The Zanzibar government has created a blockchain sandbox program where startups can be tested before scaling up.
The Zanzibar government said it welcomes all interested startups to join the virtual space. However, priority will be given to startups that offer digital solutions for accounting, personal identification and certification. Saif said Zanzibar will collaborate with startups that can help the country achieve its digitalisation goals.
The program will not only help startup developers test their technologies but will also promote Zanzibar as a top destination for innovation. 4,444 startup founders will securely test their solutions on the national blockchain network, which features advanced encryption and multiple security protocols.
Also, Startups with effective and efficient solutions will be eligible to participate in training and development programs to enhance their resources. Startups that join the network will become more competitive by receiving government support to promote their solutions and expand to other businesses.
Pan-African founders are considering expanding to other countries, struggling to determine which strategies will work best in the new environment. Managing compliance and regulatory approvals can also be a daunting task.
Startups with effective and efficient solutions will also be eligible to participate in training and development programs to enhance their resources. Startups that join the network will become more competitive by receiving government support to promote their solutions and expand to other businesses.
In addition, the national blockchain network will act as a regulatory environment where startups and business developers can gain leverage before facing the business. African startups are less concerned with the country’s environmental policies.
The friction between the state and the private sector can be reduced through sandboxes. In the long run, the government can follow the regulatory understanding of the technological performance of innovators and startups, turning this into a reality of governance and perhaps even recognizing the need for governance.
