By Emmanuel Elebeke
ABUJA—A financial technology solution company, Belfrics Global Technology has launched its operation in Nigeria, Belfrics Nigeria PVT Limited.
Belfrics Nigeria is a subsidiary of Malaysian- based Belfrics Global, a digital finance company that offers a wide range of products and services to the digital currency industry, including a wallet, a trading platform, a payment gateway and others.
The company is known for its Blockchain solution, which entrenches local content and effective regulations where necessary to boost the economy of the country.
The event came after its successful launch of Kenya’s operation last week.
Unveiling the solution, the Chairman and CEO of Belfrics Global, Mr. Praveen Vijay explained that the Blockchain solution helps to enhance all existing data base in a system, transparency in government operations and openness in public service.
He said: ‘‘We are bringing Blockchain technology solutions to Nigeria. What we have at the back of our mind when we talk about Blockchain solution is a kind of ripple effect because we want to bridge the gap of multiple corruptions in all government areas and in all facet of public enterprise. It brings transparency, it eliminates corruption.
‘‘Blockchain is not a one of thing, it is kind of a house that houses so many entities on it. We have Blockchain solution in area of health, Blockchain solution on law, finance, land management, tax, e-government. In fact, we have Blockchain in virtually in every facet of life because everything we do is not tangible but digitalized. It is digital information.
‘‘Blockchain solution harnesses all this information and give transparency to it. That is why it recorded everything it does in a ledger. It is like a book everybody goes in and see. But it is not open as you can see tangibles.
‘‘You have to have an access before you can get into it. It lays bare, there is no more secrecy in everything government doe or public person does. It eliminates corruption and off-record activities. Once you have access to the solution, which in our own case we provide key to everybody, you can see everything government does. For instance, how many people owns land in Abuja, that is land management.
‘‘It is all about data and information storage. If you are building a Blockchain solution, you have to get information from the primary source and then upload to the secondary source. For people to have access to what we are doing, we recently spoke to NITDA and they are very curious about the solution we are bringing in and if you get such parastatal curious, then there is the possibility it will buy the idea.’’
Also speaking on the digital technology solution, the Director Administration and Human Resources, Jay Ukachukwu said Blockchain is coming to eliminate corruption and enthrone openness in governance and all public establishments.
He said people may be sceptical to embrace the technology now but would soon realise the potency in eliminating corruption, double registration and usher in public confidence in every public business and transaction.
‘‘Like when the internet came out, it did not appeal to everybody. Blockchain helps in every area of life. It helps in taxation, medicals, land management and in all areas of life.
‘‘Blockchain technology was developed as an aftermath of what happened in Wall Street in 2008. There was financial down turn in the world called economic meltdown. Then, banks were being liquidated and they were using the opportunity to rip off an ordinary man on the streets,’’ he explained.
Blockchain technology started business in 2014 and is now in a multi-national company with operations in 8 countries, including the leading world economies: China, Japan, India, Malaysia and Kenya.