The zenith of the blockchain market is continuously being speculated about by many enthusiasts in the space. As a matter of fact, global spending on blockchain is expected to reach $12.4 billion by 2022, with the fintech sector driving major initiatives in this economic uptrend.
Evidently, the blockchain industry could become a radical tool to reshaping national economies, as well as expanding influence across borders at the continental level. Speaking of continents, blockchain startups have sought to share a piece of the revolutionary pie when it comes to Africa, considering the latent opportunities the continent possesses, especially in the areas of remittance and cross-border finance. However, these opportunities can be fully harnessed to profit its people only if the technology can be layered over processes.
With the advent of blockchain technology comes smart contracts, tokenization, distributed consensus, and many more algorithmic infrastructures. One of the major areas where blockchain technology continues to thrive is transparency, being a technology of truth due to its immutability and consensus-based infrastructure.
Blockchain to Facelift National Economy
Apollo Foundation, an ambitious blockchain platform, has recently partnered with the Lesotho government in order to give a facelift to economic processes in the country by leveraging its disruptive feature-rich blockchain technology. The platform intends to focus its integration on improving government services and initiatives, reducing the friction of cross-border remittance payments, and advancing the commercialization and trade of mineral wealth, especially diamonds.
Lesotho, with a population of 2.2 million, builds its economy around export-import trades – of which it is a major exporter of garments to many US industry giants such as Foot Locker, Gap, Gloria Vanderbilt, JCPenny, Levi Strauss, Saks, Sears, Timberland and Wal-Mart. Other economic opportunities revolve around remittance, and the diamond mining and trading business.
The Lesotho government seems to be striving towards becoming a leader in blockchain technology – a pinnacle of success continuously being pursued by many countries even in the first world. And now, the Southern African country looks intently to the solutions being offered by the Apollo project. In a statement expressing excitement, the director of business development for Apollo, Steve McCullah said:
“Lesotho is working to become a leader in technology; we are confident Apollo can help accomplish this mission.”
The MOU with the Apollo Foundation was signed by the Ministry of Communications, Science, and Technology, and should see a widespread impact of the blockchain technology in the private sector, government parastatals, economic and financial institutions, and the commercial sector – focusing on the nation’s mineral wealth. It is expected that in the long-run, unemployment and poverty-related constraint would be completely alleviated.
A Multi-function Blockchain Platform
The Apollo Foundation touts itself as the next-generation blockchain and boasts of a feature-rich cryptocurrency platform with integrated landmark innovations such as database sharding, adaptive forging, atomic swaps, transaction IP masking, as well as having a block speed of two seconds. The platform also features a decentralized market, decentralized applications, as well as a decentralized file storage system.
The Apollo coin (APL) serves as an all-in-one currency utility on the platform and can be obtained from Bitmart and IDAX.
To learn more about the Apollo Foundation visit the website: https://apollocurrency.com/en/
