Blockchain technology, others have transformed businesses in Nigeria – Oracle
Mr. Adebayo Sanni, Managing Director of Oracle Nigeria, on Friday, said emerging technologies such as Blockchain, Artificial Intelligence (AI) Internet of Things (IoT) were driving business innovation in Nigeria.
Sanni said this at the Oracle Impact Technology Summit in Lagos, aimed at driving awareness of emerging technologies and their impact on local businesses.
He said the Nigerian economy was bolstered by a thriving small and medium enterprise (SME) community, with many SMEs engaging in businesses that could only be made possible by cloud technology.
He said the adoption of cloud technology was imperative for any business and government organisation that desired to remain relevant and competitive.
According to Sanni, with blockchain, AI and IoT, businesses have the opportunity to focus on driving revenue streams as these solutions remove the risk of human error and are self-learning.
”These technologies provide transparent and simple data validation to drive efficiency and predictable results, so that the businesses can focus on driving results and increasing revenue.
”A recent example of blockchain’s impact is the Nigeria Customs Service (NCS) that piloted Oracle Blockchain Cloud Service to provide it with a trusted platform for the full automation of Customs Excise Trade business processes and procedures.
”This technology allows NCS to document and track products that are manufactured locally, right from the source of licensing and permits for manufacturing, to distribution and point of sale.
”This proof of concept shows that the entire business environment of NCS can be migrated to blockchain to automate as many customs processes as possible, creating transparency and predictability,” Sanni said.
The managing director said it was time to stop thinking about emerging technologies as scary or disruptive challenges businesses would have to overcome.
Also speaking at the summit, Asst. Custom Controller General, Benjamin Aber said blockchain was radically changing the future of transaction based industries.
According to him, the adoption of blockchain has helped the Customs to build a world class customer service.
”It has improved clearance efficiency, reducing clearance cost as a better public perception of NCS as a world class organisation.
”The technology has helped improve the ease of doing business in Nigeria and better trade facilities.
Blockchain will ensure credibility and reliability of doing business in Nigeria, increase employment and promote investment capacity building,” he said.
Aber, however, said the target of NCS by 2018-2021 was to transform its operations to 100 per cent paperless in terms of administration and automation of enforcement process.
The News Agency of Nigeria (NAN) reports that the summit brought together domain experts and business leaders to discuss the influence emerging technologies have on business innovation. (NAN)