Speaking recently at the Financial Times Crypto and Digital Assets Summit held in Bahamas, Cardano founder, Charles Hoskinson, said there was “more demand than supply” for its services within the world’s developing nations promising to make Africa leader in Web 3 technology.
Cardano see the deep-rooted centralised infrastructure underpinning Western nations as an obstacle that African nations can circumvent on their road to becoming web3 giants.
John O’Connor, head of African operations at IO Global, said: “DeFi certainly has huge potential for developing nations, especially those that don’t already have legacy infrastructure that prevents rapid innovation, and can make rollouts of blockchain smoother.”
Cardano see an opportunity in Africa’s younger population, who are eager to adopt new technologies with greater speed than their ageing counterparts in the global north.
Instead of relying on legacy systems of government, that are centralised and can yield to the hands of corruption, African nations could unleash the untapped potential of millions of people with the protocols of automated blockchains.
In Cardano’s vision for Africa, code is king and “the code transcends government, and if the government tries to move it in a particular direction, they cannot”, added Hoskinson.
At the Financial Times event in London, he described the chains of poverty that the blockchain can unlock, as its algorithms “don’t care who you are or where you are at, whether you are a Sengalese farmer or Bill Gates”, they just get the job done.
The algorithms of the cardano blockchain enable smart contracts that could give financial inclusion to billions across the African continent.
In the past, the fate of billions of Africans has been decided in the board-rooms of the West and on the golf resorts where its power elite play. But, Hoskinson has news for them, the blockchain “is not influenced by the politics of the day or the geopolitics of large nations over small nations”.
Hoskinson explained that when Cardano’s protocols are installed, “that’s the way it stays and the users own the assets”. He added: “We have more demand than supply, and there are now more than 900 decentralised applications deployed on the Cardano ecosystem, with many involved in the GoveTech business, people see an opportunity there.”
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