Among the general population, the cryptocurrencies have a tainted reputation as being useless and producing little good to society. There's some merit to these claims, as without ubiquitous usage and adoption how can a currency be, well, a currency? However with grand investments into the space, we have moved way past just P2P payment systems and storage of value coins. Today, the blockchain technology has real utility helping real people. One can argue that projects offering the most utility are poised to eventually be the winners of the cryptocurrency race and Fantom (FTM) is certainly one of these projects.
Fantom - the Invisible Project
In April 2021 there's been a great deal of excitement in the space, as the Ethiopian government signed a momentous deal with the Cardano Foundation to store educational records of millions of students across thousands of schools. Numerous news outlets even outside the space have covered the event and the reception amongst Cardano-holders and non-holders alike has been overwhelmingly positive. Rightfully so, as bringing the blockchain tech to developing nations is nothing short of amazing, however there's 1 project that stands out that despite achieving feats that are no less impressive, gets consistently shoved under the radar - Fantom.
Founded by Michael Kong and aided by Andre Cronje (yes, that Andre) as DeFi Architect of the project, Fantom is a relatively new player in DeFi. However it already racked up a beyond impressive list of government partnerships that strangely enough, are not known by an average crypto-enthusiast. Let's have a look at the most notable ones one by one.
Perhaps the most extensive partnership comes from the most unexpected of places. Afghanistan, one of the least developed countries on Earth embraces the need for change and has selected Fantom to transform its economy. For starters, the Ministry of Health has decided to connect pharmaceuticals to the Fantom network so that consumers could verify the authenticity of the drugs and avoid counterfeits by scanning QR codes. Further potential use cases could be integrating patient's medical history into the blockchain. Similarly, ACCI - Afghanistan Chamber of Commerce and Investment will be relying on Fantom to authenticate products by introducing "Certificate of Origin" and "Certificate of Quality" to bring transparency into an economy marred by corruption and instability. Finally, DABS - a national energy company, will be exploring smart energy solutions utilising the Fantom network.
While most government partnerships are located in Central Asia, Fantom Foundation has also built a stronghold in the heart of Eastern Europe: Ukraine has decided to partner with Fantom back in February 2021, with its Ministry of Digital Transformation intending to utilise Fantom for intellectual property exchanges. Certainly an unexpected, but fitting use of blockchain technology that will add immutability and transparency to the exchanges.
The 5th largest country on Earth by population has also announced a partnership with Fantom; The Punjab Prisons Department tasked Fantom to develop Enterprise Resource Planning software which may be used across all prisons in Pakistan. More recently, PEIRA (Private Educational Institutions Regulatory Authority) has also partnered with Fantom to develop and implement ERP software.
An agreement signed on April 22nd 2021 with the Ministry of Industry and New Technologies tasks Fantom to analyse prospects of building a CBDC for Tajikistan and aid digitalisation of its economy frozen in post-USSR reality. Aside from that, Fantom will be working on CRM/MIS (Customer Relationship Management/Management Information Systems) to provide management solutions.
The most recent partnership announced on 9th of June involves Uzbekistan - another developing economy in the Central Asia. While the details of the negotiations are not yet fully available, there are talks around CBDCs and supply-chain use cases (think VeChain). In general, Fantom aims to modernise the IT sphere of Uzbekistan's economy and government, an ambitious undertaking.
Courtesy of Owen P., used with permission.
It is mind-bending to think that this impressive list of achievements is unknown to many crypto-enthusiasts, so perhaps government partnerships are severely undervalued in the space. Given the tendency of governments to be apprehensive towards all things blockchain, it is a miracle what Fantom and similar projects have managed to achieve in such a short time. To all the sceptics Fantom is clearly demonstrating 2 things: A) Blockchain is here to stay and will only strengthen; B) Blockchain is useful in virtually every sector of government and economy. The argument of crypto having limited utilities is uninformed at best and frankly, delusional. It is the intention of the author of this article to show that the adoption of crypto is not hampered by the technology, but by the complacency of governments from the developed world who are satisfied with archaic financial institutions and inefficient ways of governing.