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Tag: Blockchain technology

  • How is Blockchain Technology Changing the Way We Experience Entertainment?

    How is Blockchain Technology Changing the Way We Experience Entertainment?

    It shouldn’t come as a surprise that, according to EIN Presswire, the global online entertainment industry has already hit $522.1 billion and is on its way to reaching $2,184.7 billion within the next few years. This is a whole annual growth rate of more than 17%. Agreeably, one of the reasons for this enormous growth is how the industry is open to innovation and contemporary trends, including crypto.

    Surprisingly, crypto is really changing how we experience entertainment, yet it was seriously bashed during its inception. As a result, Market Research Future predicts that the blockchain in media and entertainment market size could increase by a CAGR of about 52.8% in the near future. So, without wasting any time, let’s explore how crypto is affecting this sector and what we can expect to see in the coming years.

    Non-Fungible Tokens (NFTs)

    NFTs are basically unique digital items like music, art videos, etc., that you can truly own and that are stored on a blockchain. Even though there are fluctuations in the Solana price, creatives in the entertainment industry looking to monetize their work directly can mint the NFTs of their works on its blockchain. 

    Solana is generally recommended for NFT projects because of its low transaction fees and fast transaction speeds, making it more affordable and efficient. Plus, it is designed to handle large volumes of transactions, so it’s quite scalable in the long term.

    With these projects dominating the entertainment sector, artists can sell their songs, limited-edition albums or even concert clips as NFTs directly to their fans or interested buyers. They also allow filmmakers to tokenize scenes or scripts as collectibles, which eliminates middlemen, allowing the artists to earn fairly and maximize profit from their creations. That means, as an artist, you can make some good money per sale without really needing millions of views.

    Luckily, this trend is actually not new in this sector because some renowned figures like Prince Jacon Osinachi, Adewale Mayowa and Freddie Jacob have been earning from NFT sales of their art pieces. In fact, in 2021, Osinachi became the first African to showcase his NFT work at Christie’s in London. His NFTs have sold for crazy amounts, like Becoming Sochukwuma, which went for $80,000 on SuperRare.

    Using Blockchain for Royalties & Intellectual Property Protection

    Imagine that every year, about $1.4 billion in music royalties go unpaid just because there is a shortage of a proper system to track, collect and distribute them. It’s sad how many creatives actually struggle with delayed or missing credits or even middlemen taking the lion’s share, yet they put in a lot of work to create masterpieces. Let’s not even get started on piracy issues.

    Thankfully, with blockchain, several of these issues can be solved. With smart contracts, artists, producers and other stakeholders can automatically earn their fair share based on pre-existing conditions each time the work is viewed or sold. And perhaps you’ve heard about Musicoin, which helps to facilitate direct artist compensation, and Ujo Music, which decentralizes music distribution.

    Also, since blockchain cuts out middlemen, artists can get their work’s worth without distributors controlling their money. And because every transaction is recorded on the blockchain ledger, almost all the proceeds can be accounted for. The creatives can also earn something whenever their work is resold, which is rare in the traditional system.

    What’s more, recording their works on a blockchain can reduce the risk of piracy because the technology maintains a secure and transparent record of ownership of each digital asset that cannot be tampered with. This helps with copyright protection, such that if another person uses your work without permission, implying that it is theirs, there is a whole blockchain record that shows the real owner and when it was created.

    Crypto Ticketing

    In most entertainment industries, ticket fraud is usually a major challenge. In fact, in 2023, close to £6.7 was lost to ticket fraud in the UK alone. You can imagine what this figure could translate to if the entire globe is considered. It is not uncommon to hear cases of people selling fake or non-existent tickets or buying them in bulk just to overprice them. Fortunately, with crypto ticketing, event organizers can use NFTs to create verifiable and resellable tickets.

    Since each ticket that is minted as an NFT is unique, it is impossible to duplicate or forge. Also, even if one were to resell it, smart contracts can limit the resale prices to reduce ticket scalping and ensure the artist automatically gets their cut of any resale profits. 

