Blockchain technology: 9 benefits & 7 challenges
Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently in the market. Since 2013 Google searches for “blockchain” have risen 1900%.
5 blockchain use cases in financial services
One of the most discussed topics in the financial services industry today is blockchain technology. We are beginning to understand what a blockchain is, but how can we best use this technology within our business?
#5. Blockchain – loyalty and rewards
Blockchain offers many benefits, including transparency and traceability of transactions. This will help banks and insurers to create a more captivating loyalty and rewards program that fits 24/7 performance management and enhances engagement.
#4. Blockchain – how to improve online identity management
Online identity management Online identity management has always been a time-consuming and costly process. First of all, there is the need for registration. A consumer or client could register online but financial services like loans, mortgages or insurance require a higher level of security for the financial institution to comply with Know Your Customer (KYC) regulations.
#3. Blockchain – the benefits of smart contracts
One of the most promising applications of blockchain technology is the smart contract. It can execute commercial transactions and agreements automatically. It also enforces the obligations of all parties in a contract – without the added expense of a middleman.
#1. Blockchain – speeding up and simplifying cross-border payments
The transfer of value has always been an expensive and slow process. This is particularly true for cross-border payments. The blockchain is able to speed up and simplify this process – and also reduces the costs significantly.
Withholding Tax (WHT) rate on building and construction contracts reversed from 2.5% to 5%
The Minister of Finance has approved the reinstatement of Withholding Tax (WHT) rate of 5% on all aspects of building, construction and related activities. The approval was given via an official gazette dated 23 November 2016.
ICT, not agriculture, will fast-track Nigeria’s growth and development’- Tope Aladenusi
Tope Aladenusi, the chief strategy officer at Deloitte West Africa also doubles as the President of Information Systems Audit and Control Association (ISACA) Lagos State chapter. In this interview with Arinze Okamelu, he reveals amongst other things how ICT can fast-track Nigeria’s growth and development. Click Here to read the full interview
2017 Federal Government Budget : Pinpointing the Facts and Figures
On Wednesday, 14 December 2016, President Muhammadu Buhari presented the 2017 budget of N7.3trillion to the National Assembly for consideration. The budget which is tagged, budget of recovery and growth and expected to be financed by increased borrowings, is aimed at providing a roadmap to revive the nation’s troubled economy. Click HERE for full details of the budget.