• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

The benefits of using Blockchain technology in your company

Olumide Adesina by Olumide Adesina
October 9, 2020
in Cryptos, Spotlight
The benefits of using Blockchain technology in your company
Share on FacebookShare on TwitterShare on Linkedin

Blockchain is arguably the next big thing after the emergence of electricity and the internet. It has started transforming businesses at an unimaginable rate, and those who have not been using the technology are now trying hard to get acquainted, master, and apply it to their organizational processes.

Blockchain is very critical to the 21st-century business because it is a foundational technology with the potential to be tweaked in many ways to suit diverse business operational needs.

Recall, just at the infant stage of the internet, blockchain started to propel the lives of people and businesses alike.

RelatedStories

Top 3 trending Web 3 games for action gamers in 2024 

Top 3 trending Web 3 games for action gamers in 2024 

November 9, 2024
PoS business

Nigerian inter-bank system, Zone to strengthen Nigeria’s POS transactions with blockchain 

August 20, 2024

READ: Crypto: Large investors transfer over 700,000 Ethers

What you should know

Blockchain is a digital ledger where transactions are processed. The name originated from its concept, where records known as ‘Blocks’ are connected to a single linear pattern, known as ‘Chain’ – hence, Blockchain.

What experts are saying

Adebayo Juwon, Marketing Lead, FTX Africa, in an exclusive note to Nairametrics, spoke on the efficiency modules the technology brings to businesses on a global scale;

“Business owners are always seeking for means to scale their businesses, getting a competitive edge over others while being profitable at the same time. Recently, many of the top companies across the globe have been working towards achieving their goals with Blockchain technology.

READ: Where to invest your N5m to N500m safely and securely

“Corporations need to understand how to work efficiently. Blockchain has proven that collaboration is possible. It has empowered people to freely send, receive, and verify data transactions with less trust.

“Data on blockchain is verifiable and secured with the use of advanced Cryptography, which makes it resistant to unauthorized changes and hacks. Cost of intermediaries is also eliminated, making transactions more efficient. Using Blockchain technology for business transactions is almost instantaneous, which I believe most entrepreneurs will find welcoming.”

READ: PenCom should pay 50% of workers’ pension at retirement – TUC

Chimezie Chuta, a leading Blockchain expert and founder Blockchain Nigeria User Group, spoke on the reliability the technology propel to businesses worldwide;

“Blockchain technology solves the problem of trust in business transactions, whether it has to do with the exchange of money, records, or even goods and services. With Blockchain, code is law within an environment devoid of trust.

When there is a need to have a public immutable record of transactions, blockchain is the answer. When there is no benefit, it doesn’t make much sense to use a blockchain. When this is the case, stand‐alone Cryptography is the solution to the problem.”

READ: Sterling Bank gets CBN approval for restructuring

Chike Okonkwo, Business Development Manager, OKEx, spoke to Nairametrics on how the technology brings security to businesses;

“Through protected Cryptography, it secures the data ledgers which helps promote trust and prevent fraud.

“After a process of maximum trust verification, transactions/data are stored in blocks contained in millions of computers participating in the chain, and these transactions are recorded in chronological order in all the blocks.

READ: Bitcoin mining difficulty reach an all-time high

“The data stored on the blockchain can be verified from their point of origin. With the help of smart contracts, businesses can pre-set conditions on the blockchain.

“Blockchain technology is currently being experimented in sectors like agriculture, banking, healthcare, education, e-commerce, property, mining, retail, transport and logistics, media and entertainment, automotive, and the list goes on.”

READ: Blockchain technology expected to tackle Africa’s challenges across industries

In a report credited to Pricewaterhouse Coopers, it stated that “Blockchain technology would lead to substantial gains by pooling processes through a shared, encrypted database. Goldman Sachs considers that the consistent and coordinated use of Blockchain technology in banking could save the industry between US$ 3 billion and US$ 5 billion a year in KYC and anti-money laundering (AML) costs.”

Explore Data on the Nairametrics Research Website

Some of the advantages of Blockchain technology in businesses include;

  • Ease of monitoring transactions – It makes it easier for businesses to track their products and transactions, because of its integrated transparency properties, providing operational managers the tools for a higher level of authenticity, reliability, and most importantly accountability.
  • Site security – A prominent American based digital currency exchange, Coinbase, uses the technology to facilitate payment processes for its customers, and to date has never been hacked, because of its high level of integration with the technology.
  • Profit – Another credible example is the world-renowned payment company, Visa. Four years ago, it introduced a blockchain platform that would deal with business-to-business payment services, which has helped to increase its profit margins over the years.
  • Reduces operational costs – It enables the removal of intermediaries or unnecessary middlemen linked to record-keeping and reconciliation of transactions.
  • Enhances credibility – It can be used to facilitate digital contracts and safeguarding deals, which makes it difficult to for the contracts to be forged or altered in any way, thereby enhancing credibility.
  • Simplifies supply chain management – It makes the supply chain management process of businesses simpler; thus, offering a cost-effective method of tracking products and services without inefficiencies and guess works. Unilever, a consumer goods juggernaut, is presently using the technology in monitoring transactions on its supply chain, and it has reduced operating costs in that regard.

READ: Has petroleum product deregulation finally come to roost?

Finally, it is important to note that Blockchain will assist in curbing global complexity by combining decentralization, security, and transparency.


Follow us for Breaking News and Market Intelligence.
Tags: BlockchainFeatured
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Related Posts

Top 3 trending Web 3 games for action gamers in 2024 
Cryptos

Top 3 trending Web 3 games for action gamers in 2024 

November 9, 2024
PoS business
Sectors

Nigerian inter-bank system, Zone to strengthen Nigeria’s POS transactions with blockchain 

August 20, 2024
Federal Government unveils initiative to train 1,000 Nigerians annually in AI, blockchain
Sectors

Federal Government unveils initiative to train 1,000 Nigerians annually in AI, blockchain

July 24, 2024
Memecoins led the industry in Q2 2024 and total crypto market cap fell by 14% — Report
Cryptos

Memecoins led the industry in Q2 2024 and total crypto market cap fell by 14% — Report

July 17, 2024
NITDA, Digital skills
Sectors

FG to establish AI, blockchain research centres in Nigeria’s six geo-political zones

July 3, 2024
Tapswap
Cryptos

3 things we know so far about Tapswap launch date on Ton Blockchain 

July 1, 2024
Next Post
Nigeria Mining Sector shows growth prospect despite low bank credit provision, Gold hits eight-year high as global recession sentiments strengthened, Gold hits three weeks high, Investors rush to gold, Gold Future Drops to $1727.80 as Tensions Escalate between America and China, Precious metals slump, investors focus on Central Bank’s intervention, FG inaugurates gold refinery project in a landmark event

Gold prices bounce higher, amid falling dollar

Comments 1

  1. Anonymous says:
    October 9, 2020 at 7:37 pm

    Thanks for this post sir

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  
  • Top MD/CEOs of Asset Management Companies in Nigeria 
  • Nigeria Immigration opens visa amnesty for foreigners with expired documents, sets September 30 deadline 

Follow us on social media:

Recent News

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

July 6, 2025
Top MD/CEOs of Asset Management Companies in Nigeria 

Top MD/CEOs of Asset Management Companies in Nigeria 

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics