USING TECHNOLOGY AS A CATALYST, PROPOSE BANKING SOLUTIONS THAT CAN IMPROVE THE FINANCE, AGRICULTURE, HEALTHCARE, TRANSPORTATION, OR EDUCATION SECTOR OF NIGERIA IN THE NEXT 125 YEARS

in #blockchain5 years ago

USING TECHNOLOGY AS A CATALYST, PROPOSE BANKING SOLUTIONS THAT CAN IMPROVE THE FINANCE, AGRICULTURE, HEALTHCARE, TRANSPORTATION, OR EDUCATION SECTOR OF NIGERIA IN THE NEXT 125 YEARS.

image
source
It is not realistic to propose solutions for the above sectors for as far as 125years, technology will always improve and there is always room for change. Nevertheless, I am certain about a technology that can improve these sectors now and pull through for a long period of time, it is block chain technology.

Block chain technology is an ingenious invention which is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but everything of value. It is not limited to crypto currency as people assume, the use of block chain is enormous and crypto currency is just the most common use of block chain as at now. The implementation of block chain technology as a banking solution for finance, agriculture, healthcare, transportation, and education can lead to improvement through the following ways.

FINANCE

Banks experience problem with international finance market due to the huge cost and time spent in transferring funds from one country to another. Efficiency can be improved and cost reduced by using block chain technology. Block chain doesn’t require the need to open and close the secured databases between the two references of transaction, transaction from one country to another can be completed in few seconds by a click of a button. This will also speed up shares buying and selling in financial trading, better the foreign exchange rate and of cause improve the finance of the country. Block chain technology can eliminate online fraud and cyber attack as once a transaction enters the block chain, it is immutable.

AGRICULTURE

Midddle man which is one of the major problem in Agriculture can be eliminated by linking farmers directly to the consumers and retailers. Through block chain technology the farmers can get trusted, reliable and transparent source of information that will connect them directly to the bank and eliminate middle man. The farmers will have access to vital information like seed quality, climate data, soil moisture, demand and selling price, all in one platform and direct access to customers and retailers. Data entered in block chain can’t be altered or hacked, there is maximum safety and security.

HEALTHCARE

Block chain technology can help prevent data breaches in healthcare industries. Hospitals will be able to store large data at ease, increase in patient number will no longer be a problem. A patient can have instant access to digital result without having to re-run some text due to misplacement. Drug counterfeit can be traced and brought to an end. Banks can initiate initial coin offerings (ICO) to raise funds for new treatment and cures. Investors will be confident enough due to the transparency and security that block chain offers.

TRANSPORTATION

Transporting goods can be better monitored and transportation services can be well improved with less money spent if block chain technology is adapted in transport industry. Human error can be eliminated in transport logistics like invoices. Smart contracts that automate payments can be embed, payment will no longer be delayed across segments as enormous drags , lack of trust and slow verification will be eliminated.

EDUCATION

People turn down charity for education because it is not easy to supervise and a lot of changes are made to favor some people. Application of block chain technology will make charity donation for educational purposes more appealing, transparent to public and trusted. Important documents of students such as certificate, result, admission letter, etc will be easy to collect, recorded and can’t be tampered with.

Using block chain technology as a catalyst for banking solution, several other sectors can be improved and it will create good influence in the country at large. Banks should look into block chain technology, train people and implement it as soon as possible.

THANKS FOR READING

image

Sort:  

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

Thanks for using eSteem!
Your post has been voted as a part of eSteem encouragement program. Keep up the good work! Install Android, iOS Mobile app or Windows, Mac, Linux Surfer app, if you haven't already!
Learn more: https://esteem.app
Join our discord: https://discord.gg/8eHupPq

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 71539.00
ETH 3603.23
USDT 1.00
SBD 4.75