The East African island of Mauritius is employing blockchain solutions to its government and financial operations. The country is trying to modernise its Fintech operations by collaborating with a South Korean blockchain company. The duo has struck a deal that will see Locus Chain Foundation, a Korean based company provide fintech solutions to the government of Mauritius.
The small island nation has charged State Informatics Limited (SIL), a state-owned company with digitizing its financial services, governmental operations, the nation’s educational institutions, transport and port operations.
Locus Chain Foundation, a company established by a former gaming professional would be providing assistance to SIL. Locus Chain Foundation is based in Singapore. Unlike South Korea, the Southeast Asian city-state of Singapore has attracted a lot of South Korean ICO companies since it allows initial coin offerings (ICOs).
Locus Chain has been in Mauritius since earlier this year and has been active in its blockchain business. The company had signed a technology cooperation agreement with the Mauritius government last month that allows for the application of a “fourth-generation” blockchain platform. The platform will be capable of conducting end-to-end transactions regardless of broadband speed in less than two seconds.
On the other hand, SIL looks to extend the reach of its blockchain platform and provide its digitized solutions for government bodies to countries such as Ghana, Kenya, Botswana, Senegal, Zambia and Zimbabwe.
Locus Chain is already lending its blockchain platform to the construction of the Tunisia Economic City (TEC), a joint Saudi Arabian-Tunisian SmartCityy project worth about USD 50 billion.
What do you think about the Island employing the Blockchain? Share your opinion with us in the comment section below.
Image credit: pixabay,
Disclaimer:
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.
