Cardano Foundation Just Inked A Partnership With A Brazillian Oil Company, Here’s Why

The Cardano Foundation recently sealed a partnership with Petrobras, one of the most prominent oil companies in Brazil. The partnership is, however, an interesting one as many could be wondering why Cardano will partner with an oil company. 

Why Cardano Partnered With Petrobras

In a press release dated December 20, the Cardano Foundation noted that the partnership will focus on its blockchain education program, which will be made available to Petrobras. With this, the non-profit organization aims to further “expand understanding and adoption of blockchain technologies.”

The Cardano Foundation has, for the longest time, been tasked with advancing the network and increasing its utility and adoption. Therefore, this partnership is no doubt a commendable one. Petrobas happens to be one of the largest oil companies in Brazil. As such, the partnership can also be said to be a really strategic one. 

As part of the terms of the partnership, the Foundation will facilitate blockchain education workshops for Petrobas employees. It is going to be a hands-on training as participants will be given the opportunity to discuss blockchain’s potential and possibly discuss the various use cases and applications for blockchain technology. 

Meanwhile, the partnership could mark just the beginning of Petrobas’ interest in Blockchain technology. The oil company said that the partnership “represents an important step forward in our mission to harness the power of blockchain for new use cases within the energy sector.”

The Cardano Foundation also expects this partnership to be the first of many as it aims to “drive exploration of new use cases for the technology in the energy sector.”

ADA price at $0.6 | Source: ADAUSD On Tradingview.com

Proving Doubters Wrong

While the Cardano Foundation continues to keep things exciting on the education side, the Cardano network has also continued to prove doubters wrong. For a long time, many have continued to assert that the network doesn’t have utility. Crypto analyst Lady of Crypto previously mentioned this as one of the reasons why ADA will underperform in the next bull run.

However, the tide seems to be changing in Cardano’s favor as the network recently celebrated a significant milestone. The blocks on the network were reported to have been recently full as network usage continues to skyrocket. Cardano’s founder, Charles Hoskinson, also took to his X (formerly Twitter) platform to celebrate this milestone and used the opportunity to take a dig at the blockchain’s naysayers. 

Cardano’s ADA has also reacted positively to these developments, even as DeFi activity on the network continues to increase. At the time of writing, the token is trading at around $0.59, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from CryptoGazette, chart from Tradingview.com