The Cardano Foundation welcomed the creation of the South African National Blockchain Alliance (SANBA) on April 7. The cooperation is working to explore new ways to strengthen the adoption of technology across South Africa.
According to the official announcement, the Cardano Foundation praises the use of blockchain technology to stimulate socio-economic growth in South Africa. The Foundation believes that such an establishment will help them achieve their goal of increasing the adoption of blockchain in the region.
South Africa as a key market for awareness of the African blockchain
The Cardano Foundation cites the South African market as the pivot for building a network across the country made up of governments, institutions and companies that currently use its technology.
From the announcement:
“Cardano believes in the empowerment of individuals and businesses by putting them in direct control of their information, their wealth and their value. Blockchain technology allows developing countries to break their ties to legacy banking systems, expensive intermediaries and established political structures. “
On other fronts, the Cardano Foundation believes that possible applications of blockchain technology would allow them to guarantee greater transparency, reduce fraud, build a digital identity infrastructure and stimulate developing economies thanks to currencies. virtual.
The Foundation also said it hoped to help other countries on the continent boost their own financial technology efforts.
It is important to note that COVID-19 does not slow down the development efforts of the Cardano Foundation. The news of this partnership comes after Cointelegraph announced on March 25 that Cardano had launched an off-chain scalability protocol called Ouroboros Hydra after having developed it for five years. launched an off-chain scalability protocol called Ouroboros Hydra after developing it for five years.