Cardano Inks Blockchain MoU at Mongolia

By Prashant Jha

The Cardano tech team has clearly been relentless in its efforts to boost adoption of blockchain in emerging economies around the world. Its efforts have recently borne fruit again in the form of a successful MoU or Memorandum of Understanding announced at Mongolia. Taking to its Twitter account, Cardano announced that IOHK (Input Output Hong Kong) has recently signed an MoU with several entities for the development of blockchain technology in Mongolia. The Mongolian Blockchain Technology deal is meant to encourage the development of sophisticated forms of technology within this country, considered a hotbed for crypto and blockchain innovations.

The MoU was announced at the Frontier Blockchain Summit occuring in the country and involved several notable entities like the Mongolian Fintech Association and Cryptocurrency Association. Mongolia has long been amenable to the spread of crypto and blockchain technology projects and Cardano, through this deal, is only planning to take it forward as far as the adoption of blockchain tech is concerned.

IOHK CEO Charles Hoskinson has recently noted how his company is focusing on the Mongolian expansion, suggesting that he has another meeting coming up soon with Mongolia’s dignitaries to finalize the details of such a growth within the country. He made the following statement in relation to this in May 2019 itself:

We’re not slowing down, we’re speeding up. I’m in Mongolia, not for vacation, we’re meeting with ministers and we’ll probably have a meeting with the President [of the country.].”

He added the following to explain the details of what the deal would eventually entail and said:

“We’re going to talk about problems like 18% of the medicine [in Mongolia] is counterfeited or adulterated and 40% in the rural areas is counterfeited or adulterated. So how do you put a traceability program like what pharma trust has done. We’re talking about the fact that 93% of the people here have some access to mobile banking and 30% receive government disbursements, [but at] enormous costs.”

The role of blockchain in pharmaceutical supply chain can be quite impactful and it seems Cardano is trying to tap right into that.