Customs Eyes 50% Revenue Growth With Oracle Blockchain

Nigeria Customs Service
  • Customs Eyes 50% Revenue Growth With Oracle Blockchain

The Nigerian Customs Service (NCS) said it is eyeing a 50 per cent revenue growth from its adoption of Oracle’s Blockchain Cloud Service.

Assistant Comptroller-General, Modernisation, Nigeria Customs Service, Aber T. Benjamin, said the organisation has used Oracle’s blockchain to build a trusted platform for the automation of Customs Excise Trade business processes and procedures.

“Using this technology, we found the entire business environment can be migrated to blockchain to automate processes and create transparency and predictability. Once the transition to blockchain is completed, NCS expects revenue growth increase of about 50 per cent. This technology helps our organisation to build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country,”ACG Benjamin said.

The successful completion of this Proof of Concept (PoC) shows that, the entire business environment of Customs can be migrated to blockchain, to automate as many customs processes as possible, creating transparency and predictability.

NCS last year recorded its highest revenue collection ever of over N1 trillion as against N770 billion target set for the year.

The block chain technology, which is also being used to drive cryptocurrencies, helps businesses to achieve more secure and efficient transactions and to track goods through supply chains on a global scale.

Benjamin said the technology is helping the NCS to build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country.

Executive Vice President, Oracle Cloud Platform, Amit Zavery, said blockchain has the power to fundamentally transform how every industry does business by making interactions more secure, transparent, efficient and cost-effective.

He said: “Oracle Block chain Cloud Service provides customers with a development platform to build their own networks, and to quickly integrate with Oracle PaaS and third-party applications they already use, as well as other block chain networks and Oracle PaaS services. It also enables users to provision block chain networks, join other organisations, and deploy and run smart contracts to update and query the ledger.”

He added that Oracle’s block chain platform leverages the company’s decades of experience across industries and its extensive partner ecosystem to reliably share and conduct trusted transactions with suppliers, banks, and other trade partners through block chain.

“Block chain promises to be one of the most transformative technologies of our generation. With Oracle’s platform, enterprises can enhance their business, eliminate unnecessary processes, and transact with their distributed networks more easily, transparently and securely than ever before,” he said.

diverse systems of record; greatly accelerating time to market and multiplying the returns from using the block chain platform across different application use cases”.

Group Vice President of Manufacturing and Retail Insights, IDC, Robert Parker, said: “Block chain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts.

“As spending accelerates, buyers will need an enterprise class platform beyond open source that includes data security and integrity, scalability, manageability and interoperability.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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