The Cardano Foundation praised the establishment of the South African National Blockchain Alliance (SANBA) on April vii. The cooperation endeavors to explore further ways to strengthen applied science'south adoption throughout Due south Africa.

According to the official announcement, Cardano Foundation praises the employ of blockchain technology to heave socio-economic growth in South Africa. The Foundation believes such an institution will help them to achieve their goal of increasing blockchain adoption across the region.

South Africa as the key market for African blockchain awareness

Cardano Foundation cites the South Africa market equally pivotal to building a network across the country that is fabricated up of governments, institutions, and companies that currently use its applied science.

From the announcement:

"Cardano believes in empowering individuals and enterprises by putting them in direct command of their data, wealth and value. Blockchain technology lets developing nations break ties with legacy banking systems, costly middlemen and entrenched political structures."

On other fronts, Cardano Foundation believes that the possible applications of blockchain technology would allow them guarantee greater transparency, reduce fraud, build digital identity infrastructure and heave developing economies through virtual currencies.

The Foundation also stated that it hopes to help other countries on the continent to boost their own fintech efforts.

Importantly, COVID-xix isn't slowing Cardano Foundation development efforts. The news of this partnership comes afterward Cointelegraph reported on March 25 that Cardano launched an off-chain scalability protocol called Ouroboros Hydra after building it upwardly over five years. launched an off-chain scalability protocol chosen Ouroboros Hydra after building it up over five years.