A new blockchain development hub is in the making off the coast of Africa as Mauritius looks to welcome blockchain technology developers and innovators for its own benefit.
A major Ethereum startup, Consensys, is taking aim at the little tropical island Mauritius off the east coast of Africa as a target for its latest partnership. The Ethereum developers are hoping to form a technology hub within the state’s framework in order to both benefit from lighter regulations and to help grow the country’s economy.
For Consensys, this hub would aid them in breaking deeper into the Asian and African blockchain markets, as well as other parts of the world, but it would also be a big technology and economic boost for the country.
Founder of Consensys, Joseph Lubin, visited Mauritius earlier this month, meeting with key players in making this a reality, such as the county’s board of investors, the central banks, and extended players involved in the private and public sectors.
Mauritius has already set itself as an offshore financial option for many investors, but with its light regulations, it’s also hoping to take a slice of the booming blockchain market.
"In 2016, it adopted a ‘sandbox’ approach to its licensing and regulation policies - much like Switzerland in the hopes of appealing to new innovators in the digital currency and Blockchain spheres."
The island nation is pushing its technological advances, luring more and more innovators in other spheres. It has even started siphoning off tech experts and entrepreneurs from Silicon Valley in an approach dubbed a “Silicon Corridor”.
Empowering Blockchain, empowering a country
As technological capital grows on the island, it attracts more innovators. Enthusiasm with Blockchain is just one of the latest technologies to branch out of the usual geographical hot spots. The light regulations are what spike interest, and the growth potential in these smaller nations is what brings tech innovators flocking.
“We have noted around the world that blockchain technology, especially Ethereum, is catching on and driving incredible business growth,” Lubin said. “But where we’re seeing extreme traction is in smaller jurisdictions that are more homogeneous in their focus and in their intent, and where there’s a strong top-down drive from government to either leapfrog technologies or take advantage of this powerful technology.”
Such advancements are beneficial to both the innovators and the nation of Mauritius. For Consensys’ project to work, however, they will need to invest in the human capital on the island, helping the local population be a part of the emerging technology.
One proposed way in which this could happen is through an academy to be based on the island, similar to the one already established in Dubai.