Article: Potential of Blockchain for Financial Inclusion in Nigeria

Blockchain, Governance

Potential of Blockchain for Financial Inclusion in Nigeria

There is an opportunity for the global financial services sector to gain USD 380bn in revenue annually on the back of including the unbanked and underserved.3 71% (USD 270bn) of this amount is attributed to closing the MSME credit gap. Blockchain has the potential to drive access to finance for MSMEs, to achieve this target and potentially generate revenue for the financial services sector.

Blockchain also has the potential to generate about USD 110bn simply by including unbanked adults into the formal financial system and raising their financial services spending levels.3 Person-to-person payment solutions that ride on blockchain technology and augmented by an agency network can facilitate low cost and fast transaction services, especially for the bottom of the pyramid.

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Article: Blockchain will thrive once innovators and regulators work together

Blockchain, Governance

Blockchain will thrive once innovators and regulators work together

At first blush, innovators and regulators may seem like strange bedfellows. Regulatory bodies have a tremendous duty to protect consumers and deter financial crimes, all while supporting — not squelching — economic opportunity and financial inclusion. Perhaps contrary to popular belief, these are values that innovators in blockchain share with regulators.

The genesis of this technology in many countries, and for many entrepreneurs and innovators, is to provide consumers with greater levels of access and protection. Blockchain can further these goals by offering low-cost, efficient payment capabilities and empowering regulators with greater consumer protection tools.

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Article: How FG can implement blockchain technology for efficient service delivery

Blockchain, Governance, Innovation

How FG can implement blockchain technology for efficient service delivery

First, because blockchain uses an open architecture, all transactions are publicly accessible, immutable, and verifiable by anyone. This helps to eliminate corruption and fraud from the transaction. Second, because all smart contract transactions are recorded along a blockchain and cannot be modified ex-post, a permanent and publicly accessible ledger is available to shed any doubt about payments or other transactions throughout the process. And third, because blockchain systems are automated, security in the enforcement mechanism is all but guaranteed. For instance, failure to deliver goods by a set time will automatically trigger a default clause that transmits payment of liquidated damages to the injured party without the intervention of a judge or arbitrator,” the report added.

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Article: How blockchain technology is fixing payments today and what comes next

Blockchain, Innovation, Money

How blockchain technology is fixing payments today and what comes next

Once we recognize that the blockchain future we’ve all been dreaming about is actually here, right now, we have to ask ourselves whether we are creating long-term solutions

Open networks allow innovation from the many rather than the few. Open networks ensure that anyone can build upon, improve and challenge the technology and push the market to consider the next idea. Open networks promise interoperability and allow for continual ideation and progression. If we were to start building this technology in a silo, on closed networks that can’t work together, we would risk putting ourselves right back where we started. By working together in the open to connect traditional financial rails with digital ones, we can reap the benefits and work through shared challenges.

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Article: Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

Academia, Blockchain, Crypto

Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow  Adoption of Cryptocurrencies – Interview Bitcoin NewsNigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

Education plays a unique role in shaping any (emerging) industry. Globally, there has been an increase in crypto education as well as greater awareness. This is reflected in the trackable search trends and user adoptions. But more has to be done. For mass adoption to be achieved, education efforts need to go to the grassroots. This is one thing that has been missing and now it is one of the things we are looking to do through Earnathon.

While scams cannot be eradicated totally they can be reduced to very low numbers. In Nigeria and around the world, crypto-related scams have risen and continue to rise, but quality crypto education is the key, the only potent weapon to fight fraudulent actors. Regulators can issue warnings and enforcement agencies will arrest bad actors. However, since these organizations are mostly reactive, education presents a fascinating solution.

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Article: The NFT Craze Is Helping Nigerian Artists Go Global

Crypto, Money

The NFT Craze Is Helping Nigerian Artists Go Global

the trend has spread to Nigeria, where local financial institutions are banned from servicing crypto firms. This means Nigerians cannot convert digital assets to naira through traditional crypto exchanges. But that hasn’t wiped out crypto in Africa’s largest economy, thanks in part to its young and tech-savvy population. Users began switching to peer-to-peer platforms to avoid using banks and the use of crypto continues, as evidenced by how local artists like Oyewumi are embracing NFTs.

There are “a lot of great artists out of Africa, and Nigeria, who are focused on physical work, and I’m all for them getting a better understanding of the opportunities of NFTs,” Ugwu said.

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Article: Tech News: Blockchain could make supply chains more efficient

Blockchain, Governance, Innovation

Blockchain solutions are not easy to implement but they are highly desirable for governments and businesses in developing countries, who have long been overwhelmed with issues surrounding data collection, organisation and integrity. Picture: Reuters/Dado RuvicTech News: Blockchain could make supply chains more efficient

Using blockchain technology to digitise, secure and keep track of records will not only avoid the issues around information mismanagement that many institutions struggle with, but could also curb corruption and restore trust in the public sector, which is at an all-time low among many African citizens.

Many companies across the globe are therefore taking a huge interest in the potential Africa has to offer in terms of market growth for blockchain products.

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Article: Busting Bitcoin myths: 7 misconceptions about the cryptocurrency

Crypto, Money

Busting Bitcoin myths: 7 misconceptions about the cryptocurrency

Bitcoin’s recent surge has reawakened old animus in the media. “The trouble with Bitcoin: Why the crypto craze can’t last,” read a recent headline in the Globe and Mail, a Canadian newspaper.

To be sure, Bitcoin can be polarizing. Bitcoin diehards claim the cryptocurrency will soon replace gold, all government-backed money, and credit cards, as well as turn the banking system on its head. Rational exuberance aside, that is unlikely to happen, at least in the short term. On the flip side, media critics often badly mischaracterize Bitcoin as nothing more than a speculative tool, an environmental disaster, a bubble, or worse.

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Article: Even Garbage Is Using Blockchain Now

Blockchain, Innovation

The startup RecycleGO plans to use blockchain to track plastics recycling in Lagos, Nigeria.Even Garbage Is Using Blockchain Now

Blockchain, a decentralized ledger for linking information, can handle vast amounts of data and is often deemed immutable, as it is very difficult to alter completed digital entries. It underpins various cryptocurrencies, including the now-surging Bitcoin, and has become the cornerstone of Web 3.0 — the next, post-Big Tech phase in the evolution of the internet. Though many of its applications are in early developmental stages, blockchain is being used to innovate fields from banking and real estate to art and now, waste management.

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