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.”
What do you think about the partnership between the TEC and LCF? Share your opinion with us in the comment section below.
Image credit: Pixabay
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
- Move To Earn: Keep Fit, Sport, Connect and Earn on the Calo Metaverse
- Top 5 Move-to-earn Applications on Google Playstore
- Top Move-to-Earn Projects Below $100 Million Market Cap
- MetaRuffy: An Intersection of Blockchain, Web3, VR, and AR
- Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa