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The benefits of using Blockchain technology in your company

Since its emergence, Blockchain technology is fast becoming critical to the 21st-century business.

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The benefits of using Blockchain technology in your company

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.

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.

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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

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“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.

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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.”

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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.”

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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.”

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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.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. University of Pennsylvania: Power of Markets, IBM Enterprise Design Thinking. You can follow Olumide on twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Anonymous

    October 9, 2020 at 7:37 pm

    Thanks for this post sir

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Cryptocurrency

#EndSARS: Feminist Coalition raise Cryptos worth $126,000

Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.

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#EndSARS: Feminist Coalition raise Cryptos worth $126,000, #EndSARS: Protesters launch helpline centre, online radio platform, 'Soro Soke', EndSARS Protest: Feminist Coalition group raise additional N31 million crowdfund in four days

Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.

Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.

READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days

The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.

READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments

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READ: #EndSARS: Nigerian ex-presidential aspirant, Adamu Garba sues Twitter and its founder, Jack Dorsey for $1 billion

Why this matters

  • The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
  • Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
  • Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.

READ: #EndSARS: How Nigerian football players have reacted

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What you should know

The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a  vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.

Its core focus is on education, financial freedom, and representation in public office.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Tether opens up 300,000,000 USDT

Tether’s Treasury minted a whopping 300 million USDT.

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Why OMG integrated with Tether

Tether, the most valuable stable coin by market value, has become a household name in the fast-changing crypto market.

The latest development is that Tether treasury minted a whopping 300 million USDT, as seen on Whale Alert, an advanced blockchain tracker and analytic firm.

READ: Large BTC entity transfers over $100 million worth of Crypto

READ: Bitcoin robbers transfer part of Bitcoin loot worth $1.4 billion

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At the time of this report, Tether traded at $0.999746, with a daily trading volume of $33,341,910,985. USDT price is flat in the last 24 hours. It has a circulating supply of 16 Billion coins and a max supply of 10.2 Billion coins.

To show how fast the third most valuable crypto by market value has become relevant, data from Glassnode, an on-chain analytics provider, showed Tether transaction volume increased by around 20% over the past 30 days, to reach that new cumulative milestone.

READ: 2 TRON whales transfer over 120,000,000 TRX

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What you should know

Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

READ: Ripple Whale transfers 20,000,000 XRP to Binance

Backstory

Nairametrics had earlier outlined a report on the organic growth of Tether’s market capitalization, as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency, without an intermediary.

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Cryptocurrency

Paypal to offer Cryptos by early 2021

This offering was made possible through a partnership with Paxos Trust Company

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PayPal Holdings, Inc. on Tuesday announced it will be providing its users the opportunity to buy, hold and sell cryptos directly from their PayPal account by early next year.

It also hinted at a strategy to significantly boost its crypto’s utility capability by making it readily available as a funding source for purchases at its 26 million clients globally.

READ: Chatbot provider, eBanqo, builds value system for customer-facing organisations

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of ; 

  • financial inclusion and access,
  • efficiency
  •  speed 
  • resilience of the payments system 
  • and the ability for governments to disburse funds to citizens quickly.”

READ: Commercial Paper value appreciates by N243 billion YOY, hits N539.8 billion in H1, 2020

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“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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READ: FG set to provide interest-free loans and agricultural inputs to farmers

PayPal was also granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS), In a statement credited to Linda A. Lacewell, superintendent, NYDFS, she said; “NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”

She continued, “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward-looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”

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