Blockchain technology creates a viable, decentralised record of transactions – the distributed ledger – which allows the substitution of a single master database. It keeps an immutable record of all transactions, back to the originating point of a transaction. This is also known as the provenance, which is essential in trade finance, allowing financial institutions to review all transaction steps and reduce the risk of fraud.
These and many more were discussed at “The Economics of Blockchain” on the 8th of January, 2019.
The first Ingressive Ecosystem Hangout of the year, was a one off edition as we hosted industry leaders and experts to engage in a discussion about the state of blockchain and fintech in Nigeria, at Venia Business Hub in Lekki.
Fintech in Nigeria seems to overshadow many other areas of the tech scene for some very convincing reasons. Innovation in fintech could unlock intercontinental trade and introduce a new Africa to the global stage. The introduction blockchain, with its inherent security and transparency, may be the missing piece to a much needed solution.
Here is a detail about the ideas shared at the event
The application of blockchain also offers a far better means of establishing and proving identity than present day systems. Blockchain technology greatly simplifies the direct transfer of trade assets and increases confidence in their provenance. This is achieved through providing unique, non-forgeable identities for assets, along with an inviolable record of their ownership. The result is an opportunity for additional financing services based on the trade of physical goods.
Who are the major providers (ICT, Fintech, Blockchain, Telco)?
What are the missing pieces and pain points of the African fintech puzzle?
It was identified that there are not many people who know about blockchain yet, in Nigeria. Some of the solutions proposed was that the country and continent needs to invest in building technical talent for blockchain.
What is the status quo and the future of crypto currencies in Nigeria?
The current state and future of cryptocurrencies in Nigeria was also discussed, below are the highlights:
Highly speculative, Highly volatile.
Deep made people move out of cryptocurrency.
More people got into cryptocurrency in 2018 than other previous years
What are the financial implications of blockchain?
For crypto currency like Bitcoin, it adoption in commerce is hinged on the fact that people feel it is too risky. Merchants feel like it doesn’t have an actual value just perceived value so it will be difficult to use it as a standard value for exchange of commodity.
It will help government to track taxes easily.
Blockchain will solve the problem of global payments
It will remove dishonesty in the system
It ended as an enlightening event at the Venia Hub, the conversation continued over refreshment and networking.
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