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Having excelled beyond cryptocurrency and Bitcoin, blockchain technology could not be overlooked in business. Blockchain, a cryptography technology is already being used in business in Nigeria and is offering lots of benefits to banks everywhere.
Blockchain technology will provide speedy progression to many small businesses in a short time from now. But many do not know how to take advantage of it yet especially in cost reduction and accountability.
How A Business In Nigeria Benefits From Blockchain Technology
Blockchain which originated from cryptocurrency exchange could be developing into a frame for e-commerce and prepaid services. Possibly this will extend to politics since the blockchain technology is decentralized, offers security, and transparency. Before that happens, businesses can get an advanced management system from using blockchain.
Managing inventories in the chronological arrangement with time-stamping on every transaction are easy with blockchain.
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These transactions are copied throughout any connected system in the chain and the data structure in a blockchain does not allow deletion or alteration of these data.
There is no chance of losing data without recovery.
There’s transparency between all participant in a chain of a business transaction. Tracking inventory and details of every transaction is also possible using blockchain.
The chance of a duplicate entry or fraud is rare due to various protocols needed for validation of a record.
Blockchain offers smart contracts to users where they can pre-set conditions before automatic transactions can be enabled.
Blockchain is also applicable in healthcare, agriculture, education, entertainment, automotive, mining, media, transport , logistics and retail.
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