The Cardano Foundation praised the establishment of the South African National Blockchain Alliance (SANBA) on April 7. The cooperation endeavors to explore further ways to strengthen technology’s adoption throughout South Africa.
According to the official announcement, Cardano Foundation praises the use of blockchain technology to boost socio-economic growth in South Africa. The Foundation believes such an establishment will help them to achieve their goal of increasing blockchain adoption across the region.
South Africa as the key market for African blockchain awareness
Cardano Foundation cites the South Africa market as pivotal to building a network across the country that is made up of governments, institutions, and companies that currently use its technology.
From the announcement:
“Cardano believes in empowering individuals and enterprises by putting them in direct control of their information, wealth and value. Blockchain technology lets developing nations break ties with legacy banking systems, costly middlemen and entrenched political structures.”
On other fronts, Cardano Foundation believes that the possible applications of blockchain technology would let them guarantee greater transparency, reduce fraud, build digital identity infrastructure and boost developing economies through virtual currencies.
The Foundation also stated that it hopes to help other countries on the continent to boost their own fintech efforts.
Importantly, COVID-19 isn’t slowing Cardano Foundation development efforts. The news of this partnership comes after Cointelegraph reported on March 25 that Cardano launched an off-chain scalability protocol called Ouroboros Hydra after building it up over five years. launched an off-chain scalability protocol called Ouroboros Hydra after building it up over five years.