Africa is a strange region when it comes to cryptocurrency and blockchain. It would obviously benefit from more dedicated efforts across these industries, but one shouldn’t lose track of the ethical side either. The Watr Foundation and Parity Technologies have devised a way to address this aspect through ethical goods.
Rooting moral goods in Africa
When people hear the terms “blockchain” and “cryptocurrency,” they immediately connect with financial instruments and trading. It’s a straightforward mental connection, but there’s a piece missing: moral goods. Like other regions, Africa produces and trades goods classified as ethical or sustainable. It is a booming industry and deserves more attention. The combination of ethical goods and blockchain technology is a very exciting frontier that is only being explored now.
Water, by the Water Corporation specialized in ethical goods, and parity techniques Join forces to face this new obstacle. Watr will provide public blockchain protocol and decentralized application system for a new series of ethical goods without losing sight of finance and trade. Through this partnership, developers, teams, and digital projects can explore this burgeoning market and explore use cases at the retail and enterprise level.
Omar Al-Aasar, Global Head of Ecosystem Growth and Business Development, Parity Technologies, adds:
“This collaboration will bring Water’s deep commodity expertise into the Polkadot ecosystem and launch a platform for Web3-enabled solutions that solve pressing industry problems. This is a major first step on the path toward greater adoption of Web3 within a massive industry of critical importance to the global economy.”
Partnership between Parity Technologies and Water You will support the joint development of the OTR protocol and its various major applications. In addition, there will be joint research and development to provide the jobs and infrastructure needed to serve the $17 trillion goods industry. The Polkadot community and decentralized security will be leveraged as a parachute by Watr, with DevNet ready for developers.
Chronic deficiencies must go
It is no secret that ethical goods have suffered from the same chronic shortcomings that all value chains have had to contend with. Whether it’s across agriculture, minerals, metals or energy, there has been exponentially increased volatility, supply chain shortages, and inflation. The net result of the commodity market is a capital shortfall of $1.5 trillion, most of which can be attributed to environmental, social and management concerns by financiers and resource buyers.
The development of new tools for consumers and suppliers is extremely important. These tools will help create responsible supply chains that prove economically viable under all circumstances. In addition, this market is primed for transitions with decentralized finance and digitization of the supply chain, which will help create new and improved business models.
Maryam Ayati, chairwoman of the Watr Foundation Board, says:
“The opportunity to create new classes of ethical goods and circulating supply chains is enormous. We are excited to have the legendary team at Parity join us and our existing partners in enabling the transition of goods to Web3 business models and liquidity while maintaining the decentralized security and ethics of a public blockchain that serves both retail users and regulated enterprises.” “
New applications developed by the Watr partners will provide decentralized identity and KYC, source tracking across ESG attributes of a commodity, and coding – and exchange – for new ethical commodity supply chains, including carbon credits.
All of this is made possible by coordinated liquidity pools focused on ethical goods, initially in Africa. As a result, global entrepreneurs have the ability to innovate and build new applications and projects to grow the Water Protocol and the ethical goods industry.
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