Africa is an odd region when it comes to cryptocurrency and blockchain. It would of course benefit from more committed efforts in these industries, but one should not lose sight of the ethical aspect either. The Watr Foundation and Parity Technologies have found a way to address this issue through ethical raw materials.
Rooting ethical raw materials in Africa
When people hear the terms “blockchain” and “cryptocurrency,” they immediately make the connection to financial instruments and trading. It’s a simple mental connection, but there’s one piece missing: ethical goods. Like other regions, Africa produces and trades commodities that are labeled as ethical or sustainable. It’s a thriving industry that deserves more attention. Combining ethical raw materials with blockchain technology is a very exciting frontier that is only now being explored.
Watr, through the Watr Foundation, the ethical raw materials specialist, and parity technologies join forces to overcome this new hurdle. Watr will provide the public blockchain protocol and decentralized app ecosystem for a new breed of ethical commodities without losing sight of funding and trading. Through this partnership, developers, teams, and digital businesses can explore this thriving market and explore retail and enterprise-level use cases.
Omar Elassar, Global Head of Ecosystem Growth & Business Development at Parity Technologies adds:
“This collaboration will bring Waters deep commodities expertise to the Polkadot ecosystem and launch a platform for Web3-enabled solutions that solve pressing industry problems. This is a great first step towards greater Web3 adoption in a massive industry that is critical to the global economy.”
The partnership between Parity Technologies and water will drive the joint development of the Watr protocol and its various key applications. In addition, there will be joint research and development to provide the necessary functionality and infrastructure to serve the $17 trillion resource industry. Polkadot’s community and decentralized security is parachained by Watr, with a DevNet available for developers.
Persistent inefficiencies must disappear
It’s no secret that ethical raw materials have suffered from the same persistent inefficiencies that all value chains have had to contend with. Whether in agriculture, metals, minerals or energy, there has been greatly increased volatility, supply chain tightness and inflation. The net result for the commodity market is a $1.5 trillion capital shortfall, most of which can be attributed to environmental, social and governance concerns from financiers and resource buyers.
Developing new tools for consumers and suppliers is paramount. These tools will help build responsible supply chains that prove economically viable in all conditions. Furthermore, this market is ripe for crossovers with decentralized finance and supply chain digitization that will help establish new and improved business models.
Maryam Ayati, President of the Council of the Watr Foundation, states:
“The opportunity to create new classes of ethical raw materials and traded supply chains is enormous. We are very excited to have the legendary team at Parity join us and our existing partners to enable the transition from commodities to Web3 business models and liquidity while maintaining the security and decentralized ethos of a public blockchain serving both retail customers and also serves regulated institutional users.”
The new applications developed by Watr’s partners will provide decentralized identity and KYC, provenance tracking via a commodity’s ESG attributes, and tokenization – and interchangeability – of new ethical commodity supply chains, including carbon credits.
All of this is made possible through curated liquidity pools, initially focused on ethical commodities in Africa. As a result, global entrepreneurs have the opportunity to innovate and create new applications and ventures to grow the Watr Protocol and the ethical extractive industry.
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