    Ticket-purchasing transactions can also be cheaper and faster as fans can easily pay using crypto. Plus, with NFT-based tickets, fans can get lifetime access to the event and exclusive perks like VIP front-row seats and access to behind-the-scenes. The Coachella Festival actually launched ten such tickets just three years ago, and maybe more festivals may follow suit.

    Indeed, the global entertainment industry can profit from adopting crypto trends like NFTs and many more in numerous ways. Considering that many people are already welcoming cryptocurrencies and online entertainment is booming, an intersection between the two industries may result in something extraordinary.

  • SEC to regulate capital market with blockchain technology

    SEC to regulate capital market with blockchain technology

    The Securities and Exchange Commission (SEC) has revealed that the adoption of blockchain technology will enhance efficiency and aid the regulation of Nigeria’s capital market.

    Director General of the SEC, Dr. Emomotimi Agama, made this known during a meeting with a delegation from the Algorand Foundation at the Commission’s headquarters in Abuja. 

    He noted blockchain’s potential to address key challenges in Africa, such as financial exclusion, lack of transparency, and inefficiencies in both public and private sectors.

    Blockchain is a decentralized system that allows multiple parties to verify and validate transactions independently. It is recognized for its ability to enhance trust and security. 

    Dr. Agama noted that leveraging this digital ledger technology would enable the SEC to build a more transparent and efficient regulatory framework for the capital market.

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    “We want to activate blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a blockchain. We want to bring technology into our system for effectiveness, where we can work seamlessly, and everything that we do will be traceable,” Agama stated.

    He further stated that the SEC is committed to international best practices by collaborating with global regulatory bodies such as the International Organization of Securities Commissions (IOSCO). 

    This, he explained, ensures that Nigeria’s regulatory framework remains robust and adaptive while aligning with global standards to foster cross-border collaboration and investor confidence.

    To harness blockchain responsibly, the SEC has introduced programmes such as the Accelerated Regulatory Incubation Programme (ARIP) and the Regulatory Incubation (RI) Programme. 

    These initiatives provide a controlled environment for firms in the digital asset space to test new models, products, and services while ensuring consumer protection. 

    Agama noted that the recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programmes shows the Commission’s commitment to supporting innovation.

    “In this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximize its benefits for all the people,” he added.

    Agama stressed that blockchain’s immutable and tamper-proof structure ensures transparency in financial transactions and regulatory oversight. He disclosed plans to integrate blockchain into the SEC’s operations to improve accountability, stating, 

    “Wherever there is a toxin in the blockchain, we will find it and deal with it. We will extend it to the point where the review of applications will be done on the blockchain, so whoever drops the ball will be seen.”

    As part of efforts to drive technological advancement, Agama said the SEC has engaged the Algorand Foundation to explore blockchain’s potential applications and benefits for the Commission. 

    He stressed the importance of continuous education and skill development for SEC staff, noting that regulators must be well-equipped to oversee the evolving digital market.

    “It is very interesting that we are having this opportunity to do this for our organization. This is a knowledge-based institution, and I am leading from the front. All our staff must begin to retool themselves because as regulators, we have to be on top of our game,” he said.

    Speaking at the meeting, Global Head of Business Development at the Algorand Foundation, Mr. Eric Wragge, reiterated the foundation’s commitment to democratizing blockchain technology and supporting organizations in leveraging its benefits.

    “We are here to tell you what blockchain is all about and how it can help your work. We are here to democratize the technology—it’s free to use, anybody can use it. Our job is to go around the world, discover where the technology can be used, and help people implement it,” Wragge stated.

  • Zone, NIBSS, partner to revolutionise PTSA functions using blockchain technology

    Zone, NIBSS, partner to revolutionise PTSA functions using blockchain technology

    One of Nigeria’s growing payment infrastructure providers, Zone Payment Network Limited (formerly known as Appzone) has partnered with Nigeria Inter-Bank Settlement System (NIBSS) Plc, the National Central Switch to revolutionise Nigeria’s first Payment Terminal Service Aggregator (PTSA). 

