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“Could This Be Nigeria’s Last Chance? The Blockchain and Nigeria”

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Nigeria has experienced her fair share of revolution at different stages of political and economic metamorphosis with the majority of her revolution being political and few economical. But successful countries in the world do not owe their success to stable political system only, but thriving and prosperous economies that allow for innovation, competition, and “early adoption of technologies” able to grant them a competitive edge and a bullish advantage on the world economy chart. The latter in particular has been the strategy that has turned third world nations to nations with enviable prosperous economies. When a topic of this nature is being discussed, a striking example that readily comes to mind is the DUBAI Revolution. The famed Arabian Desert turned number one tourist and popular innovation centre in the world achieved its present enviable status as a result of a foresighted government, which knew “the future would not be as patient with us as today is.”

Dubai’s foresightedness has given much room for technological advancements on all levels especially in the case of the Blockchain Technology, which undoubtedly is the “future of Man and his environment”. Consequently, Dubai is well placed to be one of the leading economies of the next age Indeed owing to the boundless possibilities of the nascent Blockchain Technology, Dubai may appropriately be dubbed the most efficient and organised political and economic system in the world. Dubai is one of the few countries to recognise the power and possibilities of the Blockchain and how it can be the one-fit-all solution to common social, health, economic, and political, challenges in the world. In response, she has setup an active engagement with the virgin Blockchain Technology at all levels of its national existence, with the goal of running over 90% of all it’s national activities on the Blockchain by year 2020 which would allow for an efficient and reliable economic and political system.
Applause, to the liberal, foresighted government of Dubai.

While this is a counter-narrative in Nigeria’s case, it behoves members of the Blockchain community in Nigeria, to begin a major campaign on the adoption and use of the Blockchain Technology among other sister disruptive technologies like Artificial Intelligence and Internet of things by the government of Nigeria at all levels of its national and foreign existence and operation, if I may say, this is the true change we need.
This was my submission among others on behalf of Cheetah Africa at the launch of the Block Show Africa.
It was great sharing insights under a learning atmosphere with major Stakeholders in the Blockchain and Cryptocurrency space, such as (#ChimezieChuta, #NathanielLuz #senatorIhenyen, #CrytpoTv+, #Tega Abukure, #Kurefundsconsult, #Ademolaadeyoju) at the private launch of the Block Show Africa, an initiative by Crypto Tv+.

As the discourse went on, positions were maintained and ideas were shared among the participants and represented organisations in the space. At the end, we came to the general conclusion that the Blockchain Technology is Nigeria’s opportunity to leverage its available potentials in becoming a “First world nation” in the coming years.
The power and possibilities of the Blockchain Technology, is capable of rescuing Nigeria from majority, if not all, of its teeming challenges at all levels, the technology can especially aid things in health, agriculture, civil sector, the public service, national treasury, voting, policing and crime, etc.
For example, by legalizing and adopting the Blockchain Technology through:

1. the power of tokenization, Nigeria can raise enough funds for giant economic and social projects among its citizenry which would reduce our level of reliance on loan seeking from countries like China.
2. through the power of smart contracts: a perfect, and efficient governmental operation can be installed at all levels of public and civil service, which completely solves the age-long problem of corruption we have been embattled with as a nation. This would also solve completely the issue of Tax Evasion.
3. through the power of decentralization: inefficient, and bureaucratic practices leading to red tape can be completely gotten rid off.
4. through the power of the ledger system: issues of identification, and criminal activities can be easily resolved than any other existing technology.
5. through the power of cryptography: issues related to data protection in the governments can be far more resolved at very low cost; better than NCC identification system or even the national identification system.
6. through the power of open source: (kudos to what companies like BudgIT is doing in ensuring transparency in government practices but with Blockchain) government spending and budgetary allocations can be easily monitored and confirmed by anybody anywhere in the world through the open source system of the Blockchain Technology leading to greater Transparency and Trust in government practices in Nigeria.

