Nigerian Bourse To Adopt Blockchain for Settling Trades by 2023

Nigerian Exchange, plans to start a blockchain-enabled exchange platform next year to deepen trade and lure young investors to the market. From a report: The move follows the introduction of regulations to guide trade in digital assets by the Nigerian Securities and Exchange Commission, and the growing interest to adopt the distributed-ledger technology by businesses and policy makers across the continent including in Kenya and South Africa. The exchange looks to deploy the blockchain technology in settlement of capital market transactions, Temi Popoola, the chief executive of Nigeria Exchange, said in an interview. "For a lot of young and upcoming Nigerians, that is the kind of technology they adopt and we want to see how we can deploy it to grow our market," Temi said. The plan is unfolding in the wake of a rout in cryptocurrency markets following the collapse of the Terra blockchain in May. Bitcoin has plunged more than 50% since reaching a record high last November.

Requirements analysis?

[bradley13]

What are the actual requirements here? A blockchain (presumably centralized) provides the tollowing:

- Public register of transactions. You will be able to see who had bought/sold what, assuming you can link real identities to exchange identities.

- Tamper resistance. Past transactions cannot easily be changed. This is only important if you cannot trust the exchange.

Are those requirements what they really want to achieve? It seems unlikely. Do individuals (and companies) really want their transactions m

Re:

[bloodhawk]

There requirements seem to be to attract young technology focused individuals and get onboard the hype train which has left the station and derailed already in most countries, this is the type of project if put in front of me that alarm bells start ringing and I tell them to back the fucking truck up and do proper business analysis then work out the solution to the business problems.

On the one hand

[phantomfive]

This feels like nonsense. On the other hand, it prevents this kind of nonsense [economist.com].

Re:

[ffkom]

Does it? Assuming that Nigerian exchange pulls a similar stunt, whom will you refer to get "what is written in the block chain" executed, as in giving you either the money or the precious metal? The Nigerian authorities...? Unlikely to help you.

Block chains mean nothing without a real, physical power backing its promises.

Lack of trust?

[thegarbz]

The only point of an Exchange is to have a single trusted place by which to exchange value. The only reason you would need a blockchain for this is if your customers have no trust in your Exchange.

Re:

[erktrek]

REQUEST FOR ASSISTANCE-STRICTLY CONFIDENTIAL

I am Dr. Bakare Tunde, the cousin of Nigerian Astronaut, Air Force Major Abacha Tunde. He was the first African in space when he made a secret flight to the Salyut 6 space station in 1979. He was on a later Soviet spaceflight, Soyuz T-16Z to the secret Soviet military space station Salyut 8T in 1989. He was stranded there in 1990 when the Soviet Union was dissolved. His other Soviet crew members returned to earth on the Soyuz T-16Z, but his place was taken up by r

Re:

[r2kordmaa]

On the other hand, if you are trying to make things more secure from hackers, corruption, sabotage or just plain human error then trust but verify is definitely the way to go even if you are running a bourse in a bit more reliable part of the world than Nigeria.

An extra safety net is not a bad thing. And it's not like in developed world financial institutions are really trusted to never mess it up, rather insurance, courts and ultimately the state are trusted to sort the problem out if it happens, but it

Re:

[thegarbz]

A blockchain is just a record. If an exchange is breached the record can be updated and things can be moved at a whim. The historical record may not be able to be changed, but fundamentally the exchange needs to have a mechanism to put trades into the blockchain, and that is as insecure as it is now.

Re:

[Thom34]

That is not the case. It was for settling the trades, not for recording the executed trades in exchange. I guess that you know that e.g. in the US, the exchange trades are settled on t+2, and exchanges don't know if the trading parties have the stocks that they are selling or not. If owning is recorded to the blockchain it could allow real-time settling of the trades.

Nigerians oooooo

[oldgraybeard]

are going to use block chain Cool! What do they do they do that is legit?

Re:

[oldgraybeard]

My comment was snarky, added nothing and I was wrong.

Re:

[Black Parrot]

On the contrary, now when someone needs help getting their money out of the country they can just send you some crypto; you won't have to send any money to help.

Well they're the specialists

[Rosco P. Coltrane]

If anybody know about internet scams and get-rich-quick scheme, it's the Nigerians.

419! 419!

[93 Escort Wagon]

I just gotta say... when I think about legitimate financial transactions, I think about Nigeria!

Headed by a Nigerian Prince....

[bsdetector101]

Headed by a Nigerian Prince who needs help transferring his inheritance and needs donations to help pay lawyers.... LMAO

Already underway at ASX

[Nodsnarb]

ASX is already replacing their CHESS settlement system with distributed ledgers and block chain https://www2.asx.com.au/market... [asx.com.au]