     This collaboration aims to enhance interoperability across the POS payment value chain by leveraging cutting-edge blockchain technology.

    To address the challenges of transparency and provide more efficient payment processes in Nigeria Payment System, the Central Bank of Nigeria (CBN) has established the Payment Terminal Service Aggregator (PTSA) license category. 

    This regulation mandates that all licensed financial service providers must connect and route their POS transactions through a PTSA. 

    The goal is to improve the payment experience for individuals and merchants, streamline reconciliation processes and ultimately reduce financial losses and cost of operations for Banks and other financial institutions.

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    This partnership will enhance the POS payment rail by utilising blockchain technology to facilitate transaction processing between banks and other financial service providers. 

    It will also significantly enhance the reliability and security of transactions, ensuring efficient and secure processing. 

    With the introduction of decentralised card routing, Banks and fin techs will be able to perform card routing between POS terminals and cardholder banks while remaining fully compliant with both payment switching and PTSA regulations as defined by the Central Bank.

       A critical feature of this partnership is the automated resolution of chargebacks, allowing refunds for declined transactions to be processed within minutes, eliminating the need for manual intervention and reducing the inconvenience of frequent bank visits for customers. 

    Additionally, it will validate final transaction status in real-time, thereby enhancing liquidity and improving overall business operations. This timely access to funds is a game-changer for merchants.

    As Nigeria transitions further to a more digital society, this will significantly improve the overall card-holder experience through enhanced service reliability, faster response time and reduced transaction processing cost, all of which are crucial in supporting the expected scale of transactions. 

    Agent networks will also benefit from the opportunity to generate more revenue thereby incentivizing the expansion of financial services.

     Speaking on the outcome of the directives by the CBN, Managing Director and CEO of NIBSS, Premier Oiwoh, stated: “These partnerships and collaborations with key industry players represent a significant milestone in our mission to drive innovation and enhance the efficiency of the payment system. 

    “The strategic alliances will revolutionise the ecosystem, offering improved operational efficiency, cost savings and enhanced financial inclusion, ultimately positioning Nigeria at the forefront of the global payment space”.

      Obi Emetarom, CEO and Co-founder of Zone, said: “This partnership with NIBSS reflects our unwavering commitment to transform the payment landscape in Nigeria. By harnessing the power of blockchain technology, we are setting a new standard for reliable, frictionless, and universally interoperable payments in the industry.”

  • Unlocking Integrity: How Blockchain Technology Can Revolutionize Procurement Process, Fight Corruption in Nigeria

    Unlocking Integrity: How Blockchain Technology Can Revolutionize Procurement Process, Fight Corruption in Nigeria

    In an era where technological innovation promises not just to transform industries but also tackle some of society’s most entrenched challenges, blockchain technology has been considered to tackle corruption. Nigeria, Africa’s largest economy, has long grappled with corruption, especially within the realm of public procurement – a critical area that affects the nation’s development and governance. Amidst this backdrop, a study conducted by Aliyu Oladimeji Olateju unveils how the immutable and transparent nature of blockchain can revolutionize e-procurement system.

    This research spearheaded by a visionary who delved into the complex interplay between blockchain technology and procurement processes, uses Nigeria as a case study to explore how digital ledgers can redefine transparency and accountability.  The findings not only shed light on the technical feasibility and challenges but also on the broader implications for governance, economic growth, and societal trust.

    Can you start by explaining what blockchain technology is, in layman’s terms, and why it’s considered a promising solution for e-procurement systems?

    Certainly. At its core, blockchain technology is a digital ledger that records transactions in a secure, transparent, and immutable manner. Imagine it as a chain of digital “blocks,” where each block contains a number of transactions. Once a block is filled with transactions, it’s added to the chain in a linear, chronological order. This structure ensures that once information is entered, it cannot be altered or deleted, creating a permanent record of transactions.

