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Adoption of Blockchain Technology: a Step towards to Business Explosion In Nigeria

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The blockchain technology has become the fastest growing technology the world has ever behold with a short time frame. This "no-relevance" technology that was introduced in 2008 has soon become a major voice in the world today and evryone is on a continuous fight to gain relevance on this technology.

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I have come to terms with the fact that the Blockchain technology is fastest growing and most rapidly traction gaining technology but sadly 62% of the top executives in the world of business still don't know what the blockchain technology entails.

It’s time to get up to speed because this game-changing technology isn’t going away. In fact, the global blockchain market is expected to increase by 80% between 2018 and 2023, from $1.2 billion to $23.3 billion, according to ReportLinker.

The blockchain, as its name implies, is a sequentially linked data blocks that is not subject to alteration or modulations. Nothing can be erased from the ledger or audit trail, but more records can be added in form of new blocks. Also the blockchain runs on a peer-peer network which means there is no middle influence in the process of transaction.

Few reason Why the blockchain technology is the magic for business growth

- Payment Acceptance

Cryptocurrencies aim to provide a speedy and stressfree transacting experience for businesses,” Choi said. Before we proceed the word "Cryptocurrency" means is a digital asset designed to work as an avenue of exchange where individual coin owners records are stored in a ledger form of computerized database using strong cryptography to secure transaction records, to determine the creation of more coins, and to also authenticate the transfer of coin ownership.

The benefits of accepting cryptocurrencies as a form of payment for goods or services include lower transaction costs, immediately available funds, the elimination of charge backs (or bank-initiated refunds), and expanding a company’s customer base.

Business expansions gets pecked down because of it static payment module. There are certainly over billions of potential new patronage a business could reach merely by publicizing that they accept cryptocurrency. Just as the introduction of POS (Point of Sales ) into buying and selling brought much liberty to customers and also boasted sells because it gave control over financial budget compromise as compared to moving about with cash and also appreciated the value of money.

Cryptocurrency transaction cures the headache of delayed transaction. I live in a country who have so much set backs ranging from electricity instability to poor economy to bad networking system to mention a few and all of this contributes to giving a stressful transaction. Certainly, the system would be better if blockchain technology is introduced into the system.

- Transparent record Keeping

It makes sense then that one of the most helpful uses of blockchain is what is called “perfect and open” record-keeping.

For example, companies can use blockchain as a way to track supply-chain logistics, including keeping tabs on where products come from, where products are located at all times, and where any issues might result along the way. Title insurance companies can take advantage of the technology as well, by using it to keep permanent records of property titles.

A few week ago, a news firm in my country report a fire outbreak in one of the leading government institution and off course it was in the finance sector. News reports that the fire burnt literally all the financial document found in the particular office of the incident. That off course is a serious dilemma to the government and can sure pose a stigma on that sector. With the way the blockchain is designed, it means it also can help protect public information which may including government data, open, accurate, and available to the public.

- Digital Security Guarantee

As more and more of our business data is stored on the cloud, including payment information, online security matures to become even more important than the record stored.

Considering that the blockchain tech has a decentralized nature, it is extremely difficult to hack a blockchain. Even if someone were able to tamper with one digital “block” in a blockchain, that block has a connectivity to all the others in the system, meaning a tamper would be identified faster and the records, which are protected by cryptography, would likely be safe.

Choi said, blockchain technology can create unique digital identities that can’t be duplicated. “In the future, all of our login-ins to online services will be on the blockchain.

- Creating Intelligent Contracts

Blockchain technology can be utilized to achieve what Choi calls “a disruption of the legal industry.”

“A intelligent contracts allow businesses to memorialize a transaction on the blocks, and spontaneous execute parts of the agreement as conditions are met. *The conditions and requirements can obviously become much more complex … but the basic implication is that parts of contracts can be written, executed, and settled on the blockchain.

Whether you’re immersed in the tech world or not, it’s likely you will soon be crypto crazy like i am today.

Posted Using LeoFinance