Bitcoin, Crypto currency, Blockchain

Kenya: tomatoes on the Blockchain in the fight against poverty

f0b2dbc8c9c16c3d3a5196971b0a3132 - Kenya: tomatoes on the Blockchain in the fight against poverty

The cryptographic stock exchange Bancor has set itself the ambitious goal to fight with the help of the Blockchain technology, the level of poverty in Kenya. In this context, you want to allow local shops to sell their Goods on the Blockchain – quickly and free of charge.

The Blockchain technology is becoming more and more application in various fields. In particular, those regions suffering from poverty, could benefit from fast, transparent transactions. The crypto-company Bancor now wants to usher in with it’s own Wallet, a new Era for local businesses in Kenya.

The first Test is successful

Bancor is working on the POA network, based on the Ethereum block Chain. Already in June 2017, the company was able to generate a ICO 153 million US dollars. In cooperation with the non-profit organization, Grassroots Economics, the crypto-exchange will now allow local transactions in the Blockchain trading in Kenya. First Tests have already proven to be successful. So the first tomato on the Blockchain in a local business were now in Mombasa sold. In order to combat poverty in the African country, no to transaction fees. Ruddick, head of the Department for Community currencies, Bancor, Will stated in an official post on Medium from 9. August:

“Thanks to the Bancor, the Blockchain is finally a tool with which we poverty to combat.”

Of the regional a substitute currency to digital trade

Since 2013-African currency, the Kenyan shilling, the Bangla-Pesa, a complementary currency that is only accepted in the poverty area of Bangladesh (not to be confused with the South Asian country) in Mombasa, in addition to the official Kenya. In 2016, this paper was summarized money with four other regional replacement currencies in the Community-currency system Sarafu-Credit. The aim was here already, to simplify the local trade, by enabling transactions over the different regions. With the help of the digital transaction system of Bancor, you can save not only the cost of printing the paper currency, but also straightforward and independent of commercial transactions money to friends and family. In addition, Bancor aims to offer local merchants the opportunity to market their Goods via a Community platform. This is expected to stimulate regional business and would be gone a good step in the direction of poverty reduction.

It was only in July of this year, Bancor blow had made lines, as in the case of a Hack 13.5 million US dollars were stolen. We hope that the crypto stock market has not worked to your security standards, in order not to jeopardize its ambitious goal.

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