7. through the power of decentralized applications: Elections can be conducted in a free and fair manner, Information can be made more accessible to the public, and in fact the need for public or civil servants would be greatly reduced leading to greater efficiency.

By adopting the use of the Blockchain, Nigeria would be placing herself on a pedestal of political efficiency and economic advantage, the legalization of the use of Cryptocurrency most especially, can lead to quantum foreign direct investment in the county (FDI).

The Blockchain is capable of effecting a disruptive revolution in Nigeria completely; from the political sector to the economic sector and other levels of national engagement and operation and probably lead us to a utopian state. But this is only possible when all Public and Private Stakeholders at the helm of the country’s affairs begin to take a proactive and positive approach towards its adoption and legalizing Blockchain’s accompanying products, most popular of all, the Cryptocurrency. Hence if the “Blessings of the Blockchain Technology” must be consummated for our economic prosperity, the Securities and Exchange Commission (SEC) , Economic and Financial Crime Commission (EFCC), would have to be reoriented on the use of Blockchain and Cryptocurrency. Cryptocurrency is not a scam has it has been dubbed by many, it’s a technology redefining how we own and transact value, especially money. A corollary of this assertion is that with its unadulterated application, it can be used to track and handle financial and economic crimes efficiently. There would be no need for investigation. The open-source Blockchain network automatically alerts all of every Kobo allocated and spent. That is what we need as a nation, a transparent government by the power of the Blockchain. While the popular negative perception that holds sway among the government and masses about Cryptocurrency is untrue, the Blockchain Community in Nigeria is teaming up to redefine this false perception through education, regulation, and advocacy.
This is the objective of the Block Show Africa and the proposed Blockchain Association of Nigeria.
The government and its agencies needs to partner with the organised community of Blockchain and Cryptocurrency users in Nigeria to adopt this Future technology aka web 3.0 in causing a positive disruptive revolution in Nigeria.

Toast to the Block Show Africa, Toast to Cheetah Africa, Toast to the great future of Blockchain and Cryptocurrency in Nigeria, Toast to a Prosperous Nigeria.

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Governments In Africa Will Welcome Blockchain Technology – Lucky Uwakwe

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Lucky Uwakwe - African Government will welcome blockchain technology
Lucky Uwakwe shares his views on African governments and Blockchain adoption with Cryptotvplus.

It is no news that a lot of enthusiasts in the blockchain space only show commitment to the projects they handle or the ones which give them maximum returns. It is not everyday you get to meet an enthusiast in the space who is quite passionate about getting the government on board this moving train.

Interestingly, in a recent article published by CryptoTVPlus, some African governments are already piqued by blockchain.

However, Lucky Uwakwe is positive that all African governments will finally come to terms with the versatility of the blockchain in the nearest future.

Here is an overview of the conversation we had with Lucky Uwakwe:

In your own words, what would you say blockchain is?

Blockchain is a persistent record of ownership transfer, that is publicly available for examination by all aspects of people. It is permission less to use and no trust is required toward any third party when using it. It is immutable.

In a few words tell us about your journey into the fast emerging Technology. When, how and through what means did you hear about Blockchain and Cryptocurrency? 

I learnt about bitcoin and blockchain from research in the CYPHERPUNK community,  during an online research in 2008, but I never fully grasp the importance until about 2010/2011 with bitcoin and the Mt gox exchange (magic the gathering of exchange)  after that I use to read Vitalik Buterin(ethereum founder)  Articles on bitcoin blockchain back then, when he was a writer on bitcoin

In what areas of blockchain are you most passionate?   

Education and Consulting with Service of smooth user friendly digital exchange.

What is your product all about? What challenges or problems have you identified? How will your innovation use the blockchain to solve these problems? 

CURRENTLY as I speak, we see that some countries in the world especially in Africa buy digital asset at a premium, and pay higher fee which is higher than some region. Another problem Fiat based crypto exchange is different and crypto- crypto exchange is also different.

