The Nigerian economy has recently fallen on hard times as the Oil industry remains under the tight controls of the National banks. Losing out on a couple of billion dollars in revenue the entire economy has moved closer to an official state of recession. However Mercuria chief Marco Dunand, revealed his positive view on the blockchain technology as he remarked at a Reuters even that it could possibly streamline the selling and buying process and make efficient the industry increasing profit by a possible 30% by cutting back on costs on the payment side of Bitcoin.
“I’ve seen sufficient bank presentations to believe the technology is there and it’s solid. And I believe we’re going to see a digital transformation of the oil and gas industry.”
The boss held a meeting with stakeholders to discuss the future of such technologies in his own business which made an overall profit of around $300 million in the last year. Oil companies particularly in Nigeria could benefit from the freedom blockchain technology enables. The industry chief further emphasized blockchains potential in trading commodities as the blockchain will not only make purchasing oil tax free in many countries but companies will be able to cash in too.
To conclude the Bitcoin model has been renowned as the future for the oil industry. Remaining one of the oldest commodities, oil has remained extremely volatile and unreliable for many looking for long to results on their investments. However Bitcoin could be the answer as investments get more costly in Nigeria, Bitcoin could effectively make payments faster easier and cheaper for individuals and even businesses looking for a digital solution. You too can purchase some Bitcoin via the NairaEX exchange, and have it delivered within hours to your address. Bitcoin payments can benefit individuals in many more ways than one.
