The pinnacle of 50% revenue growth expected from the adoption of Oracle Blockchain Cloud Services by the Nigerian Customer Service. As per the valid source from Nigeria Customs Service, Aber T Benjamin an Assistant Comptroller – General Modernisation, he said that his organization used Oracle’s blockchain to build a trusted platform for the automation of Customs Excise Trade business processes and procedures. Additionally, he said that while using the blockchain technology, the entire business environment will be moved to blockchain to automate processes thereby creating transparency and predictability. Once the process transition is completed successfully, the revenue growth can increase by about 50 percent as predicted by Nigerian Customer Service.
The technology will definitely help to create a trustworthy business through undeniable data on goods manufactured in the country. On strategic front, the successful completion of the Proof of Concept, the entire business environment of Customs can be moved to blockchain in order to automate as much customs processes as possible thereby creating accountability, transparency, and predictability. On the financial number front, Nigerian Customer Services recorded revenue upwards of N1 trillion last year as compared the budgeted revenue of N770 billion. Needless to say that the blockchain technology-led business is more secure with the efficient supply chain management on a global basis as the technology is used where it allows to transacting with cryptocurrencies.
According to Oracle Cloud Platform’s Executive Vice President Amit Zaveri, “the blockchain technology has the power to change the dynamics of the businesses and to transform each and every transaction more cost effective and transparent manner”. With this, Oracle Blockchain Cloud Service provides customers with a developed platform to build their own networks and to quickly integrate with Oracle PaaS and third-party applications that they use. It enables users in a variety of ways like deploying and running smart contracts to update and query the ledger system, joining other organizations. Additionally, the Oracle’s blockchain platform leverages the company’s decades of experience across multiple industry verticals as well as an extensive partner ecosystem to reliably execute transactions with all stakeholders like banks, suppliers among others.
As soon as the business incorporates the technology like blockchain, it becomes transformative. Now that Oracle’s platform in place, any enterprises can enhance their business by eliminating unnecessary hurdles, processes and executing transaction through the distributed networks more transparently. It also helps accelerate time to market and multiple returns with the help of the most value-added technology blockchain. According to Robert Parker, a Group Vice President of Manufacturing and Retail Insights at IDC, “Blockchain projects are quickly becoming the mainstream activities where both enterprises and governments would see the inherent value of distributed ledgers and smart contracts”.
Let us not forget that when in business with capital expenditure in place, company would require an enterprise-class platform that creates values including data security, integrity, scalability beyond open source. So you must be prepared to reap the enormous benefits of Blockchain technology thereby creating value to your enterprise and to all your stakeholders!!