We have built a solution to cover all that, making it easier for people to trade and convert over 200 crypto to crypto , or crypto to fiat,  all in one place. also transfer in the exchange is free, from OTC fiat section  to the crypto exchange of our exchange, we even do free deposit fee, and our withdrawal fee is lesser than what is currently available in many exchange in the world.

We have exactly combine liquidity of Huobi which is one of the top three crypto to crypto exchange in the world, but we have added easy fiat for African and have open African customers to the rest of the world. With our partnership with Huobi cloud, security is paramount. we are called SaBi, we provide users across the globe to either use our Crypto to crypto or fiat to crypto,  we have open a continent to the rest of the world, so customers in other continents can trade with other continents including Africa. All in one place.

What milestones do you hope to accomplish in the coming years in the Blockchain Industry?

To see that government Across Africa welcome blockchain technology and digital currency, and to ensure we have a strong community of women and house wives who are professional traders on SaBi making a living to support there family and the continent at large. So that they can become independent.

Our goal is to see that we return 30-60% profit made from SaBi exchange back to our active users and the community to support poor African community, lacking basics facilities like Schools,clean water, hospital and food. This we will do through SaBi exchange with our partnership from Huobi cloud

How is your Project contributing to creating blockchain awareness and in turn Mass Adoption?

My company has been at the fore front of positive awareness with the government and community across Africa and beyond, a simple google search of my name Lucky Uwakwe  will show quite a lot,  but as a company we continue to create a cooperate awareness with institution making our authority responsible for enacting laws that will shape the future of Blockchain in our continent.

Tell us about your project team? How did you come about the team? How do you  inspire them to give their best? 

I actually don’t inspire my team, my team inspire me. They are the best brain out there, why tell the best what to do? Rather they inspire me and we work towards a common goal. Currently my team have been one of the best to work with in one project,  my project team members are from or based in China, Canada, Singerpore, Japan , Nigeria and Taiwan.

Most of them have over 3-10years+ background in Tech, Finance and Wall Street and Blockchain space. My Nigerian based team all have experience in the Blockchain space,  I am a certified cryptocurrency specialist (C.C.S) and still current  MSc in Digital currency and Blockchain Technology at the University of Nicosia Cyprus.

My Co-founder Mr. Peter Huang is a Chinese with experience Tech and Engineering company, from Beijing China, my Designer Kayode Iyanu owns SirfiTech in Nigeria capital city and the entire team of Huobicloud in Asia are working with us, from Mr. David Chen a Canadian, Mr. Jack Lee in  Shenzhen china , Mrs. Margaret Tang,  all from Huobi cloud, we have a rich diverse team across the world and many more working behind the scene working to see SaBi meet every standard before we Lunch by February 2019.

Mr Lucky Uwakwe is the Co Founder of Cheetah Africa.

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Why The Fuss About Blockchain Technology?

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The fuss about blockchain and its importance

One of the constant thing in life generally is change, and the ability to change have always been the top most priority of our evolution as humans. There are almost infinite factors that contribute to these changes in our civilized world. Whether we like to admit it or not, blockchain technology is of importance towards achieving this change.

Innovations like the AI and IOT are on people’s lips nowadays. Not just that, there’s a tendency that everyone has a device that uses one, if not both of these technologies in their vicinity.

For couple of years now, Cryptocurrency and the Blockchain technology has really captured part of the spotlight. There is argument by some people that cryptocurrency – Bitcoin to be specific is the most important invention of the century. However, if cryptocurrencies were to vanish into thin air tomorrow (hypothetically speaking), there is still something to fall back on and that is the Blockchain technology.

The Blockchain technology is such an awesome technology filled with intricacies and has been disrupting our traditional business models and there are still some unaware aspect to many of us. In simple words, Blockchain is a virtual, public ledger of information collected through a network that sits on the internet. It is how this information is recorded that gives the Blockchain its groundbreaking potential which enables cryptocurrencies decentralized.

