When you mention Bitcoin in Nigeria people can always relate to it, but the moment you mention Blockchain, They get confused and ask what it’s all about and how it works.
We are living in a digital world where millions of people use digital assets to transact directly without any third party intermediary.
The blockchain is an incorruptible digital ledger for economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
Blockchain is the world’s leading technology platform for digital assests. It is a decentralized data base that keeps record of digital transactions.
Money transactions usually relies on middle man like Banks, Accountants, etc to ensure trust and successful transactional process like authentication and verification and this process takes some time.
The growth of E-commerce, online banking and in app purchases in Nigeria has fueled the increase of transaction volumes. Transaction volumes will yet still rise in Nigeria as the years go by especially with the rise of internet of things (IOT).
In dealing with this challenge, we need a payment network that is fast and provides a mechanism for trust. Having an intermediary in financial transactions most times creates extra charges and double spending.
This is where Blockchain comes in. The technology seeks to do away with the intermediaries and also ensure a safe system of money transfer and transaction that is much more secure than using the intermediaries. Some examples of the technology that is popular and allow seamless peer to peer transactions are Bitcoin, Abjcoin, Litecoin, Ethereum, Dash coin etc.
Highlighted below are some of the advantages of the blockchain technology.
- Blockchain is decentralized, open and its cryptographic nature allows people to trust each other and transact peer to peer, making the need for intermediaries obsolete.
- Blockchain is highly secure. It is almost impregnable. This also brings unprecedented security benefits. Hacking attacks that commonly impact large centralized intermediaries like banks would be virtually impossible to pull off on the Blockchain.
- Blockchain applications are extremely fast. Imagine transferring money without being dependent on bank bureaucracy. It will just be as fast as sending an email.
- Blockchain is time saving. Transactions can be slashed from days to minutes.
- Using Blockchain is cheaper as it eliminates the need for a paid intermediary. No bank charges, no extra cost, etc.
Blockchain will positively disrupt hundreds of industries that rely on intermediaries, including banking, finance, academia, real estate, insurance, legal, health care and the public sector — amongst many others.
If you need more information or better understanding on how the blockchain Technology works, Plan to attend an upcoming seminar which is slated as follows:
Date: 15th November 2017
Venue: Sheraton Hotel & Towers Abuja, Nigeria.
Time: 10am Prompt
Register for free at http://blockchiansummit.ng/