Altcoins Cryptocurrency

Finally, Cardano (ADA) Inks Amazing Deal In Mongolia, Possibly To Fight Counterfeit Drugs

The relentless efforts of the Cardano technology team to push forward the adoption of blockchain in developing countries have given birth to another intriguing result as the Cadano foundation announces an MoU deal in Mongolia.

Cardano, on twitter, revealed that Input Output Hong Kong (IOHK) has inked an MoU with Mongolian Blockchain Technology to help enhance development of advanced technology in the country.

Announced at the Frontier Blockchain Summit which took place in Mongolia, the deal involved other bodies like; Cryptocurrency Association and Mongolian Fintech Association as Cardano looks forward to revitalizing Mongolia with the deployment of blockchain technology into the country.

While the three days summit hosted a number of who’s who in the industry, the day 2 program was kicked off by the country’s Foreign Affairs minister Damdin Tsogtbataar.

Cardano (ADA) Approaches Mongolian Government To Help Fight Against Counterfeit Drugs

Since September 2018, the CEO of IOHK, Charles Hoskinson, has been contacting Damdin Tsogtbaatar in what could be described as a closed door meeting to introduce blockchain technology into the public and private sector of the country.

In an advanced approach, Hoskinson recently (May 2019) revealed that he’s in Mongolia for another scheduled meeting with the minister.

“We’re not slowing down, we’re speeding up. I’m in Mongolia, not for vacation, we’re meeting with ministers and we’ll probably have a meeting with the President [of the country.],” Hoskinson noted.

He added that his latest meeting with the country’s officials featured talks on problems like adulterated drugs.

“We’re going to talk about problems like 18% of the medicine [in Mongolia] is counterfeited or adulterated and 40% in the rural areas is counterfeited or adulterated. So how do you put a traceability program like what pharma trust has done”, Hoskinson continued. “We’re talking about the fact that 93% of the people here have some access to mobile banking and 30% receive government disbursements, [but at] enormous costs.”

Lack of supply chain security in the pharmaceutical sector remains a long-term battering bug in Mongolia. Lately Mongolia partnered FarmaTrust, a UK-based pharmaceutical supply chain security company to mitigate the problem of counterfeit drugs in the country by launching a blockchain track and trace project.

While the real deal behind the MoU is yet to be officially revealed, observers are very much optimistic that it would be in the path threaded by the blockchain foundation.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

Don’t miss any of our crypto news, Join our Telegram | Twitter | Facebook.

About the author

Khalid Lawal

Lawal Khalid is an avid entrepreneur and a peace advocator. He takes time developing expertise in journalism, and he has significant contributions at Arianna Huffington's Thrive Global, Oracle Times, Coin Gape and a host of other notable news publications.

Owing to his long time interest in innovative technology, Lawal cut into the blockchain world, and he has been unearthing meaningful investigation as well as noteworthy blockchain researches.

Khalid sits at the helm of NewsLogical.com as a full time journalist and a senior market analyst.

Email: lawal.khalid@newslogical.com

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *