The Cardano Foundation has recently announced a collaboration with Petrobras, a leading oil company in Brazil. This partnership raises curiosity, prompting questions about the rationale behind Cardano’s collaboration with an oil giant.
Why did Cardano Partner with Petrobras?
In a press release on December 20, the Cardano Foundation unveiled its partnership with Petrobras, a major Brazilian oil company. This collaboration focuses on implementing Cardano’s blockchain education program within Petrobras. It aims to “expand understanding and adoption of blockchain technologies.”
As an entity dedicated to advancing Cardano’s network and promoting its utility, the Cardano Foundation sees this partnership as commendable. Petrobras, being one of Brazil’s largest oil companies, adds strategic significance to the collaboration.
The terms of the partnership include the Cardano Foundation organising hands-on blockchain education workshops for Petrobras employees. This initiative allows participants to delve into blockchain’s potential and explore various use cases and applications.
Beyond immediate objectives, the partnership signals Petrobras’ growing interest in blockchain technology. The oil company views this collaboration as a step in its mission to leverage blockchain for new applications within the energy sector.
In the future, the Cardano Foundation sees this partnership as just the beginning. They are committed to exploring more ways to use blockchain, especially in the energy sector.
Proving Critics Wrong
Despite scepticism about Cardano’s utility, the Cardano Foundation makes education exciting. Doubters have long claimed the network lacks usefulness, with some analysts, like Lady of Crypto, predicting ADA’s underperformance in the next bull run.
Yet, Cardano’s fortunes are changing as the network recently achieved a significant milestone. Reports indicate that network blocks are consistently full, showcasing a surge in usage.
Cardano’s founder, Charles Hoskinson, celebrated this achievement on his X (formerly Twitter) platform, taking a subtle jab at those who doubted the blockchain’s potential.
In response to these positive developments, Cardano’s ADA has seen an upward trend, especially with increasing activity in DeFi on the network. As of the latest data from CoinMarketCap, the token is trading at around $0.59, reflecting an increase in the last 24 hours.