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TACKLING CORRUPTION IN NIGERIA WITH THE BLOCKCHAIN TECHNOLOGY

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The blockchain technology is taking the world by a storm and Nigeria is part of the countries riding on its tide. It goes beyond cryptocurrency which is its most common use case and branches into various industries and sectors. The blockchain technology is a decentralized, open source and distributed database used to record transactions across many computers in such a way that data cannot be altered without causing a disruption across subsequent blocks in the network.

The big question seems to be how the blockchain technology can cause a radical change in the way and method in which things have been done in Africa in general and Nigeria in particular? And if there is an aspect that the transparent nature of the blockchain technology would be needed in Africa, it would be in tackling corruption. The adoption of the technology across the continent is moving quite slowly but surely. Countries like Kenya have embraced the technology by setting up an 11-member task force to focus on how the country can maximize the benefits of the blockchain and Internet of things (IoT).
Although countries like Nigeria, known as the giant of Africa is still dragging her feet on the blockchain technology, choosing rather, to focus on cryptocurrency and its volatility. The blockchain technology will aid in fighting against corruption in the following sectors.

ELECTION

In February, Agora a Swiss-based blockchain company offering verified voting solutions built on their blockchain network to governments made a claim that they conducted the very first blockchain based election in the world in Sierra Leone. Although the Government debunked the claim, imagine the bloodshed and stress a trustworthy election can prevent in Nigeria. The 2015 presidential elections that was reportedly rigged in some parts of the country can be verified using the blockchain technology.

HEALTHCARE

The public healthcare system of Nigeria is hanging by threads and applying the blockchain technology to this sector will help a great deal. As it stands, the rural healthcare institution is relatively untouched by technological advancement. Also, the sector is even grossly unrepresented in the national budget with just 3.95% of the total national budget for 2018 allocated to health. The problem isn’t the misrepresentation of the health sector in the national budget but the fact that the budget is not fully actualized leading to a depreciated health sector. But with the application of blockchain to issues ranging from medical records to managing pharmaceutical supply chain transactions and execution of the healthcare sector can be monitored on the blockchain network.

SECURITY

Most of the Northern states in Nigeria have been battling with terrorism for some time now. With a terrorist group known as Boko Haram kidnapping young girls and training teenage boys to be suicide bombers. Tracking transactions is still needed as the blockchain technology makes it difficult to fund terrorism especially with the use of a cryptocurrency like Bitcoin.
The blockchain technology can be applied in a multitude of ways including identification such as the government of Estonia is doing. By allowing citizens access variety of services and rights enable by their e-identities. Pensioners should not be left out as tracking their pensions and gratuity will be easy and there will be lesser pension and tax fraud.
While we wait for the Government of Nigeria to adopt the blockchain technology, its citizens are already making use of cryptocurrencies, solving problems by creating blockchain startups and creating a name for themselves. The dream of Nigeria taking the front row in the crypto and blockchain space is one we hope comes true very soon.

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Banks Collaborate Using Blockchain Technology

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Cryptocurrency and blockchain technology has been an avenue for individuals, organizations and corporations to make money, create value and reduce the cost of carrying out transactions. Banks have not welcomed the idea as it seems to threaten their very existence. The technology which at a glance seems to eliminate them as middlemen and connect the buyers with their sellers directly is eventually tending towards that direction.

However, some banks don’t share the same sentiments and have begun to make effort to find ways to collaborate with the technology to drive economic growth and provide value to its customers.

Such is the case of some Banks in Thailand, collaborating together to achieve a successful blockchain-powered cross-border funds transfer from its country to Singapore. The effort which involved various multinationals including Japanese Mitsubishi Corporation, independent group company and Japan’s largest bank MUFG – which operates independently, and Singapore-based banking giant Standard Chartered.

Thailands bank of Ayudhya revealed in an announcement, the successful pilot testing regarding international remittance from a local bank account to a Standard Charted account in Singapore using its own Blockchain. It was stated that the transaction was made possible with the blockchain technology. In  the statement, Krungsri head of digital banking and innovation Thakorn Piyapan said:

“[T]he technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.”

The transaction was conducted under the guidelines of the Bank of Thailand’s regulatory sandbox, thereby putting them in the clear of violating any regulations. Krungsri, a wholly-owned subsidiary of MUFG, is the latest Thai bank to successfully try blockchain technology for remittance ahead of adoption.

Nearly a year ago, Thailand’s Siam Commercial Bank (SCB) collaborated with Japan’s SBI Remit to launch a retail remittance bank service powered by Ripple’s blockchain tech. With nearly 50,000 Thai nationals living and working in Japan, the remittance corridor between the two countries sees approximately $250 million in transfers each year.

This achievement is a big foot and a boost in the propagation of the gospel of blockchain and cryptocurrency around the world. Foretelling the widespread adoption of this technology by banks. This foot is expected to repeat itself again

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Blockchain

Finterra Launches Kenyan Operations.

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Impressed with the enthusiastic involvement displayed at the recently concluded World Blockchain Summit that held in Nairobi, Kenya in March 2018. Finterra has decided to launch its operations in the nation’s capital.

