Nigeria receives first local blockchain infrastructure

From Prince Osuagwu, Hi-Tech Editor

As African governments scramble to manage the economy digitally, integrated digital payments and e-commerce company Interswitch has identified blockchain technology as the safest way to go.

Blockchain technology is a digital ledger that stores transactions. The digital system essentially records transactions in several locations at the same time, which means that the data stored on it cannot be falsified.

Blockchain technology is evolving around the world and companies are integrating the technology into their business infrastructure.

However, Interswitch also recognizes that there is a definite lack of understanding of the technology among African governments and companies.

To this end, it has started building a native blockchain infrastructure to fill the knowledge gap.

This initiative, which takes place in collaboration with Interstellar, another company for advanced technology solutions, aims to deepen digital payments, reduce the costs of local and cross-border payments and also promote the localization of new technologies.

This is also what a whitepaper published about the technology. The whitepaper tries to summarize the intricate details of the technology in a table for better understanding.

In the document titled: Blockchain Technology: The Future of Africa’s Digital Economy, the payment company said that blockchain will not only strengthen the governance structure, but most importantly, it will help fuel the growth of African companies.

The document details how businesses can use it and the prospects it has to transform the future of Africa’s digital economy.

The company’s Managing Director, Transaction Switching and Payment Processing, Akeem Lawal, said, “The whitepaper was inspired by the need to demystify the ambiguity of blockchain technology for African businesses in order to drive digitization and socio-economic growth in African markets . We are passionate about empowering Africans and advancing the African payments landscape, and we are constantly identifying opportunities and exploring innovative ways to enable businesses to transform and scale. “

He revealed that the whitepaper records the benefits of blockchain technology and how it will help empower businesses because of its efficiency, better record-keeping security, and security. ”

He added: “Although blockchain technology is a relatively new phenomenon in Nigeria and Africa, we are particularly excited about our partnership with Interstellar, with whom we are developing a native blockchain infrastructure that is tailored to the African market.

“This initiative will deepen digital payment; reduce the cost of local and cross-border payments and promote the localization of new technologies. “

He claimed the document addressed existing challenges in the fintech sector and made it easier to use blockchain technology to address those challenges.

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