Interswitch, an integrated digital payment company, on Sunday unveiled its white paper on blockchain technology.
The paper was titled “Blockchain Technology: The future of Africa’s Digital Economy”.
It was published to help drive the growth of African businesses.
Blockchain technology is a digital ledger that stores transactions. It was a digital system for recording transactions in multiple places at the same time, thereby making it impossible to falsify the data stored on it.
Akeem Lawal, Managing Director, Transaction Switching and Payment Processing, Interswitch, said in a statement in Lagos that the white paper was inspired by the need to demystify the ambiguity around blockchain technology for African businesses, thereby driving digitisation and socio-economic growth across African markets.
“We are passionate about empowering Africans and advancing the African payment landscape, and we are consistently identifying opportunities and exploring innovative ways to enable businesses transform and scale.
“The white paper document contains details on how businesses can leverage blockchain technology to transform their businesses and the prospects it portends for the future of Africa’s digital economy, ”he said.
He added that the white paper encapsulates the benefits of blockchain technology and how it would help strengthen businesses because of its efficiency and better security in keeping records and safety.
“While the blockchain technology is a relatively new phenomenon in Nigeria and Africa, we are particularly excited about our partnership with Interstellar with whom we are developing a native blockchain infrastructure that is tailored to suit the African market.
“This initiative will deepen digital payment, lower the cost of local and cross border payments, as well as champion the cause for localisation of emerging technology, “he said.