The adoption of blockchain and crypto-currencies continues in African countries. Nigeria has just announced a major partnership with industry players to carry an intellectual property project on the Algorand blockchain.
Through an exclusive three-year intellectual property rights (IPR) agreement, the Developing Africa Group will take over the project to commercialise IPRs created and registered in the country.
Specifically, the company is to launch a national platform allowing Nigerian citizens to download, trade, negotiate and sell IP products. Through this mechanism, Nigerians will be able to receive revenues from the exploitation of their creation.
The partnership grants the company the right to develop the country’s official platform where users can integrate trademarks, patents and of course copyrights. This application will contain the country’s official portfolio in which citizens will receive royalties and revenues.
Algorand at the centre of the project developed by Nigeria
Developing Africa Group had the opportunity to choose trusted partners to develop this project.
In fact, a collaboration with the Latin American company Koibanx has been announced. This financial infrastructure and asset tokenisation company will be responsible for the development of the platform’s official crypto currency. In addition, the platform will be built entirely on the Algorand blockchain.
Ben Oguntala, CEO of Developing Africa Group, believes that “Algorand’s protocol not only offers the performance, scalability, security and functionality needed to implement a project of this scale, but it is also environmentally friendly, which is important to the government and fits perfectly with the creative industry philosophy we are aiming for here.
Algorand, pillar of the “world’s largest crypto-currency project”?
This is not the first time that Koibanx and Algorand have teamed up on a major construction project.
Recently, their synergy has already extended to several national public and private initiatives in Latin America. Examples include the launch of a national blockchain-based citizen identification and information programme in Colombia and the national registration platform in El Salvador.
In a thread on Twitter, Algorand praised Nigeria. The project considers the country to be a financial giant with major influence in the world.
In support of this position, Algorand points out that the Nigerian creative industry is one of the most innovative industries in the world. It generates $8 billion for the country’s economy while providing employment to about one million Nigerians. In fact, the industry is expected to generate an estimated $10.8 billion in revenue by 2023 and account for 1.4% of Nigeria’s GDP (gross domestic product).
Because of these different points, Koibanx PDF Leo Elduayen believes “this initiative could change the lives of more than 50 million people” making this collaboration the largest crypto-currency project in the world.
The partnership grants the company the right to develop the country’s official platform where users can integrate trademarks, patents and of course copyrights. This application will contain the country’s official portfolio in which citizens will receive royalties and revenues.
