Significance of The Africa Deal

The 29th of April 2021 is slated as the date IOG will announce a ground-breaking deal with the Ethiopian government. This is a momentous deal for the cryptocurrency industry, and it is colloquially referred to as ‘blockchain coming of age’.

So why is this deal so important?

A common riposte when explaining the significance of this deal is to brush it off with the remarks, “because Africa is where all the money is”. It is unfortunate to witness such short-sightedness by failing to look at the bigger picture of what blockchain technology is truly capable of. While Ethiopia’s economy is not as vast as the likes of USA or China, it is the ground-breaking nature of this deal that is most important – because this is just the beginning.

There is approximately 3 billion unbanked and undocumented people worldwide. If you were to look at every important metric from infant mortality to literacy rates and general quality of life, it tends to improve with the more financial services and access to documentation. Simply because you were raised in a society with readily accessible financial systems and documentation does not mean the remainder of the world also has access to analogous infrastructure.

Hernando de Soto Polar, a prominent Peruvian economist calculated that there is approximately 10 trillion dollars of wealth that is locked up globally due to this lack of accessible financial infrastructure and documentation. This is wealth that could be unlocked and utilised to benefit economies and communities in most need. Blockchain is the key to seeing the prosperity of populations grow unrestricted, and enable the fundamental notion that we are all equal.

Cardano is partnering with African governments and entrepreneurs to empower communities, citizens, and innovators across an incredible continent. Blockchain solutions and decentralised infrastructure will transform access to government services and unlock financial opportunity.

The announcement on the 29th of April is not about aspirations, it is not about promising, it is about delivery. Blockchain has come of age, we have a better way of governing the world order. We no longer need central entities or governments.

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