Charles Hoskinson, the CEO of Input Output Global (IOG), who created Cardano (ADA), has revealed a project that is coming to the blockchain this year, which he thinks has the potential to drastically reduce the gap between the developed and the developing world.
According to Hoskinson, an Africa-focused peer-to-peer (p2p) lending project will launch on the Cardano blockchain this year. He believes that the project is capable of narrowing income and wealth inequalities among countries.
Charles Hoskinson noted:
“Another thing that I think is really cool on the horizon we’re doing this year is that we’re finally able to do peer-to-peer lending into Africa…
“We will be able to demonstrate alone with a stablecoin on Cardano, done completely peer-to-peer, to a blockchain-based identity in Kenya…
“The long and short is if you get that done then, in short order, billions of dollars of value will go from the developed world to the developing world where the interest rates are higher…
“That gets me very excited because that helps us bridge the gap and create that one global economy. As opposed to two economies of the haves and the have-nots.”
Significance of Trustless Nature of Blockchain
According to Cardano creator, the trustless nature of blockchain technology is one of its biggest contributions to the world, adding that its use cases have now advanced beyond just payments:
“This concept of inclusive accountability, your ability to verify something someone tells you… There are so many things in life from credentials to voting to money where you actually find out that you’re actually trusting a third-party institution you’re not actually able to verify that…
“Bitcoin is a great example. Ethereum, Cardano, or any of these cryptocurrencies where you have inclusive accountability for the accounting. If I send you a Bitcoin, you don’t trust me. You have a node. You can check it, and you can verify it exists, and it hasn’t been double-spent. So that’s called an inclusively accountable system…
“We’re starting to take a step back as a society and start asking questions like, well what else can preserve inclusive accountability? Whether it be supply chains – like is the food organic or not? Is it safe or not? Is the water I’m drinking safe or not? These types of things.
Medical information, credentials, voting information, whatever have you. The land – how do I know you really own the property? These types of things.”
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