Fortune 500 companies look forward to expanding further into developing economies such as Africa and the Middle East as the need for a faster and cheaper payment system for local transactions increase. In this regard, the CEO of IOHK Charles Hoskinson has revealed that his company will start “pursuing aggressively the Fortune 500” to sell on Cardano and the digital token ADA as the solution.
In an interview with Forkast.News, Hoskinson said, “A Fortune 500 company needs new tools to be able to get into that market and work with those consumers. We can facilitate that because we’ve been in those jurisdictions, especially Ethiopia, for example, for over three years.”
Hoskinson, who is the creator of Cardano, an open-source public blockchain, the leading candidate on the list of potential Ethereum killers, said “If we can keep this momentum and extend it, we’re really going to give Ethereum and the rest of these guys a run for their money.”
Developing economics such as Africa has been part of Cardano’s strategy since its emergence in 2017. According to Hoskinson, there is a growing adoption of cryptocurrencies among young Africans. He said Africa is also ripe for decentralized finance (DeFi) due to its fractured economy and underdeveloped banking system.
“How do you attract the Fortune 500? You do it by saying, ‘Hey, would you like access to the 100 million customers on my platform who now have money and would like to consume your products?’”
Cardano Has Been Building Bridges within the Blockchain World
Cardano has also been working to build bridges within the blockchain world. A good example is its cooperation with the Litecoin Foundation to achieve interoperability between the blockchains.
Hoskinson said, “If it works with Litecoin, it’s probably going to work with Bitcoin, or Dash, or any of these other guys.”
As Cardano strives to build a future of interoperable blockchains, Hoskinson stressed the fact that cryptography needs to evolve before the emergence of quantum computing and quantum technology. He thinks a breakthrough in mathematics and computation could decrypt encrypted data that safeguard sensitive information.
“You would like to upgrade your cryptography and start using post-quantum crypto — so cryptography that’s immune to quantum computers — as soon as possible.”