Blockchain technology has come to stay, and early movers are seizing strategic opportunities across African countries already. IOHK, the developer of the Cardano blockchain, has entered into a new partnership with World Mobile Group to “democratize access to digital, financial and social services in Africa”, starting with Zanzibar and Tanzania.

The deal will see World Mobile use Cardano to provide sustainable internet connectivity to its Tanzanian users and IOHK acquire a 10% equity stake in the company behind the world’s first mobile network built on the blockchain and economy of sharing.

Here Is How The Deal Will Work

• In detail, the partnership aims to provide network nodes that will act as local relays for Internet connectivity. 

• World Mobile users will be able to use IOHK’s Atala PRISM digital identification solution; which will allow them to have access to essential services such as banking services, health care, education.

“We see blockchain as a powerful force for social good […] Ultimately, we want to create a global market where everyone has equal access, regardless of location, culture or background,” commented IOHK CEO Charles Hoskinson (pictured).

• This new agreement comes days after the partnership between the company and the Ethiopian government for what is billed as “the largest blockchain deployment in the world”. 

• With Tanzania’s inroad IOHK, which aims to contribute to decentralized digital transformation in Africa, has struck a second big blow in a few days. 

• Other agreements are also expected in South Africa, Nigeria and Kenya.

What Is Cardano (ADA) and How Does It Work?

Cardano is a third-generation proof-of-stake blockchain network that is decentralized. Although it shares characteristics and implementations with other blockchain systems such as Ethereum, Cardano stands out by committing to peer-reviewed scientific analysis as the foundation for platform updates.

Read also:First Intra-African Trade Worth $270m Closed Via Blockchain In Morocco

Cardano’s growth is overseen by three organizations: IOHK, Cardano Foundation, and EMURGO. The first two are charitable foundations, while the third is a for-profit corporation.

Cardano’s Examples

Atala PRISM, Atala SCAN, and Atala Trace are three products developed by the Cardano team. The first product is positioned as an identity management tool that can be used to grant service access. It can be used to validate credentials for opening a bank account or qualifying for government assistance, for example. The remaining two products are used to monitor a product’s progress across a supply chain.

Cardano is also working on a smart contract framework that will serve as a safe and reliable foundation for enterprise-level decentralized applications.

Cardano’s team expects to use Project Catalyst, a democratic on-chain governance mechanism, to oversee project creation and execution in the near future. They’ll also use Project Catalyst to revamp their treasury management system in order to fund potential costs.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer