Nigeria gets first local blockchain infrastructure
As African governments grapple to manage economies digitally, integrated digital payment and e-commerce company, Interswitch, has tipped blockchain technology to be the surest way.
Blockchain technology is a digital ledger that stores transactions. The digital system essentially records transactions in multiple places at the same time, thereby making it impossible to falsify the data stored on it.
Blockchain technology is evolving globally and businesses are integrating the technology into their business infrastructure.
To that effect, it has started building a native blockchain infrastructure to plug the knowledge gap.
This is also as it released a white paper on the technology. The white paper attempts to lay the intricate details of the technology on a spreadsheet for better understanding.
The document contains details on how it can leverage businesses and the prospects it has to transform the future of Africa’s digital economy.
He revealed that the whitepaper records the benefits of blockchain technology and how it will help strengthen businesses because of its efficiency, better security in keeping records and safety.”
“This initiative will deepen digital payment; lower the cost of local and cross border payment as well as champion the cause for localisation of emerging technology.”
He claimed the document addresses existing challenges in the Fintech sector and simplifies the use of blockchain technology in unravelling these challenges.
