Cardano (ADA) creator Charles Hoskinson is revealing an upcoming project with the potential to narrow the gap between the developed and the developing world.
Hoskinson says that an Africa-focused peer-to-peer lending project will be launched on the Cardano blockchain this year.
“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.”
According to the Cardano creator, the peer-to-peer lending project on the seventh-largest blockchain by market cap will help in narrowing income and wealth inequalities among countries.
“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.”
Hoskinson also says that the trustless nature of blockchains is one of the technology’s biggest contributions to the world.
“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.”
According to the Cardano creator, blockchain technology’s use cases are now being extended beyond payments.
“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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Featured Image: Shutterstock/klyaksun/Natalia Siiatovskaia