    The reason blockchain is considered promising for e-procurement systems lies in its foundational characteristics: transparency, security, and immutability. In e-procurement, these features can revolutionize how bids are made, contracts are awarded, and transactions are recorded. For one, the transparency of blockchain allows all parties to see the history of transactions and decisions, reducing the opacity that can lead to corrupt practices. Secondly, its security features prevent unauthorized alterations, ensuring that bids and contracts are tamper-proof. Lastly, the immutable nature of blockchain means that once a record is made, it cannot be changed or removed, creating an indelible audit trail.

    This combination of transparency, security, and immutability addresses many of the vulnerabilities in traditional e-procurement systems that can be exploited for corrupt purposes. By leveraging blockchain, we can create e-procurement platforms that are not only more efficient and less susceptible to fraud, but also foster trust among all stakeholders involved.

    Corruption in procurement processes has been a long-standing issue in many countries, including Nigeria. Could you briefly outline how corruption typically manifests in these processes and its impact on the economy and society?

    Absolutely. Public procurement in Nigeria is the most common way public funds have been misappropriated and stolen. Corruption in procurement processes can take various forms, but some of the most common manifestations include bribery, nepotism, fraud, and embezzlement. At its core, it involves manipulating procurement procedures to favour certain vendors or products, not based on merit but on personal gain, private sector collusion, bid rigging, inappropriate sharing of information, coercion, extorsion and centralised decision making. This manipulation can happen at several stages: from the initial call for bids, through the selection of suppliers, to the execution of contracts. For example, a contract might be awarded to a company not because it offers the best value or meets the project’s needs most effectively, but because it has provided kickbacks to decision-makers. More interestingly, in Nigeria we have seen situations where contracts were not awarded but payments were made to vendors for doing absolutely nothing.

    The impact of such practices on the economy and society is profound and multifaceted. Economically, it leads to inefficient use of public funds, as contracts may be overpriced or awarded to suppliers who do not offer the best value. This misallocation of resources hampers development projects and reduces the quality of public services, affecting infrastructure, healthcare, education, and more.

    Socially, corruption in procurement erodes trust in public institutions. When citizens see that public resources are being squandered or that contracts are awarded through nepotism or bribery rather than fair competition, it undermines confidence in the government’s ability to manage the public’s affairs effectively and fairly. This lack of trust can lead to a vicious cycle of cynicism and disengagement, where people are less likely to support government initiatives or pay taxes, further straining public resources.

    How does implementing a blockchain-based e-procurement platform specifically address and potentially reduce corruption? Can you explain the mechanisms that make blockchain an effective tool for this purpose?

    Implementing a blockchain-based e-procurement platform tackles corruption head-on through its intrinsic properties of transparency, immutability, and security. These mechanisms work in unison to mitigate corrupt practices. Transparency: Blockchain’s open ledger allows for all procurement activities to be recorded and visible to authorized parties. This means that from tender issuance to bid evaluation and contract awarding, every step is traceable and open for audit. This level of transparency significantly diminishes the room for illicit dealings, as stakeholders can scrutinize the processes in real-time. Immutability: Once a transaction is recorded on the blockchain, it cannot be altered or deleted. This permanence ensures that the procurement process is tamper-proof.

    If a corrupt individual attempts to modify bids or contract details after submission, the blockchain system would flag this discrepancy. This record-keeping integrity is pivotal for legal accountability and dispute resolution. Security: Blockchain employs advanced cryptographic techniques to secure data, making it extremely difficult for unauthorized parties to manipulate the procurement process. This high level of security protects against data breaches, fraud, and unauthorized alterations, ensuring that the procurement process is conducted as intended.

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    Why was Nigeria chosen as the case study for your research? Are there particular aspects of Nigeria’s procurement system or corruption challenges that make it an ideal candidate for a blockchain solution?

    Nigeria ranks 145 out of 180 countries in the Corruption Perception Index according to Transparency International. As in other developing nations, Nigeria’s public procurement process faces several obstacles, such as lack of trust and transparency among key stakeholders, lack of accountability, budget overruns, inadequate systems for recording and documenting transactions, inadequate monitoring, poor communication between stakeholders, complex process structures, and widespread corruption within institutions involved.

