BLOCKCHAIN AS AN AGENT OF MODERNIZATION OF NIGERIA’S FINANCIAL SYSTEM

As we already know,blockchain is an open-source distributed database that reduces human interference in securing,verifying and maintaining data,which makes transactions easier.

Developing Countries like Nigeria and other African Countries tends to lagg behind in the scheme of things when it comes to blockchain technology,as they continue to hold on to fiat,which is now outdated and is prone to high transactionary charges at banks and other financial institutions,which has made cryptocurrency trading to run at a low rate.

This is done out of ignorance of the populace and lack of education on the part of cryptocurrency exchanges in Nigeria on the need to adopt cryptocurrencies,this is why Tehlex is educating Nigerians and Africa at large on the need to adopt this cryptocurrencies which are as follows

  • Access To Credit Facilities:-

Nigeria is a country that does not enable its citizens access to credit facilities of any kind due to economic instability and relative factors,(MSMEs) which were set up by the federal government has done little or nothing in changing things.

Banks and other financial institutions also find it hard to give out these loans due to lack of database to access identity confirmation, creditworthiness and collateral availability,but an effective ledger system like blockchain is a good solution to the aforementioned problems because they can store clients financial information and monitor them.

  • Unified Database:-

Lack of a unified database is a big threat to national security,the government needs an accurate database to structure its plans and achieve it.

Blockchain is therefore an effective solution to create a ledger document of every citizen thereby storing their database

  • Budget Tracking

Corruption is prominent in most African Countries especially Nigeria,every year,Nigeria looses 41% of it’s average GDP to corruption and embezzlement of funds

A block chain based application is therefore the best for tracking this abnormalies,such that every transaction,expenditure and everyone’s network would be updated and this would eliminate corruption and embezzlement of funds.

  • Access To Financial Services

Financial Services act as a key factor in any country’s economy,it helps in fund circulation,what is termed velocity circulation of money.

But this financial services seem more complicated when dealing with banks which makes blockchain the only solution.

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