utilized to show the world what blockchain is truly capable of and what it can do for entire nations.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.