    Also, as Africa’s largest economy, the implications of reducing corruption through enhanced procurement processes in Nigeria are profound. Improved efficiency and transparency in procurement could lead to significant economic gains, better public services and enhanced foreign investment confidence. Digital transformation receptiveness in Nigeria also makes it a conducive environment for implementing and studying the impact of blockchain technology in public procurement.

    What does the technical implementation of a blockchain-based e-procurement system look like? Could you touch on any technological or logistical challenges faced during the development or deployment of such a platform?

    The technical implementation of a blockchain based e-procurement system involves several key components working in concert to ensure a secure, transparent, and efficient procurement process. At its core, the system utilizes a distributed ledger technology framework to record every transaction or action taken within the procurement process.

    To integrate blockchain to the process, we start by designing a smart contract system. Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. These automate many steps in the procurement processes focusing on the bidding stage, bid evaluation, contract evaluation, and delivery verification reducing manual intervention and the potential for corruption.

    One of the challenges faced is ensuring interoperability with existing systems. Another one is scalability. We also faced the challenge of generating truly random number that can be validated by the miners in selecting up to ten random auditors for the goods delivery verification, but a workaround was implemented.

    What were the key findings from your research regarding the effectiveness of blockchain-based e-procurement platforms in reducing corruption? Were there any surprising or unexpected results?

    Our research findings validate the effectiveness of blockchain in enhancing the integrity of e-procurement systems, with significant implications for reducing corruption. The challenges identified also pave the way for further research and innovation in overcoming the barriers to blockchain adoption in public procurement. The key findings include Enhanced Transparency and Accountability, reduction in procurement time and costs just to mention a few.

    While not entirely unexpected, challenges related to the adoption and integration of blockchain platforms were encountered. A somewhat unexpected insight was degree to which blockchain platforms demonstrated resilience against fraudulent activities. The immutability of records and the cryptographic security measures proved even more effective in deterring fraud than initially anticipated. Lastly, the research hinted at the emergence of new governance models facilitated by blockchain technology, fostering more collaborative and transparent approaches to procurement.

    Looking forward, what additional research or developments do you believe are necessary to enhance the effectiveness of blockchain in combating corruption in e-procurement systems?

    To further harness blockchain’s potential, several research and development are crucial. Further research on improving interoperability and integration is necessary. More also, further research is required on scalability, user education and training, regulatory and legal frameworks, empirical evidence and case studies.  More specifically, for the prototype, a more robust selection process is required.

    Aliyu Olateju has over 12 years of experience at the forefront of technological innovation and social entrepreneurship. Aliyu stands out as an extraordinary software engineer and a leader par excellence.

    His unparalleled expertise and creative prowess have been instrumental in advancing the digital landscape in the domains of web/desktop/mobile application development and blockchain technology.

    As an IT virtuoso, He has contributed transformative solutions to some of the leading banking and insurance brands across Africa and globally including pivotal projects with the World Bank. His visionary leadership has steered groundbreaking projects that redefined tech’s role in society from revolutionizing the use of POS systems in Africa and spearheading  Automation Process initiatives to partnering with global organizations on how to use blockchain to tackle corruption in Africa.

    Aliyu is a U.K Tech Global Talent, co-founder at The parlons. C.T.O at SRHIN, where he leads initiatives for social good. He also coordinates projects at Local Compass and serves as a board member for several startups.

  • ‘Why we’re pushing for blockchain technology’

    Real estate experts have canvassed the deployment of blockchain technology in advance transactions to boost transparency between practitioners and clients.

    According to them, the use of technology will go a long way in mitigating lack of transparency, closeness of the sector to certain people, high taxes, investment fees, lack of liquidity, delays in transaction and issues of pricing commitments.

    Blockchain technology is a time-stamped series of immutable record of data, managed by a cluster of computers not owned by any single entity. Each of the blocks of data are secured and bound to each other, using cryptographic principles or chain.

    Speaking at its Royal Institution of Chartered Surveyors (RICS), Nigeria group’s second continuous professional development series titled: “Blockchain: The brick & mortar of its growth in today’s world”, Blockchain Asset Management Managing Partner,  Deji Soetan said the blockchain as one of the emerging technologies that bring several utilities into the real estate ecosystem.

