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Blockchain technology is on its way to become one of the most revolutionizing technologies in the world. And because of this, the Ethiopian government has decided to sign a memorandum of understanding (MOU) with Cardano (ADA) according to thenextweb.

Ethiopia Uses Blockchain Technology

The Ethiopian government has decided to sign a MOU with the blockchain network Cardano, in order to use the technology in the local agriculture industry. The information has been released on May the 3rd by Charles Hoskinson in Ethiopia.

The Tweet reads as follows:

“Just signed an MOU with the Ethiopian Ministry of Science and Technology to explore training blockchain developers and use Cardano in the Agritech Industry.”

Cardano is building a decentralized blockchain platform that will support smart contracts and other decentralized applications (dApps), something similar to what Ethereum is currently doing. The platform has still a long way to become used in many other places, but it seems that it will not stop growing at least in the near future.

The Ministry of Science and Technology wrote:

“The FDRE Ministry of Science and Technology is working on adopting, incubating and innovating inclusive technologies. Blockchain, the technology underpinning cryptocurrencies like Bitcoin, is one of the technologies that could revolutionize the world economy. As part of our national responsibility, we are collaborating with IOHK, a global blockchain company, to ensure Ethiopia’s inclusion in to this increasingly powerful technology.”

Ethiopia is not the only country in Africa working with virtual currencies, Ghana, South Africa and Nigeria are implementing different blockchain solutions for their problems. Indeed, all of these countries have very important crypto communities and are very active in the blockchain and virtual currency market.

Cryptocurrency Market

Cardano is now one of the most important virtual currencies in the market. It is currently the 6th cryptocurrency by market capitalization with $9.4 billion dollars. That’s impressive considering that it has surpassed NEO, DASH, Monero or Litecoin, very known and established virtual currencies.

Each Cardano coin can be bought in the market for $0.36 dollars. Back in January the virtual currency reached new all time highs when it touched $1.22 dollars per coin. Since then, and until April, the virtual currency couldn’t recover part of the price lost. It was traded around $0.13 dollars.

In the future it can keep growing if there is more adoption and more countries and enterprises start using the platform. It will be important to see how the projects that the company has in mind and if they develop as expected.

Image Courtesy of Pixabay

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Crypto News
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