Venom Foundation, Abu Dhabi-based blockchain platform, announced its collaboration with the Kenya Government. Their collaboration will develop the capital city of Kenya as a web3 and blockchain hub. While their aim is to drive innovation across multiple industries and benefit them with these technologies.
The Web3 and Blockchain Hub of Africa
As Kenya’s Government joined hands with Venom Foundation, it will also help the other African countries. With the help of web3 and blockchain technologies, the east African country will be able to do its “digital transformation.” While their focus will be related to building web3 and blockchain based applications.
This tech-adoption will also help the government of Kenya to its commitment of making innovation and digitalization of the economy. The web3 and blockchain hub will act as a platform for partnerships with innovative companies. This embraces knowledge sharing, networking, and collaboration among key shareholders in the blockchain technology.
Venom foundation will also help the African communities to create a blockchain space. The foundation aims to drive innovations specifically in key sectors such as supply chain, financial services, agriculture ,and cross-border relations. This partnership will create more opportunities for the domestic economy of Kenya. Also, will create new international trade routes and add to the overall economy of Kenya.
For the Kenya Government, this collaboration will help them in adopting web3 and blockchain technology. While for Venom Foundation, it will make them gain a competitive edge on the blockchain platforms environment. Also, this collaboration helps to gain the potential in these technologies.
In addition to this, it will help the blockchain platform to achieve its globalization targets and will bring goodwill to the company. Meanwhile, this partnership will create a global ecosystem of Web3 applications.
However, this collaboration shows that African countries are trying to adopt new technologies. Last week, Nigeria approved the “National Blockchain Policy.” This further shows that the countries are in the race of modernization.
The Federal Executive Council approved the National Blockchain Policy for the West African country during its meeting on May 3rd, 2023. As the Fed Ministry of Communications & Digital Economy mentioned in the tweet, “The process of developing the Policy involved robust stakeholder engagements across the public and private sectors.”
The Fed Ministry further shared its vision of the Policy to create a Blockchain-powered economy. That will support “secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all.”
It also added that “the Federal Executive Council has further directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.”
Source: https://www.thecoinrepublic.com/2023/05/11/kenya-will-be-a-web3-blockchain-hub-backed-by-venom-foundation/