A Dive into the Importance of Blockchain 

One of the most important benefits Blockchain offers is that it facilitates consensus within a trustless community through a smart incentive system, a number of people with no reason to trust each other can reach an agreement over something that can be said to be true before it is added to the chain. Once the data is recorded in a block it cannot be altered without having to change every block that came after it, making it difficult to do so without it being seen by the other participants on the network.

The ledger is copied across the network of validators using cryptography tech. This means that even if a hack would be possible in theory, in practice, it’s almost impossible.

Blockchain technology improves existing database technology and it’s quite cost effective and more secure. It has the potential to usher in a new, fairer world, spanning finance, governance, supply chain management and much more.

Blockchain greatly improves over our existing database technology as it’s more efficient, more cost-effective, and more secure. Of course, it has to be said that traditional databases have clear advantages over the Blockchain in terms of performance. However, their biggest setback is the fact that they are centralized, with the management of data placed in the hands of just a few entities.

Till date, there are four types of Blockchain which are permissioned Blockchains, permissionless Blockchains, public permissioned Blockchains, and private permissioned Blockchains. Both Bitcoin and Ethereum are permissionless Blockchain; that is anyone can start mining and operate as full node. But it is not so in the case of permissioned Blockchain, there is need for authorization and only a number of limited users are authorized to join.

Public permissioned Blockchains are simply permissioned Blockchains, however the data is available for public view. Contrast to private permissioned Blockchains, data is restricted from public view in this case.

Smart contract – Smart contracts are agreement written in code and embedded onto a particular Blockchain. The code contains set of rules, conditions, expiry dates and other relevant information needed which self-execute if the conditions are met. One part of Blockchain technology which not only increases a number of Blockchain use cases, but also the ability to disrupting a variety of industries and non-profit causes is the invention of smart contracts.

Practical benefit of Blockchain and how it works

Blockchain provides business with transparency, improved trace-ability, enhanced security, increased speed and efficiency and it is cost effective.

Since the Blockchain is a distributed ledger, all participant on the network share the same view and data. Each block contains the data it is recording, for example a transaction like 1 kurecoin being sent from Benjamin to Israel, as well as timestamps of when that information was recorded, also it will include a digital signature linked to the account that made the recording and a unique identifying link, in the form of a hash (one can think of it as digital fingerprint), to the previous block in the chain.

Furthermore, data on the Blockchain is accurate and transparent, after a transaction is approved, it is encrypted and linked to the previous transaction, it is this link that makes it impossible for any of the information to be altered or for a block to be inserted between two existing blocks. The data shared can be updated through a consensus which means that it must be agreed and accepted by everyone on it. This is what makes the Blockchain perfect for industries such as financial sector, health sectors, and even government data management.

Industries being disrupted by the Blockchain

The Blockchain is popularly known to have been designed to enhance and disrupt the financial sector which is in the aspect of cryptocurrency, however it is important to remember that this payment method is only the tip of the iceberg in current Blockchain use cases. Below are some listed ones;

Decentralized Government

As said before, one of the most fascinating aspects of Blockchain is how they allow consensus to be reached which makes it difficult for any information to be altered without the participant on the network not seeing it. When it comes to voting, it all comes down to trust. In the future, we might very well see Blockchain technology powering national or local elections. Blockchain has the potential to significantly diminish electoral fraud, manipulations, violence as seen in some part of the world.

Blockchain In Banking

Banking is one industry that is very prone to human error. With the help of Blockchains, recording transactions would virtually eliminate this problem. Also, Blockchains guarantee a high accuracy for records and provides a highly traceable audit trail. Accepting Blockchain technology in banking and the broader financial system could improve the industry by paving the way for a much more responsive and flexible infrastructure.

