Several countries continue to pave the way for cryptocurrency and blockchain, the latest example being Lesotho in Africa. With a population of only 2.2 million and a relatively small government system, the nation has entered a “memorandum of understanding” (MOU) with the crypto company Apollo to potentially experiment with blockchain technology and see how it can best be implemented into the country’s regulatory bodies.
Apollo Is About to Empower Lesotho with Blockchain
Lesotho announced in a statement that it is hoping blockchain can potentially improve the country’s present circumstances surrounding poverty, education, employment and even the private sector. The memorandum was signed by the Ministry of Communication, Science and Technology.
Apollo has grown over the previous years and is much more than a simple trading platform. It also offers a digital voting system to customers, along with decentralized file storage services. Steve McCullah, business development director at Apollo, explains:
The company currently has department offices in both Europe and the U.S., with a new operations office currently being set up in Sandton, South Africa to focus on our Africa initiative… Although the exact contents of the MOU are currently confidential, we can say that we are working to design a major government platform… Blockchain has always been the most secure technology to build government systems, but until now, the vulnerabilities have outweighed the benefits.
Blockchain is still widely revered as a financial form of technology, though for the most part, it can service other industries – i.e. supply chains – as well. Sadly, the technology hasn’t been widely explored in these areas, but Apollo is looking to change all that.
The company claims the technology has the power to alleviate the world of several social problems that have seemingly become to heavy or too large for standard legislation to handle. Apollo wants to see governments in control of the challenges they’re facing and enable economies to become more powerful and self-sustaining.
Exploring New Territory
McCullah claims that the partnership is looking to revamp Lesotho’s import and export business, which includes the highly controversial practice of diamond mining. He says:
Apollo, among many other things, is one of the only blockchains that has the capability to sustain daily transactions for millions of people over an indefinite period. Unlike nearly every blockchain on the market, Apollo does not suffer from debilitating sustainability issues such as blockchain bloat. Apollo is the first blockchain to implement database sharding, a technology that has made Apollo one of the first truly sustainable blockchains on Earth. Other proprietary technologies like adaptive forging allow Apollo to not only be sustainable but incredibly fast.
Other countries that have devoted themselves to blockchain include Switzerland, which is home to what’s affectionately known as “Crypto Valley,” a region housing many of the world’s leading cryptocurrency and blockchain-based business ventures.