As per media release, Cardano will utilize blockchain technology to improve socio-economic conditions in South Africa. The Foundation trusts that the partnership will enable them to attain their objective of boosting blockchain adoption throughout the region.
Cardano considers the South African market to be crucial in creating a worldwide network consisting of institutions, governments and companies that utilize its technology.
From the announcement:
“Cardano believes in empowering individuals and enterprises by putting them in direct control of their information, wealth and value. Blockchain technology lets developing nations break ties with legacy banking systems, costly middlemen and entrenched political structures.”
Cardano trusts that the likely use of blockchain technology would enable them to ensure better transparency, minimize fraud, create digital identity framework and improve emerging economies via digital currencies. The Foundation also states that it trusts to assist other nations in the continent to advance their own financial technology initiatives.
Specifically, COVID-19 is not acting as a drag on Cardano improvement measures. The news of collaboration has come soon after Cardano rolled out an off-chain scalability covenant call Ouroboros Hydra after working for more than five years.