All-in-one cryptocurrency platform Apollo has moved another step closer towards fulfilling its blockchain initiative by signing a Memorandum of Understanding (MoU) with the government of Lesotho in Southern Africa to provide technology implementation and advisory in order to bring a range of technology reform to the private and public sector in Lesotho.
With the huge potential of blockchain technology, and its many innovations in terms of efficiency, transparency, and security, the nation of Lesotho sees blockchain as the gateway to a more efficient and performing private sector, as well as much-needed reform in the employment sector, while tacking longstanding issues such as education and poverty.
As such, the government, through the Ministry of Communications, Science, and Technology, has entered into a formal agreement with the Apollo Foundation to implement its blockchain initiative in the sovereign nation of Lesotho.
This initiative seeks to harness tested and mature fintech solutions from Apollo to create new wealth in the non-public sector, while simultaneously driving new government systems that can increase productivity and efficiency. The transparent and immutable nature of blockchain also hopes to reduce financial crime, while maximizing the commercial potential of Lesotho’s great expanse of mineral wealth, diamonds chiefly among them.
Apollo and Lesotho: partners in the future
Lesotho is a small country of just 2.2 million people, yet with many vast opportunities and a wealth of natural resources. Its economy stands on the brink of explosion, with an export-import sector booming, and a significant diaspora of overseas workers fuelling a rapidly-expanding remittance sector. Diamonds are also an important aspect waiting to be fully exploited.
With the blockchain industry expecting the world to spend 12.4 billion in just 2022 on investments, the opportunity is ripe for Lesotho and Apollo to work together in using blockchain tech to improve civil service, lower the friction and barriers to cross-border remittance, while modernizing the trading of mineral wealth, including its diamond troves.
It is also hoped that blockchain technology, through the creation of more jobs and knowledge economy, can help the nation overcome socio-economic challenges such as poverty and unemployment, while ensuring wider education access for all citizens in the country.
Apollo director of business development Steve McCullah underlined the long-term objective of Lesotho to work hard in leading the region as a technology pioneer. He also expressed great hopes for the role of Apollo in aiding Lesotho to achieve this dream:
“We are confident Apollo can help accomplish this mission.”
Backed by the Apollo Foundation, a community of world-class developers, managers, marketers, and researchers make up the Apollo community. Together, they share a mission to create the world’s most complete blockchain and crypto, by combining almost every useful aspect imaginable from all the available digital assets and placing it on the world’s fastest blockchain in use.
Pioneering such innovations like database sharding, atomic swaps, adaptive forging and 2-second blocks, Apollo (APL) is the cryptocurrency powering a suite of decentralized marketplace, exchange, Dapps and file storage.
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