Cardano Blockchain Plans To Provide Africa With Decentralised Identity and Financial Systems

March 21, 2021, 11:00 AM AEST - 8 months ago

It looks like Cardano will be used as the decentralized financial platform as announced by Charles Hoskinson – CEO of IOG at the Blockchain Africa Summit.

The introduction of Cardano to Africa, initially through Ethiopia, Hoskinson has predicted that the “miracle of Africa” will make the emergence of China as a world power look small in comparison, as millions of people are onboarded onto Cardano.

Cardano, The Blockchain That Can Run an Entire Country

IOG (Input Output Global) is building a decentralized finance system on Cardano (ADA) that aims to unite the world’s economies. IOG CEO Charles Hoskinson revealed the formation of a partnership with Ethiopia two years after Cardano protocol was constructed. And after building many local relationships, training staff, and overcoming obstacles, the platform is at a turning point on the continent where millions of users will join the Cardano ecosystem though public and private partnerships.

In the next 5 years, our staff in Africa will grow from dozens to hundreds, if not thousands. Instead of having one headquarters, we will probably have 4 or 5 across the continent.

IOG CEO Charles Hoskinson

Cardano has had a strong presence in Africa for years, and Hoskinson who wants to take the lead in DeFi (Decentralize Finance) wants to apply these use cases in Africa. These countries have a more relaxed regulatory environment and according to him is rife with opportunity. The idea is to make the wealth of Africa liquid, allowing individuals to play a much larger role as well as share in the riches of the economy.

The first countries to make national elections online will likely be African nations. The first to have an end-to-end digital identity and economy, there is a lot of potential for them to be African nations.

IOG CEO Charles Hoskinson

Decentralised Identities

Hoskinson also revealed that the Prism team, working on a Decentralised Identities (DID) solution will be expanded enabling them to bid on and seal flagship contracts allowing Cardano to do business with various private and public entities.

What I can say is that we are at the final stages of a large government contract that would have multimillion users being onboarded onto the platform for real-world blockchain implementation.

IOG CEO Charles Hoskinson

Since this project is so large in scope a few things have gone wrong and unforeseen setbacks have moved due dates of projects up by a month or two. Also, the difficulty of doing business in Africa is one of the more difficult hurdles to overcome since there are some extra barriers in Africa that one wouldn’t normally encounter in first world countries.

Boom In The Ecosystem

But the two projects in Ethiopia and Tanzania are just the beginning. As O’Connor also revealed, IOG has three other “focus countries”: South Africa, Kenya and Nigeria. For South Africa, he said, it is an “interesting project” involving insurance. All projects are expected to reach several million people, so IOG will attract 100 million users in the first stage.

That should be just the beginning. After these five focus countries, we got plans for another 15 countries which we will be working on after we delivered on these first five.

John O’Connor, Director of African Operations at IOG

And after a recent statement by Hoskinson that 100 companies are in the process of moving over the Cardano from Ethereum the future of the ecosystem looks bright. But it seems ADA stakeholders are still waiting for the birds to land.

This news follows recent news that ADA was listed on Coinbase.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.