Cardano foundation is working hard for the implementation of blockchain technology in the developing nations. Recently, they have made significant steps towards this determination. IOHK, the company behind Cardano has announced on Twitter about their deal with Mongolian blockchain development companies and fintech association.
With regards to Cardano blockchain and ADA token, IOHK is the best company to assure the finest deal. The deal happened in Mongolia at Frontier Fintech summit, in the summit, many other cryptocurrency associations and fintech companies were present. The summit was presented intending to develop advanced technology for the country. The MoU of the said deal was signed during the summit.
We are excited to share that today #IOHK signed an MoU with Mongolian Blockchain Technology & Cryptocurrency Association & Mongolian Fintech Association. This MoU is to help implement & foster #blockchain project development & #education in Mongolia. More information coming soon! pic.twitter.com/7JDJy5supi
— Input Output (@InputOutputHK) May 11, 2019
It is anticipated that with the introduction of Cardano blockchain, the demand for ADA token will also rise in the country. Subsequently, the ADA price will have an upsurge.
It was reported, the business leader of IOHK Charles Hoskinson and foreign affairs minister of Mongolia Damdin Tsogtbataar had been interacting with each other for the launch of blockchain technology in the nation since 2018.
Hoskinson told he was in Mongolia not for vacation but to meet various ministers and probably the president of the country to speed up the adoption of blockchain technology.
The idea behind the introduction of blockchain technology in the country is to counter the supply of adulterated and counterfeit drugs. After meeting the government officials of the country, Hoskinson said that about 18% of the medicines available in the country are contaminated and counterfeit. The problem is found majorly in rural areas where the percentage rises to 40%.
Reports are coming that Cardano is also collaborating with the Ethiopian administration to create a cryptocurrency for the people of the country. The collaboration of IOHK with various developing countries shows their determination to promote blockchain in these nations. It is undoubtedly a great start by Cardano. The time will only speak about its success.