Input-Output Hong Kong, a technology company dedicated to peer-to-peer innovations, and co-founded by the Creator of Cardano [ADA], Charles Hoskinson, tweeted a video explaining IOHK’s vision for Africa and the developing world with blockchain.
In its entirety, the purpose of blockchain is to deploy it into systems where there is essentially a lack of trust in people; and kill centralization. It is not merely about creating competitive money against Dollar or Euro or bettering the banking system. While these goals are appealing as well as significant, what IOHK wants to focus on are the tons of people living in bad systems.
“About 3 Billion people are unbanked and as the consequence of not having good identity, financial infrastructure; they don’t have the ability to climb out of poverty without a considerable amount of assistance or leaving their country which creates brain drain.”
The foremost goal of Hoskinson, when he entered the crypto-space, was to work on the problems of the developing world. Instead of taking a superior, centralized approach, he wants to tell people:
“This technology has no owner. This technology has no central point of failure. This technology has no one in control. Instead, it’s infrastructure, global infrastructure that no matter what, how rich you are or poor you are, use the same infrastructure.”
The roadmap to realize this world-altering idea is to build a network of capable people on both the ends, for an efficient transfer of knowledge on the practical utility of blockchain technology. Their prime target inside Ethiopia remains the agri-tech sector, where the system can be improved in terms of credit, insurance, pre-payments, and more. Hoskinson states that these fixes could increase the yields by two-three hundred percent.
The only gigantic yet solvable challenge remains, which in Hoskinson’s words is:
“Getting money that lives on the internet; that’s always on, always digital, to work on a cellphone that doesn’t always have an internet connection. That’s challenging.”
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