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Nigerian Customs Service Adopts the Blockchain Technology

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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.



 

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270k User Data At Risk As Australian Crypto Exchange Accidentally Sends Emails En masse 

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An Australian Crypto Market Overt dubbed BTC Markets, has by a mere twist of fate jeopardised the privacy protection of its customers by accidentally baring their personal information. This way, its users are at the mercy of phishers and identity thieves. 

Business Insider disclosed how the exchange had bared the identities (names and email addresses) of more than 270,000 users when it released emails en masse to the users all at once. 

The same mail was addressed to a set of one thousand email recipients. 

This unintended disclosure came to be due to the emails sent all at once instead of mails being sent to each user personally, or better still, opting to utilize the “blind carbon copy” feature.

Any would-be identity thief would already have access to about nine hundred and ninety nine other personal data from each addressed email.

Caroline Bowler  the CEO of BTC Market explained that: 

“all account holders were affected.” 

She continued that: 

“The email was sent in batches, rather than in bulk.”

The mails could not be reversed or cut midway once it was sent.

Although sensitive data regarding passcode, financial information were not compromised, the disclosed info puts users at risk of phishers, identity thieves, and fuels the menace of obtaining by false pretences, as potential scammers now know who and who have crypto accounts.

This unintended move brings to the fore the challenges of centralizing Crypto markets. Any error or system hack can give away non-sensitive and even highly sensitive data.

With the look of things, BTC Market has to undergo an internal evaluation and timely review so as to tighten its security. To observe necessary due process, BTC Markets will  have to register this inadvertent occurrence to the Office of the Australian Information Commissioner.

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I Didn’t Own Any Cryptocurrency Before Beam, Not Even Bitcoin – Beam CTO, Alex Romanov 

I did not have any relation or experience with any other cryptocurrency or blockchain.

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The Chief Technical Officer of Beam Alex Romanov has revealed the first cryptocurrency he ever owned. He said in the CryptoTvplus AMA Series on the 25th of November that Beam was the first cryptocurrency he owned. Not even bitcoin, he emphasized. 

He said the Beam project was the first blockchain related project he undertook. Before I started, he explained, “I did not have any relation or experience with any other cryptocurrency or blockchain. In fact, I didn’t even own any other cryptocurrency before Beam. Beam was the first cryptocurrency I actually first owned.”

This is like true for most of the team I think. We were new to this space and had to learn everything from scratch very quickly, which we did and eventually we produce Beam, Alex added. 

In the AMA session which was focused on the Beam Confidential DeFi Ecosystem, Alex also revealed the project did a hard fork in July and added a feature amongst others called Confidential Assets. 

This feature allows anyone to create a confidential token easily without special development skills. 

He also expressed his opinion on the future of the industry with emphasis on regulations as it affects privacy coins.

He said “we’ll see regulations moving forward to adapt to the new reality and understanding privacy is not something bad but something good that people need to be able to trade on blockchain”

You can watch the full session here. 

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Beam is building Decentralized Bridges Between Chains to allow Interoperability- Beam CTO, Alex Romanov 

According to Alex Romanov, there’s a current strong trend in the industry in terms of interoperability. Beam is building  decentralized bridges between Beam, Polkadot and Ethereum. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way. 

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The CTO of Beam and Tech Lead has been revealed Beam is building decentralized bridges between blockchains. The bridge is designed to allow interoperability between blockchain networks such that values can be easily transferred between chains. 

This was made known on the CryptoTvplus AMA Series which aired on Wednesday, the 25th of November, 2020.

According to Alex Romanov, there’s a current strong trend in the industry in terms of interoperability. Beam is building  decentralized bridges between Beam, Polkadot and Ethereum. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way. 

The Beam CTO went on saying Beam definitely will lead the direction of building blockchain connecting tools. In his words 

Alex Romanov, CTO & Tech Lead, Beam
Alex Romanov, CTO & Team Lead, Beam.

Interoperability is happening, there will be more projects that connect to each other in the future and Beam will definitely lead this direction by building completely decentralized bridges that will allow to freely move value across chains and trade confidentially.”

Considering the development in the industry as regards to regulatory impact on privacy coins which Beam is one such, Alex Romanov said, in few years, we’ll see regulations moving forward to adapt to the new reality and understanding that privacy is not something bad but something good that people need to be able to trade on blockchain. 

He also said the industry will see much more serious trading on blockchain because it’s convenient and has lots of advantages. 

You can watch the AMA Session here below:

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