Nigeria is fast in adopting the new technologies including artificial intelligence, cloud computing and blockchain. Rules and regulatory policies are being made to help control the use of this tech.
The two popular emerging technologies being used are artificial intelligence and blockchain. In Nigeria we have seen some big companies and government agencies including Nigeria Custom Service, using blockchain to facilitate it’s services.
Top Blockchain service providers used includes: Microsoft Blockchain Service and Oracle Blockchain. Two government agencies, one financial institutions and two payment service provider.
They include:
- International Criminal Police Organization (Interpol).
- Voguepay.
- Nigeria Customs Service (NCS).
- Interswitch Blockchain Service.
Interpol & VoguePay
International Criminal Police Organisation (Interpol) partnered with VoguePay to develop a blockchain-based information portal. VoguePay is an online payments provider which will help Interpol control crime activities in Nigeria.
Interpol has created a citizen-focused platform, named interPort. Interport will allow Interpol to access information and manage stakeholder engagements and crime reporting.
Other payments providers is welcomed to join interpol with sharing information that will help the organization record financial activities of Nigerians and control cyber crime in the country.
Nigeria Custom Service Using Oracle Blockchain:
Nigeria Customs Service is an early adopter, in using Oracle Blockchain Cloud Service.
Nigeria Customs Service will be using the new technology to automate Customs Excise Trqse business processes and procedures. It will help create transparency in delivering it’s service.
It is to be used in recording manufactured goods entering the country which will be unalterable and public. This will create a high level of national trust from the mass. The new technology will also increase it’s annual revenue growth.
Oracle’s blockchain platform is built on top of The Linux Foundation’s Hyperledger Fabric. It is grouped with all the major infrastructure, dependencies, identity management, REST proxy and other operations.
It has monitoring tools integrated under a single console scaling the set-up process and application development process.
Sterling Bank Blockchain
Sterling Bank Plc also launched it’s end-to-end blockchain-based commodity trading and financing platform in Nigeria.
The commodity trading platform powered by blockchain was developed in partnership with Binkabi and AFEX Commodities Exchange.
The commodity trading exchange will decentralise commodity trading in the country. It will help reduce third parties involved in trade while sharing profit across the value chain.
The Sterling bank blockchain will most be used to enable farmers remove third party control. This will help farmers to use their receipt as collateral to procure loans or other financial services.
These collateral receipt can be exchanged on the commodity exchange market without transferring any agro commodities from the warehouse. This will make loans available for farmers easily accessible from any bank in Nigeria.
Interswitch Blockchain Service
The Interswitch Blockchain Service Supply Chain Finance Module) is built and hosted using the Microsoft Azure Blockchain technology.
Interswitch Blockchain service does not deploy the use of cryptocurrency in its application. It is a distributed ledger technology or private blockchain which will allow transaction enquiries and verifications by authorized officials.
These delegates are part of the private chain participating parties. They will not have any incentives or transaction rewards coming through cryptocurrencies.
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