- ICONLOOP plans to make use of blockchain technology to solve social-economic challenges in developing countries
- ICONLOOP have been setting up a strong crypto adoption path
On April 12th, ICONLOOP, a blockchain specialized firm based in South Korea announced a collaboration with ITU (International Telecommunication Union), the United Nations’ agency for information and communication technologies.
About the ITU Smart Incubator Program
ITU smart incubator program was created and launched in September 2018 with the intent of supporting tech firms and entrepreneurs in the early stages of development. This includes firms working on Artificial Intelligence (AI), Internet of Things (IoT), and blockchain technology.
This collaboration is set to establish a high-level framework of cooperation in the ITU smart incubator program which focuses on providing support and knowledge on blockchain related technologies to the global startup projects.
ICONLOOP and ITU collaboration for developing countries
ICONLOOP plans to enhance the growth and expansion of start-up businesses in developing countries in Africa through pilot projects in three major pillars; development, technical know-how, and outreach and networking.
The startups will be offered access to ICONLOOP’S industry network which will provide them opportunities to secure investments via large blockchain events and marketing as part of the incubation program.
ICONLOOP CEO, Jonghyup Kim says that blockchain technology offers an excellent opportunity to countries and international organizations in solving the social-economic challenges facing developing countries such as financial accessibility, sustainable energy, and agriculture development. He added:
“ICONLOOP will promote not only cross-border business and technology cooperation for mass adoption of the blockchain, but also create social value by utilizing it.”
One step at a time
Since the early days of Bitcoin people have been over the moon talking about the coins they have HODLed the crypto space and market caps grew astronomically. However, with the bear market of 2018, the focus of getting rich through crypto shifted towards the underlying technology – blockchain. Various partnerships emerged as fintech companies started to integrate this technology into their ecosystems.
Such collaborations have met enormous anticipation in the crypto community, and this collaboration between ICONLOOP and ITU is no different as it is a big step towards adoption.