    He said the decentralised-record-keeping technology, which is designed to instill trust in the authenticity of digital transactions, could be used to create efficient solutions for commercial and residential real estate; from buying property to conducting due diligence and enabling crowd-sourced investments. It is useful in property management, off-plan sales, property technology process (PROTECH), smart estate management, using Internet of Things and more.

    Read Also: Exploring opportunities in blockchain

    He said through the technology, it is possible to link the digital ownership of individuals’ property, documents, and contracts directly to the blockchain, stressing that once inside the blockchain, it is impossible for it to be tampered with or altered.

    He underscored the fact that the technology would soon gain popularity in the least expected industries. Soetan explained that everyone, who is part of the network, can see all the data stored inside the blockchain and every single piece of data can be traced right to its very origin. He also said the process permits immutability of records as data inside the blockchain cannot be tampered with because of cryptographic hash functions.

    The ICT expert pointed out that the proof of the technology’s merit is seen in the development of excise trade management solution for the Nigeria Customs Service. The proposed solution, he added, enabled business processes within the excise trade to be automated to create better revenue assurance, optimum efficiency and transparency, utilising the Blockchain technology.

    He said: “Within the context of payments, introduction of smart contracts into blockchain real estate ledgers and transactions has clear potential in streamlining various real estate processes, such as releasing apartment ownership, or rental documents upon a completion of crypto-currency transfer. One important area where it would be used is in the speed of transaction because nowadays, the process is still slow, making it be so archaic and needs to be modernised.

    “Real estate players need to look at the challenges of their industry. For example, if it has to do with transfer of titles, they should look at the problem to be able to come up with the solution for efficiency and how to pass land titles from one party to another, using distributed ledgers to enable coding of simple contracts that will expedite when specified conditions are met. With the use of open source programming languages, the creation of smart contracts are being used to perform functions such as derivatives being paid out when a financial instrument meets certain conditions,” he said.

    RICS Chairman, Nigerian chapter, Gbenga Ismail in his remarks, observed that the use of the technology is becoming rampant, hence, there was the need to make real estate practitioners understand how it works, see its opportunities and possibilities for the industry.

    “At RICS, we brought the issue to the fore to enhance our industry. The technology will bring trust to transactions, especially in a trustless society and advance land registration where people could secure their property records,” he said.

  • ‘Blockchain technology an export product’

    VaultBridge Global Limited, a software security company with focus on cyber security, FinTech and blockchain technology, has said the country could leverage blockchain to export technology to other countries.

    Its Executive Director, Mr. Harrison Ozinegbe, who spoke to reporters ahead of its maiden training forum scheduled for November 10 at the Nigerian Institute of International Affairs (NIIA), Victoria Island, Lagos, said bloakchain remained a veritable platform for the country to export technology.

    The training was in collaboration the firm’s foreign partners- KIPYA Connect and Bit2Big

    He said: “No one could have imagined the exponential growth of the internet at such a short span of its introduction on commerce, industry and government and even the ordinary citizen in a remote village.

    “Applications we never thought possible are daily added and uploaded on the internet, easing and facilitating the way we live and do business.  Yet at the advent of internet in the 90s in Nigeria, we were all very cautious, even up to the year 2000 with the acronym of Y2K when we heard of millennium bug supposedly to crash computer and every associated data.

    “We are yet again at the emergence of another great technology- blockchain, that has come to disrupt and further revolutionise commerce, industry, government and even our everyday life.”

    He said the firm is out to help sensitise, educate and train members of the general public by way of seminars, workshops, conferences and exhibitions to further galvanise people into exploring and exploiting the inherent benefits of this new technology.

  • ‘How blockchain technology can enhance advertising’

    Sheneni Tukura, CEO Webercom Tech Ltd is friendly, multilingual and adaptable digital marketing specialist. His experience has enabled him to learn fast and apply himself to varied work. He fuses a can-do attitude, time management skills and hard graft, delivering work on-time and to the required standard. In this interview with Dotun Ibiwoye, he shares his experience with blockchain technology and other related issues.

