The blockchain fever is spreading and the North African country of Tunisia has caught it. The Tunisia Economic City (TEC) recently signed a strategic partnership with Locus Chain Foundation (LCF). The partnership is to enable the TEC utilise Locus Chain’s blockchain platform in the delivery of services and settlement currency functions.
The TEC aims to utilise Locus Chain’s next-generation blockchain platform in the nations construction projects and also use it as a base technology. The platform will be used as a settlement currency for different industries ranging from communication, shopping, medical, finance, AI, and automatic vehicles. The strategic partnership was signed at LCF’s headquarters in Singapore by the CEO of Locus Chain, Mr. Lee Sang Yoon, and Dr. Riadh Khalifa Toukabri, the President of Tunisia Economic City.
Lee Sang Yoon explained the benefit of the project saying, “TEC is one of the most advanced smart city projects the world economy has ever seen. When the ‘Locus Chain’ blockchain platform is applied to the TEC project, it will be used as a transaction and authentication method for various industries and will provide an ideal management and service system ensuring high transparency and security across the industry.”
Covering an area of 90 sq km, the Tunisia Economic City is a large-scale project and for the first ten years, it will be constructed at a cost of US$50 billion. The project which will be constructed on the eastern peninsula of Tunisia and is jointly owned by Saudi Arabia and Tunisia. Jackey Choi, the Operations Director of Locus Foundation for the Middle East also explained, “The agreement will enhance the TEC’s future-readiness through technological precision and innovation, and benefit, in a broad perspective, all similar projects in the MENA region. This purpose will be served through the LCF’s Middle East headquarters in Dubai Silicon Oasis.”
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