Based on a research carried out by the Fintech firm, it was revealed that there is an increasing interest and application of the blockchain technology in various sectors. The findings from this research was one of the motivating factors to join the market climb as it would be Finterra’s first investment on the continent. The technological growth experienced in the country and the governments support for the blockchain technology is the other reason.

The Singapore-based firm has created a crowdfunding platform that enables users to create smart contracts for various projects such as land and construction projects. Additionally, Finterra offers products such as endowment chain, loyalty exchange program, and a development environment for co-creation and collaboration for individuals and organisations.

Hamid Rashid, Finterra’s CEO, said in a statement:

“To make the best use of these endowed gifts, the Endowment Chain allows participants to create project proposals to develop and invigorate endowment properties. Others can fund these project proposals by contributing funds. If the project goals are met, the project proposal is accepted and a certain number of Endowment tokens are created and distributed to the participating funders.”

The value of the blockchain technology is so valuable that many use cases are popping up which would give the technology the much-needed awareness to drive larger adoptions. The goal is to contribute to what is already being done by introducing an e-commerce and land management platform on the blockchain thereby enhancing the online shopping experience and also the elimination of duplication of land purchasing documents or records.

Finterra held a three-day event with stakeholders in the industry on how to discuss the blockchain use cases and the other untapped avenues on the Blockchain. The intention is to work with mobile money operators, hotels and paid television service providers. It is obvious that they are in a welcoming environment that supports the technology, hopefully, Finetrra would integrate successfully.

 

Kenya’s embrace for blockchain is welcoming. Should other Africa countries follow in their footsteps? Lets hear from you in the comment section below!

 

Image Credit: CNN

 

 

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Ukrainian Villagers Owns Cryptocurrency.

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According to a local media, residents of a Ukranian village of Elizavetovka of the Petrykivsky district are reported to all own some cryptocurrency thanks to an initiative by the head of the village council.

The chairman of the council, Maxim Golosnoy at a recent village council meeting of deputies was to allowed, “to carry out operations with cryptocurrency in the interests of the territorial community without attracting budgetary funds, and also “figured out how to replenish the local budget with the help of cryptocurrency,” according to Comments.ua reported.

Tsn.ua emphasized:

The village is now the first in Ukraine where the residents have become owners of digital currency. After the value of this investment went up to about 39,000 hryvnias [~$1,480], he repaid himself the 13,000 hryvnias and claims to have set the rest aside for his residents, Tsn.ua detailed, adding that “from now on, each villager is an owner of several crypto units.”

The cryptocurrency is the care of the local government with promises that the villagers can cash out their coins should they choose to do so. In addition to the publication, the residents are in no hurry to cash out as they still do not understand the technology and the principle of cryptocurrency.

Since Ukraine currently has no legal framework for cryptocurrencies, Golosnoy intends to appeal to the cabinet of Minister of Ukraine to invest the future budget money. Having invested his personal funds, he plans to show the whole country how a small investment can increase in value, therefore, saving cash from the country’s treasury.

Golosnoy pointed out that each year the village budget has a surplus of “3-4 million” hryvnia which he hopes that “at least some of the revenues could be invested in cryptocurrencies…if the supervisory authorities and the community allow,” Tsn.ua detailed.

 

Should federal and local governments adopt this initiative? or is it a risky venture? let’s have your comment and contributions in the comment section below or on our social media platforms.

 

Image Source: cryptocoremedia.com
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

 

 

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Blockchain

BankDhofar Joins RippleNet

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Ripple is among a few lists of cryptocurrency companies to partner with a traditional financial institution.

RippleNet Blockchain network is one of the most revolutionary Blockchains with solutions that include cross-border payments, instant transaction settlement and bi-directional messaging. BankDhofar is the first Oman based traditional bank to partner with a cryptocurrency company to add to its portfolio of over 100 banks and financial institutions that are already on the RippleNet.

In an announcement, BankDhofar’s Chief Information Officer Dr Tariq Taha said that the bank is pleased to be

“the first bank in Oman to join and access more than 100 of its member banks and other financial institutions utilizing Blockchain for instant payments”

Although the partnership is coming after a year of the bank’s decision to join Ripple in respect to fulfilling the bank’s objectives of pushing for satisfaction and improving overall efficiency most especially to customers with overseas remittances. The bank also focuses on providing a more transparent mode of transaction and friction-less cross-border money transfer using the Ripple Blockchain. In addition, Taha said that the bank will also enable ‘end to end visibility over the journey of the payment’ as one of its initiatives of improving customer experience.

The aim of this new partnership, BankDhofar is looking to become one of the best leading banks in the Gulf area as it strives to innovate and create a variety of services and products that are tailored to their customers. The Ripple partnership was a strategic move as xCurrent (an end to end payment tracking software) and xRapid (a real-time liquidity provider for international transactions using the XRP token) which is set to be used by the global money transfer platform, Western Union, is one of the services BankDhofar stand to benefit from.

 

Is this a decision that should have been taken now? Is the Partnership mutually beneficial? Post your comments, idea and contributions in the comment section below or on our social media platforms.

 

Image Source: english.alarabiya.net
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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