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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.



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.

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.

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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.”


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;

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“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

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“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.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Anonymous

    October 9, 2020 at 7:37 pm

    Thanks for this post sir

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Why a number of investors are trading stocks through blockchain

More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco.



The recent outrage by WallStreetBets over the temporary suspension of GameStop (GME) and a few other stocks has led a significant number of stock traders to seek other viable means of trading stocks.

Recent data retrieved from Fortune Magazine revealed that such fiasco which led to the suspension of trading such stocks by leading American stock trading app, Robinhood, has severely damaged its brand.

More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco. 40% of Robinhood investors say they aren’t considering it, and 4% say they’ve already left the platform as a result of its stock limiting. It looks like Robinhood is learning the lesson Warren Buffett preached for years: “It takes 20 years to build a reputation and five minutes to ruin it.”

READ: This US stock gained 185% since we selected it

Blockchain technology is already revolutionizing financial system services. This technology has made the need for a third party unnecessary in transactions or access to the stock market. Conventionally, buying stocks usually requires a stockbroker, paperwork, or a long list of financial assessments.

Unlike regularly traded stocks, tokenized stocks do not require any sort of paperwork or the need for a stockbroker as a middle-man, which makes them free from the stockbroker’s fees.

Tokenized stocks are derivatives assets. This simply means that the price of a tokenized stock is determined by the price of the company’s stock. If a particular asset is traded at a certain price on a stock market, the same price or a little difference in price will be traded on different exchanges.

Tokenized stocks are digitalized forms of a company’s stock traded on secondary markets. What this means is that Tesla, Apple, Facebook, etc. stocks can be traded on a crypto exchange. Trading Tesla’s stocks, for instance, on crypto exchanges makes it easily accessible to purchase anywhere.

READ: What bad stocks have in common with bitter relationships 

Tokenized Gold, Silver, Tesla, etc. are traded on FTX Exchange and other leading crypto exchanges where spot markets and futures can also be traded.

What you must know: The group tagged as the Wallstreetbets is a longstanding subreddit channel founded in 2012, where many Reddit users discuss highly speculative trading strategies and ideas.

  • The group has caused huge disruption to financial markets in the previous week, especially among institutional investors like Melvin Capital who recently recapitalized their fund amid its losing positions at Gamestop.
  • Stock traders are becoming concerned that hot trending stocks such as GameStop, rising at such an alarming rate might lead to great chaos at global financial markets, in the long run.

That said, tokenized stocks are traded round the clock like crypto assets, though the flip-side is, they can’t be liquidated when the traditional market is closed.

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Bitcoin’s bloodbath leads crypto market drop by $120 billion

The global crypto market cap is $1.41 trillion, an 8.23% decrease over the last day.



The bearish grip in the crypto market has led to heavy losses of crypto investors’ funds at the wrong side of the current trade, as roughly $120 billion worth of crypto assets evaporated into thin air within a day.

The flagship crypto that surged to a record price level of over $58,000 last weekend has now depreciated by over $11,000, as the present price shows that it trades around the $46,800 price level.

The global crypto market cap is $1.41 trillion, an 8.23% decrease over the last day.

  • The total crypto market volume over the last 24 hours is $151.74 billion, which makes an 8.97% decrease.
  • The total volume in DeFi is currently $13.96 billion, 9.20% of the total crypto market daily volume.
  • The volume of all stable coins is now $123.76 billion, which is 81.56% of the total crypto market daily hour volume.
  • Bitcoin’s price is currently $46,765.78.
  • Bitcoin’s dominance is currently 61.63%, an increase of 0.10% over the day.
  • For the day, 130,475 traders were liquidated.
  • The largest single liquidation order happened on Binance-BTC valued at $3.56 million

READ: Investors get burnt, lose $1.6 billion in crypto within a day

Other leading crypto assets that include Ethereum, XRP, Litcoin, Chainlink, Binance coin, and Stellar lost more than 9% in value at the time of writing this report.

In addition, recent data suggest that the world’s biggest digital asset manager has seen its $32 billion Grayscale Bitcoin Trust (ticker GBTC) plunge by 20% this week alone, according to Bloomberg News, outpacing a 13% decline seen in the price of Bitcoin lately.

This suggests that after lots of money was poured into GBTC, as institutional investors sought exposure to Bitcoin’s dizzying rally, investors are now taking their exits as the current bullish rally seems to have stalled.

READ: Red Monday: Investors lose $2 billion trading crypto

Sell-off in the crypto market is likely due to widespread profit-taking by global investors, coupled with strong anxiety that leading financial regulators might clamp down on its reach.

Some weeks ago, leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.

The statement highlighted the risks associated with investing in Bitcoin and other crypto-assets, and warned the public that there were high chances that all their funds could be lost.

READ: Cryptos likely to gain at least 1000% very soon

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“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.


“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.

That said, a significant number of crypto investors appear to be shrugging off the huge falls as another typical bump on the crypto path, and one which, no doubt, will likely see crypto trading volume return as crypto investors look to buy what many are viewing as a bargain to buy in what is still very much a bullish run.

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