Collaboration between the South African National Blockchain Alliance (SANBA) and Cardano Foundation will help in the adoption of blockchain technology in the country. It will also help in improving citizens’ socio-economic situation in the country.
The Cardano Foundation’s collaboration with SANBA will help increase its footing in the African market where it aims to expand. The collaboration will build a blockchain framework that will be available to other institutions for use.
Cardano Foundation expansion
South Africa, the country with the second-highest GDP in Africa, has also become a major technology hub in the region. The move by Cardano Foundation will help the company establish a footing Africa as a major blockchain technology company.
In a statement, they said the blockchain technology would help improve the socio-economic in the country with widespread usage. They also highlighted their goals of expanding usage of the blockchain technology in Africa.
The Foundation believes they will be able to increase the adoption of the technology in institutions such as governments, banking and companies. The institutions will be connected through a network system powered by blockchain technology.
Developing countries adoption of blockchain
The adoption of blockchain technology would place developing countries in a good position to break ties with the legacy banking system. This would help them have more control over their financial data. The technology also increases security and would help in curbing corruption and eliminating middlemen thus improving their economies.
The South African market would also lay a framework on which the Foundation would adapt for other Africa countries. This is in accordance with its goals of creating blockchain governance across the globe, which will help these countries achieve their sustainable development goals.
Cardano Foundation also said blockchain would help in improving government-citizen relationships across African countries. This would create trust between the two and reduce corruption and fraud through the usage of the digital identities made possible through blockchain.
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