Cardano foundation is putting in a lot of efforts in order to implement the usage of blockchain technology in developed nations. Input-Output Hong Kong, the mother company of Cardano foundation, has inked an MoU with the Mongolian government to use their blockchain development and Fintech companies. The company announced the same information on Twitter.
The deal was signed at the Frontier Blockchain Summit in Mongolia in the presence of so many other blockchain and fintech companies. The summit was organized with the intention of developing advanced technology for the betterment of the country.
We are excited to share that today #IOHK signed an MoU with Mongolian Blockchain Technology & Cryptocurrency Association & Mongolian Fintech Association. This MoU is to help implement & foster #blockchain project development & #education in Mongolia. More information coming soon! pic.twitter.com/7JDJy5supi
— Input Output (@InputOutputHK) 11 May 2019
The industry experts are anticipating that the introduction of Cardano blockchain will increase the demand for ADA. The ADA token‘s value will surge in the coming days.
If reports are to be believed, the Mongolian foreign affairs minister Damdin Tsogtbataar and IOHK group head Charles Hoskinson have been meeting from frequently since 2018 to bring the blockchain technology into the country.
Hoskinson said that his trip to Mongolia was not a vacation, but he was there to discuss the adoption of blockchain in the nation. The main intention behind bringing blockchain technology to Mongolia is to block the spread of counterfeit drugs. Nearly 18% of drugs present in urban areas and 40% of drugs present in rural areas are either contaminated or counterfeited ones. These medicines are affecting so many people’s lives.
This is the reason why Mongolia is bringing in the blockchain technology so that they can curb these counterfeit drugs. They have partnered with a UK based pharmaceutical company named FarmaTrust to trace the duplicate drugs.
While it is still unclear whether FarmaTrust and Cardano work together or separately, one thing is for sure that both the companies will help Mongolia with their fight against the duplicate drugs.