Blockchain technology has several uses apart from the few listed on social media. Blockchain technology does some of the following:
- Produce cryptocurrency. Many people who know about blockchain technology think about cryptocurrency.
- Development of Non-Fungible Tokens. This new field is where people and artists can showcase their talent and make money.
Blockchain technology does a lot in business activities by improving organisational performance. It can do this because once information is put in the system, it is unchangeable. This can solve many problems organisations and businesses face.
Uses and advantages of blockchain technology
Technology can help improve records.
It helps improve efficiency and avoid theft and embezzlement.
The technology improves supply chain management.
It will streamline and improve speed and efficiency. But the main reason to implement blockchain technology in a business or an organisation is to prevent fraud and streamline organisational activities. One of the organisations that have realised this is the Nigerian Exchange Ltd. The company does trading assets such as stocks and bonds. The company is planning on incorporating blockchain technology into its exchange platform. This is a way to ensure that the practices go ahead more smoother and performance is improved.
The company’s main agenda or goal for doing this is to deepen trade among the members and to lure young investors. Such changes will help them diversify their market and ensure a future for trade in the country. The Nigerian Exchange Ltd plans to implement blockchain technology by 2023, leading the charge to blockchain adoption and decentralisation. To conclude, Nigeria is acting on a growing international interest in investing in blockchain technology. Many countries and organisations are working on adopting blockchain in distribution and ledge technology. The interest is in Nigeria and Kenya, the countries leading in cryptocurrency adoption on the continent. If the two countries can adapt, test, and successfully utilise blockchain technology in their organisations, they will lead the continent into the next big thing in organisational management.