Blockchain In Supply Chain Management

Blockchain technology offers trace-ability and cost-effectiveness, thanks to its unique features, Blockchains can easily track the movement of goods from their origin to the middle and finally to the final consumer for a supply chain management.

Blockchain In Health Care

Transitioning to a Blockchain healthcare system would cut costs and improve security of health data. When it comes to Blockchain the future of healthcare will be all about efficient data processing and sharing, enhance opportunity for analyzing medical trends and assessing high quality of care.

The Blockchain healthcare use case increases even more if a smart contracts is considered. For instance, an individual patient could interact with a specific Blockchain healthcare platform in order to easily view all of their claims, transactions, as well as medical history. Alternatively, the Blockchain can be used in order to apply for transfers or schedule appointments with their immediate medical staff, which are activated by smart contracts as soon as payment is processed and doctor confirms availability.

In conclusion, the Blockchain technology has a lot of use cases, a lot more than it can be covered in this article. There are still a lot of development and research to be done. The technology is still in its infant stage until it reaches its maturity, it will change the way we live our lives.

 

What is your take on the Blockchain Technology? Do you think it will really change the way we live our lives? Share your thoughts with us in the comment section.

 

Picture Credit: Synergyaustralia.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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JPM Coin to be the First US Backed Cryptocurrency by JPMorgan Chase

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JPMorgan launches new cryptocurrency - calls it JPM Coin

JPM Coin becomes the first cryptocurrency to be backed by the United States government. 

JPM Coin – US Government First Backed Cryptocurrency

JPMorgan Chase, one of the biggest banking institutions in the United States is developing the first cryptocurrency to be ever backed by the US government. A digital token which is called, “JPM Coin” was created by software engineers in the New York-based bank, which, as reported by CNBC, JPMorgan will use to increase settlement efficiency within its operations.

JPMorgan CEO Jamie Dimon Called Bitcoin A Fraud

JPMorgan’s CEO Jamie Dimon once called Bitcoin a fraud in September 2018 saying he has no interest in it, a statement he later personally regretted in an interview on Fox Business. According to him, “The blockchain is real. You can have cryptodollars in yen and stuff like that. ICOs.. you got to look at everyone individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big”.

JPM Coin for Real-Time Settlement

According to Umar Farooq, for the time being, JPM coin’s initial concentration would be on international settlements by big corporations, thereby helping these institutions bolster up transactions that take a longer period of time by using options such as Swift.

 

 

 

 

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Cryptotvplus Partners with Bitmama Exchange To Improve Blockchain Awareness in Nigeria

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We are pleased to announce a new partnership between Cryptotvplus and Bitmama. After a long meeting on Monday February 9th 2019, both companies resolved to join forces. This  partnership is to promote blockchain-awareness in Africa. This resolution came in a bid to grow the ecosystem and promote adoption.

Bitmama is an exchange that enables users to create their own wallets and purchase cryptocurrencies simply by connecting their wallets with their Bank Accounts, Credit or Debit cards, and mobile money accounts. All users have to do is input their bank verification number BVN to synchronize their account with the platform and guess what? The rest is history.

Bitmama, having just recently taken part in last year’s GreenHouse lab “Demochella” Event where she pitched her product and remains one of the top 5 projects to be given start-up attention.

In areas of security and verification, customers have the option of safe guarding their funds using Two-factor authentication. This is possible with third-party apps like Google Authenticator and Authy. For more information on the working modalities on the platform, read our previous post.

Partnership in the space has not come as a shock. Recently in our previous post, we brought you the update of partnership between African Blockchain Alliance with Consensys Academy.

As you may already be aware, Cryptotvplus seeks to keep her community synced with the latest news and Information on cryptocurrency and Blockchain technology in Africa and beyond.

We are thinking to expand the services by working in close partnership. This partnership will help improve our  campaign for awareness. It will help us provide newer services in the space.

– Tony Emeka CEO Cryptotvplus

For partnerships and collaborations, do write us at info@cryptotvplus.com

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