Quote from Ndubuisi Ekekwe on December 7, 2017, 5:06 AM

This is not another laundry list of what the technology that powers Bitcoin can do. Blockchain is already doing many things. The Australian Stock market will use blockchain to drive its exchange. Nasdaq, the London Stock Exchange, and the Japan Exchange Group are also experimenting same.  That will not just make exchanges cheaper to operate, it will also make them more transparent.

The Australia’s stock market will use bitcoin’s underlying tech The Australian Securities Exchange (ASX) announced that it will use blockchain to clear and settle trades starting in March 2018. It will be the world’s first major equities market to fully make use of the technology behind bitcoin for transactions.

Nigeria should study this and see how we can use this technology in the Nigerian Stock Exchange. The confidence in our exchange remains low, as many Nigerians think the market is not wholly-fair (none is indeed, for that matter). That is why retail investors have not returned since the market crashed in 2007-8 Great Recession.  The NSE needs to study this and see how it can bring it about: we need the benefits from blockchain.

The implementation of blockchain in clearing and settling can make transactions quicker, cheaper, and easier when compared to the traditional systems banks use that requires going through a middleman. Goldman Sachs said that the use of blockchain in stock trading could help the industry save $6 billion annually across the globe.

This will save cost and free resources for many other initiatives. Blockchain should not be seen as a technology for the rich world; this one is really good for emerging economies.