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Zanzibar launches new blockchain sandbox for innovation

Zanzibar launches new blockchain sandbox for innovation

GrafaGrafa2024/10/24 06:40
By:Mahathir Bayena

The Zanzibar government has launched a blockchain sandbox program aimed at fostering entrepreneurship and technological innovation.

This initiative, powered by the Xinfin XDC network and developed by Ledgerfi IT solutions, allows startups to safely test their blockchain-based solutions within the National Blockchain Network.

Seif Said, the director general of the e-Government Authority of Zanzibar, stated, “Our primary goal is to create a supportive environment for the development of cutting-edge technologies, including blockchain, AI, and other emerging fields.”

The government is currently inviting startups to participate in the sandbox, prioritising those focused on digital solutions for financial inclusion, identity verification, and certification issuance.

Participants will have the chance to collaborate with experts and receive mentorship from industry leaders.

Furthermore, successful innovators will benefit from training and access to incubator programs to enhance their technical skills.

Zanzibar’s sandbox program reflects a similar initiative in Tanzania, which aims to simplify regulations for fintech startups.

The Tanzanian framework was established in August to outline eligibility criteria, application processes, and testing guidelines for pilot innovators, developed in conjunction with the Tanzania Startup Association.

The association has emphasised the need for sector-specific sandboxes to promote innovation and streamline regulatory challenges faced by startups.

By providing a more relaxed regulatory environment, Zanzibar’s National Blockchain Network will enable startups to experiment with their ideas before entering the market.

This sandbox is expected to minimise risks for startups, thereby making them more appealing to potential investors.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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