Blockchain platform Apollo foundation has announced that it has signed an MOU with Lesotho to develop and integrate blockchain technology within different parastatals of government. The MOU which was signed by Lesotho Ministry of Communications is the first of its kind in the Southern African nation.
Blockchain technology has been one of the revolutionary innovations in the past decade which has changed the financial landscape globally. Despite the immense potentials of the technology, Africa as a continent has been lagging behind recording the lowest engagement of blockchain technology.
Lesotho is looking to bridge the gap and views the partnership with Apollo as one that can change the level of blockchain developments in the country.
According to the terms of the partnership, Apollo will help the Lesotho government to create new wealth opportunities via its fintech solutions, create and implement blockchain systems for the government, reduce financial crime and help maximize the commercial opportunities of the nations natural resources.
Speaking on the partnership, Steve McCullah the director of business development for Apollo Foundation revealed that Lesotho has taken a good stride towards blockchain technology. “Lesotho is working to become a leader in technology,”. He also assured the Lesotho government that Apollo can deliver on the terms of the MOU. “We are confident Apollo can help accomplish this mission.
Blockchain Technology Can Transform The Financial Landscape Of Lesotho
Lesotho is a small nation with a population of less than 3 million people and has a lot to improve on within its economy. It is a country that has many citizens working in neighboring South Africa and Apollo fintech solutions can help reduce the cost of remittances from workers in the country.
In addition, the country is one of the top exporters of diamonds but has struggled for full accountability of the number of diamonds produced within the country. Apollo blockchain technology can help simplify the supply management chain and increase the commercialization and trade of diamonds within the country.
Apollo is a fast-rising blockchain currency that combines novel mainstream currency features within its blockchain network. Some of its major features include, decentralized marketplace, decentralized exchange, Dapps, and decentralized storage.