How Blockchain Will Disrupt Banking Sector – Experts

Abiodun Focus

 

Many people have the opinion that the blockchain technology would do to banks what email did to post offices because technology evolves.

However, many industries are finding new ways to use blockchain technology to solve problems and cost. As a consequence, startups are springing up in droves, looking to leverage on new opportunities.

Blockchain network lives in a state of consensus that automatically checks in with itself every 10 minutes.

These and many more were discussed by stakeholders during a blockchain and cryptocurrency conference recently held in Lagos.

Tagged “Learning to Glow with the Flow,” the conference, was sponsored by Corion Platform, a fundamental pillar for a new economic and financial era.

Blockchain is a form of technology that helps people develop a better way of saving their fund and also doing transactions.

According to the president of the Information Security Society of Nigeria (ISSAN), Dr. David Esiawe, everyone would feel the impact of the emergence of blockchain and cryptocurrency and, as a nation, Nigerians must be proactive rather than reactive by considering how these technologies would affect and influence lifestyles and business operations and fashion people’s rules of engagement for their adoption.

“The reality that is before us today, particularly in Nigeria, is that the Distributed Ledger Technology (DLT), blockchain and cryptocurrency are facts that we must face, whether we like it or not. We cannot wish this reality away. It is made worse when we realise that we are still grappling with current challenges of e-commerce and other electronic payment systems but technology development and advancements are not waiting,” Esiawe said.

He explained that blockchain was an automated ledger for distribution of transactions. While cryptocurrency was the process of exchanging the currency of different countries.

“In order to trend with deliberate advocacy, we must understand the eco-system behind blockchain and cryptocurrency.”

He pointed out that Nigeria was yet to fully adopt this new technology.

Commenting, founder, Africa Blockchain University, Mr. Kofi Akosa, said cryptocurrency was about demand and supply, and that the higher the quantity demanded the higher the supply, so is the level of exchange of different currencies.

He said, “Blockchain can be aligned to smart contract, it can also be applied in health care services, individual management, it can be used in traditional transaction process, digital passport insurance space and electricity, the benefits of blockchain technology are numerous to the society owing to the fact that people are now trying to make good use of this technology.”

On his part, Corion Platform’s Africa ambassador, Mr. Sami Arogundade, stated that blockchain was a general technology and Corion was part of the blockchain function that could be used for daily transactions.

Said he: “One could have the access to monitor his account by himself, this technology will save the stress of visiting the traditional bank to send money, one could easily do transactions without visiting the bank.”

For the president, Corion Platform, Mrs. Ida Frauda, part of the blockchain that is rampant now is bitcoin and people in various communities are trying to use this form of technology to protect their funds from fraud.

“Corion is another type of blockchain where people can save money and also do some transaction without involving the banks. With Corion wallet, one has extra fund yielding each day and it works within the eco-system.”

Earlier in his speech, the organiser of blockchain and cryptocurrency conference, Mr. Chimezie Chuta, said the event was to enhance financial stability of individual businesses.

 

 

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