E-Fraud
The Chief Executive of Kurecion Foundation, Abikure Tega, has known as for the usage of block chain technology to handle fraud within the nation´s taxation system.
He made the decision on the weekend, in Abuja at a coaching session organised by the muse for some members of the general public on the technology and the way they might faucet into its services.
Tega defined that block chain has the capability to deal with belief which makes it a best choice and the simplest and most effective infrastructure amongst customers of currencies internationally.
As acknowledged by Tega, a monetary advisor and enterprise mentor, the block chain technology, just like the web, has a built-in robustness that shops blocks of knowledge which are equivalent throughout its community.
He mentioned the technology may be used to handle the challenges in agriculture, oil sector, pension and all different authorities processes.
“The block chain technology is basically a decentralised transaction ledger through which digital data could be distributed and seen however not copied or altered.
“It can be utilized to handle complexities in governance and administrative techniques,” he mentioned.
He acknowledged that as a distributed database, it lives throughout a community of computer systems which makes it exceptionally safe.
Tega mentioned the block chain shops transaction information in teams known as blocks, whereas every block is time-stamped and added to a chain linked to the earlier block.
“It is totally clear and can't be modified; it may be used to create a decentralised system of cost the place the tax payer has an unhindered entry to the collector which is the federal government.
“It enhances income assortment and removes the challenges of remittances; all the things turns into straightforward when it's introduced to the block chain infrastructure,” he mentioned.
He described as unlucky the truth that Nigeria has the bottom Gross Domestic Product (GDP) ratio between tax assortment and its GDP internationally, noting that “not all the things collected is normally remitted to authorities.”
Tega additionally famous that the block chain technology had already been examined in some African nations, stressing that every one that was wanted in Nigeria was authorities´s political will to embrace it.
“We are saying that this technology is already right here with us and we will deploy it for our personal benefit.