Blockchain technology has been on the rise for a good few years now since hitting the mainstream thanks to leading cryptocurrency Bitcoin. This has proven with the widespread use amongst local residents as well as the growing popularity of bitcoin wallet services offered by Luno and other licensed operators in the business. In its simplest form, the blockchain is a diary which can’t be edited or forged, meaning there will always be a record of entries amongst other benefits which come with from implementing it.
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Blockchain technology has without doubt already have a huge impact on the financial industry, with the revolution continuing at an impressive rate. This has seen many nations around the world adopt blockchain for their own benefit, with one of these being Nigeria, where blockchain is managing to successfully boost business growth.
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Every business has money coming in and going out, that’s how the business world works, but if payments are to be made cross border they can often run into problems. Not only is the process usually expensive, it can also be slow, while leaving the door open for criminal activity to take place too.
However, thanks to blockchain technology, payments made via any form of blockchain-based payment system will not only be secure, they will be completed within an instant too. This therefore allows businesses in Nigeria to do business on a global scale, which will result in huge business growth.
For companies who either manufacture products, retail them, or even purchase them, being able to track their every move is somewhat advantageous in the modern business world. Yes, companies can turn to supply chain management software, but they’re not able to see everything in detail such as the time in which one component of the product was added for example.
Products will be checkable at any stage of their lifetime thanks to blockchain technology, with every detail imaginable available to view. This will undoubtedly provide the long-awaited solution to missing and damaged products. Companies would likely prefer to do business with those offering such tracking in Nigeria, then those who can’t or won’t, again helping to generate further business growth.
There are scammers and con artists out there who look to set up fake business deals in order to fraudulently obtain funds. This has been the case for many years, with Africa and Nigeria often a hotbed for such activity. However, with there being so many genuine businesses in Nigeria who are looking to grow, a solution to this problem would be a godsend, and it comes in the form of smart contracts.
Smart contracts effectively have a range of pre-agreed conditions set out, which all parties involved are agreed upon. Then, when these conditions are met, the process begins to reach the conclusion, one which all parties will reach. Smart contracts are ideal in the business world and send out a positive message to those wishing to do business with a company who implement them. Again, it’s another way in which blockchain technology can help business in Nigeria grow moving forward