    What led you to marketing and Blockchain?

    I have always been involved in marketing from a young age, from distributing flyers for my mum’s business venture to talking to people about it. I guess marketing is something I’ve come to be passionate about, not just as a business, but also as a brain stimulator. I’ve never liked the drab scenery of just sitting in an office and taking orders daily.

    That’s why work always has to be challenging, for me, without something new or exciting to try out, the day gets boring.
    The idea for WebAd came up during my IT attachment in Lagos 2013 where I saw that a lot of people had things to advertise and had just started using social media to do that.

    There appeared to be a need for a special place where people could advertise what they had to offer. At this point I was thinking of a website. After school and service, I started digital marketing by promoting events and brands on social media sites in 2016. I went a step further than just promoting and studied digital marketing strategies to increase my knowledge in marketing. I still retained my passion for businesses and I saw advertising as a way to help people grow their business.

    I got to know about bitcoin and cryptocurrency in 2016 and I was excited about its potential as a disruptive tool. I really fell for the technology behind bitcoin, the blockchain technology. We are just now scratching the surface of what blockchain technology can do. It can be deployed in a lot of sectors covering election, land registration, identity management, food security, etc. Blockchain technology is much more than just bitcoin and its financial uses. I started by running an Ethereum node on my laptop to mine Ethereum with my CPU and GPU. This got me started down the road in developing and creating a token and a platform based on the Ethereum blockchain, seeing as a blockchain is an incorruptible database.

    I had to think about how to tie my passion for advertising with my interest in blockchain technology and this was where the idea of Webercoin was conceived and WebAd was modified into a social network to accommodate that.

    Since working on the project, what is the most important thing you have learned about Blockchain and cryptocurrency that you didn’t know before in Advertising industry?

    The most important thing I have learned is that, In the advertising world, ad buyers are often perplexed with the amount of guess work that they require before mounting any campaign.

    The Blockchain technology can eliminate this tedious task. Due to its transparency, blockchain technology can detect the computer bot clicks and numerous other threats which disrupt the course of an ad campaign. This will enable the advertisers to reach out to the target audience and will also protect the ethnicity of the campaign.

    This is cost-effective as well for a longer duration. Transparency and trust are the two vital pillars of digital advertisement, and blockchain aptly fits in the paradigm. The advertising market is already getting its benefits from the blockchain technology.

    For example, The Marketing Group firm has already launched the first ever blockchain-empowered advertising agency to infiltrate the advertising methods filled with spam which is prevalent in the market.

    Other advertisers are also looking forward to promoting blockchain and bring about a radical change in the advertising market.

    The main motive of blockchain-enabled advertising is that this will give more power to the consumers. They are the ones who will control the advertisements which they view and will provide the advertisers with proper feedback in order to produce leads of a higher quality. Moreover, blockchain technology will also make the ad-blocking software obsolete in future.

    What is in your opinion is the most important feature of your product?

    WebAd is created to help reduce the cumbersomeness of social networking platforms, with a simple mission, which is to create a one-of-a-kind networking advertising platform that reclaims power from social networking sites and hands it back to business owners and users. This will greatly streamline the industry and result in the greatest good for all.

    So, what is next for WebAd?
    The next big event is of course the ICO taking place from May 5th to June 27th, don’t miss the opportunity to be part of the future of investing!
    WebAd has a simple mission, which is to create a one-of-a-kind networking advertising platform that reclaims power from social networking sites and hands it back to business owners and users. This will greatly streamline the industry and result in the greatest good for all

  • Blockchain technology, Buhari and Trump

    Poverty  Alleviation  is pet  project  of mine and takes  a lot  of my time in terms of reading and research. My   abiding interest in the subject  is   based  on my belief  that the world will be a better place if each  human  being can eke  a  decent   living   above subsistence  level  and take care of his or her  family with an  assured income or means of  sustenance. You  may track my  obsession with poverty alleviation  to the Socialist  ideal  that the rich  man  cannot sleep  well  when  surrounded by  hungry  neighbours  and you may  be right. But  really  that is what  is at the back of my mind in treating today’s  topic   which emanated    from   three   events  that  happened  this last  week.

