The Apollo Foundation has signed a memorandum of understanding (MoU) with the nation of Lesotho, an enclaved country within the border of South Africa, to develop and implement blockchain technology in various government departments and initiatives.
The Apollo Foundation maintains development, marketing, partnerships, and more for the decentralized, community centered cryptocurrency, Apollo (APL). APL claims to combine nearly all features of mainstream cryptocurrencies into the fastest blockchain in the world. The cryptocurrency boast features and advancements such as the first implementation of database sharding, adaptive forging, atomic swaps, two-second blocks, encrypted messaging, a decentralized marketplace, a decentralized exchange, decentralized applications, and decentralized file storage.
As per press release, the Ministry of Communications, Science and Technology acted on behalf of the Lesotho government in signing the MoU with the foundation.
“Lesotho is working to become a leader in technology,” said Steve McCullah, director of business development. “We are confident Apollo can help accomplish this mission.”
The main objectives of the blockchain initiative are to create new wealth in the private sector by harnessing Apollo FinTech solutions, design and implement new government systems, reduce financial crime, and maximize the commercialization of the nation’s mineral wealth. The two firms will also work together to eradicate challenges like unemployment, poverty and educational constraints.
“The Southern African nation of 2.2 million has a large number of opportunities to improve its economy, including the export-import sector, remittances from workers, and the mining and trade of diamonds,” the foundation said. “Apollo blockchain technology is seen as a key solution to improving government services and initiatives, reducing the friction of cross-border remittance payments, and advancing the commercialization and trade of mineral wealth, especially diamonds.”
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