Kula originated from a vision propelled by the belief in blockchain’s potential to bring about transformative change, aiming for a more equitable distribution of wealth in developing contexts. Through a business model aligning the interests of diverse groups using blockchain technology, Kula invests in real-world assets and seeks to harmonise stakeholder interests to fully realise the underlying value of these assets. This impact investment approach is facilitated by establishing regional projects as Decentralised Autonomous Organisations (DAOs), where decision-making is decentralised, and stakeholders collaborate using smart contracts activated by the tokens they hold.
Kula’s inaugural collaborative project is in Africa with Bekazulu Mining Limited (BML). In 2022, Kula’s initial investment in BML’s limestone asset enabled the company to sustain and expand its supply to the national and regional markets. As a DAO, a blockchain-enabled app facilitates local community stakeholders and staff to influence decisions and share in the project’s value creation – resulting in above-market wages and pay parity for BML employees. Reflected value in token supply for each token holder can be leveraged to release the capital required to catalyse new microeconomic opportunities that impact the immediate locality.
This partnership has led to innovative enterprises, including the drilling of a borehole to provide clean water to a water-distressed community. The benefited community is now involved in year-round agricultural activities, supplying fresh produce for the local market. Additionally, a second larger aquifer has been identified as Kula’s next RegionalDAO, aiming to enhance offtake and irrigate a further Agricultural RegionalDAO pilot covering 3,000 hectares for maize and wheat production. These advancements have garnered both national and regional recognition.
In 2023, Kula took a pivotal step by hosting a workshop in Zambia in collaboration with the Ministry of Technology and Science, targeting government departments and industry leaders. The focus was on illuminating the potential of blockchain and presenting Kula’s distinctive approach to impact investment.
Honourable Minister Felix Mutati, in his recent address to the World Economic Forum in Geneva on Digital Transformation, underscored the need for robust community partnerships and collaboration to instigate tangible change through integrated and innovative technologies that unlock economic potential. During the workshop, Mutati identified Kula’s position in addressing this requirement as a “disruptive force in identifying and exploiting investment opportunities, where users can share governance, equity, and be assured that their interests are protected.” He issued a clarion call to “formulate recommendations and action steps for the integration of Kula’s model across national sectors.”
As a result, Kula is now in the process of developing three new pilot RegionalDAO opportunities with the Ministry of Technology and one further opportunity in the Agricultural sector at State level.
“Where these real-world asset projects are capitalised and reflected on chain, the potential for stakeholders to manage and realise their value share and utilise the capital opportunity this presents is an exciting prospect for stakeholders across the region”, said Dr. Chris Turner, co-Founder of Kula. “Partnership and collaboration at this national level will translate to significant economic impact among some of the most marginalised areas of the country”.
Beyond Zambia, Kula has signed multiple Memorandum of Understanding (MOUs) in Zimbabwe and Panama, strategically positioned to develop untapped natural resources and commodities. Additionally, Kula is actively engaging potential horizon projects in Uganda, Ethiopia, and Nepal.
Looking to 2024, Kula endeavours to incorporate numerous viable and self-sustainable regional projects into its ecosystem. This will provide investors with a diversified portfolio of regional investment opportunities and the governance privileges of layered protection for asset stakeholders and communities. Kula tokens are not currently available to the general public as it is in the preparatory stages of planning its Initial Coin Offering (ICO).
Featured Photo by engin akyurt on Unsplash.