    The  first  was the   US  visit of the Nigerian  President Muhammadu  Buhari  and his warm  welcome by  his host, the American President  Donald  Trump.  The  second  is the Inaugural  Blockchain  Africa Conference taking place at The Wheatbaker in Ikoyi  Lagos  Nigeria on  Monday May 7 and the import  of that  for  both  Nigeria and the  US  and  of course  how that affects poverty  alleviation. The   third was the video I watched on Youtube  on the travails  and   shortcomings  of Globalisation  by well  known Peruvian Economist Horatio  de Soto  who  had    propounded  the theory or position that   the recognition of property rights  for  the poor   in developing  nations can  mitigate  the pervading negative effects of globalization  and lift  the  world’s  suffering masses  out  of poverty. Now   I  think  you can  see  how   and why  I am in love with this Peruvian Economist.

    To  me,  anyone who  can promote the creed of  poverty alleviation  and show that it is not an economic mirage certainly  has my  unflinching  admiration.  Indeed  I see  today’s  topic  in the context of  de Soto’s  theory  that the developed   world  evolved  from  the people as a nation, then the   coming  and exploitation   of   capital  and lastly  the rule of law. America in particular in the video evolved from, settlements in the frontiers, through the Industrial Revolution icon, the steam  engine and the railroads,  followed by property  rights, which created   and cemented   the rule of law.  De Soto  affirms  that two  thirds  of the population of the world is living in poverty because  of globalization  while only a third enjoys the fruits of globalization which  he insists are  abundant and economically rewarding  and beneficial  for the lucky  third of the world. The  rest, that is us in Africa, Asia, the Middle  East  wallow in poverty because we  have been  cut  off by our  lack  of recognition  and identification  of  property  rights for  our citizens, who in that state  of existence  constitute Dead Capital. In  giving  property  rights to  such  poor  citizens  they  can use  the property as collateral  to borrow  money  and invest and enter  the modern economy  and thereby  lift  themselves  out  of poverty.

    This  ties in beautifully  with  the nature  of the new  Blockchain   Technology  holding its Africa Confab here in Lagos  at  the Wheatbaker  in Ikoyi  on  Monday.  Blockchain Technology  is a revolutionary  financial technology   which  creates a  digital  financial  landscape  of records, registration  and distribution of information in a transparent  manner.  It  eliminates  third party  participation and makes financial  transactions available  to  anyone who  wants to be involved. For  security it uses private key cryptology   and the internet  for records  and  a    protocol  for authorization. Blockchain  Technology  like property  rights in de Soto’s  theory opens the financial  world not only to banks, lawyers  and accountants  but  to all  and sundry.  Indeed  Blockchain  Technology aims  intrinsically  to eliminate  middle  men  in  financial  transactions.

    For  clarity  of purpose   let  me define Blockchain  and Cryptocurrency  which  are some of the newest  words in the authoritative  Merriam Webster  dictionary. It  says   ‘Blockchain [n]is  a  digital  database containing information [such as records of financial  transaction ] that can  be  simultaineously   used  and shared   within  a large  decentralized, publicly accessible network  also;  the   technology  used to  create such  database, first  known use 2011 ‘This  dictionary  also   defined  ‘Crypto currency – any  form  of currency that only exists digitally, that  usually  has no central   issuing or regulating authority but instead  uses a decentralized  system  to record transactions and manage the  issuance of new units and that relies on cryptography to prevent  counterfeiting and fraudulent  transactions.  First known use 1990.

    With  this in mind let  us look  at  the visit of our   President to the US President  and the  import  of that for poverty  alleviation and  the  relevance  of  Blockchain  Technology  in all  that.   Aside  from their  distinctly  different  backgrounds   as   soldier  and   businessman, both  gentlemen  at  this point  of their chequered  political  career and leadership  of their  nations,  have a lot in common, which  may alarm   many Nigerians  and Americans alike.

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