Nigerian Customs Service Adopts the Blockchain Technology
The blockchain technology has caught the attention of the Nigerian Customs Service (NCS). The organisation has been plagued with tracking goods in the country and has decided to employ the blockchain technology to its duties. The Assistant Comptroller-General, Modernisation, Nigeria Customs Service, Aber T. Benjamin has revealed that the organisation has adopted the Oracle Blockchain Cloud Service.
The NCS is eyeing a 50 per cent revenue growth from its adoption and aims to build a trusted platform for the automation of Customs Excise Trade business processes and procedures using the Oracle blockchain. ACG Benjamin revealed, “Using this technology, we found the entire business environment can be migrated to blockchain to automate processes and create transparency and predictability. Once the transition to blockchain is completed, NCS expects revenue growth increase of about 50 per cent. This technology helps our organisation to build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country.”
The integration of the Oracle blockchain to the customs shows that using the Proof of Concept (PoC), the entire business environment of NCS can be migrated to the blockchain. This will help the organisation automate as many processes as possible to the blockchain creating transparency and predictability. Amit Zavery, Executive Vice President, Oracle Cloud Platform explains,“Oracle Blockchain Cloud Service provides customers with a development platform to build their own networks and to quickly integrate with Oracle PaaS and third-party applications they already use, as well as other blockchain networks and Oracle PaaS services. It also enables users to provision blockchain networks, join other organisations, and deploy and run smart contracts to update and query the ledger.”
He explained the potential of the blockchain technology to transform any industry and the NCS shouldn’t be left out of the transformation. He also explained that the Oracle platform can help enhance businesses, eliminate unnecessary processes, and help businesses transact with the distributed network system more easily.