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Blockchain to Boost Global GDP by $1.7tn

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New analysis by consultancy firm PwC shows blockchain technology has the potential to boost the global gross domestic product by $1.76 trillion over the next decade.

This is the key finding of a new PwC report, “Time for trust: The trillion-dollar reason to rethink blockchain”, which assesses how the technology is currently being used and explores the impact blockchain could have on the global economy.

Through analysis of the top five uses of blockchain, ranked by their potential to generate economic value, the report gauges the technology’s potential to create value across industries, from healthcare, government and public services, to manufacturing, finance, logistics and retail.

“Blockchain technology has long been associated with crypto-currencies such as Bitcoin, but there is so much more that it has to offer, particularly in how public and private organisations secure, share and use data,” comments Steve Davies, global leader for blockchain and partner at PwC UK.

“As organisations grapple with the impacts of the COVID-19 pandemic, many disruptive trends have been accelerated. The analysis shows the potential for blockchain to support organisations in how they rebuild and reconfigure their operations, underpinned by improvements in trust, transparency and efficiency across organisations and society.”

Putting blockchain to work

The report identifies five key application areas of blockchain and assesses their potential to generate economic value, using economic analysis and industry research.

The analysis suggests a tipping point in 2025 as blockchain technologies are expected to be adopted at scale across the global economy.

PwC notes that tracking and tracing of products and services – or provenance – which emerged as a new priority for many companies’ supply chains during the COVID-19 pandemic, has the largest economic potential ($962 billion).

It points out that blockchain’s application can be wide-ranging and support companies from heavy industries, including mining, through to fashion labels, responding to the rise in public and investor scrutiny around sustainable and ethical sourcing.

According to the firm, payments and financial services, including use of digital currencies, or supporting financial inclusion through cross-border and remittance payments, will amount to $433 billion.

It adds that identity management, including personal IDs, professional credentials and certificates to help curb fraud and identity theft will be $224 billion, while application of blockchain in contracts and dispute resolution ($73 billion), and customer engagement ($54 billion), including blockchain’s use in loyalty programmes, further extends blockchain’s potential into a much wider range of public and private industry sectors.

PwC says blockchain’s success will depend on a supportive policy environment, a business ecosystem that is ready to exploit the new opportunities that technology opens, and a suitable industry mix.

Across all continents, it notes, Asia will likely see the most economic benefits from blockchain technology. In terms of individual countries, blockchain could have the highest potential net benefit in China ($440 billion) and the US ($407 billion). Five other countries – Germany, Japan, the UK, India and France – are also estimated to have net benefits over $50 billion.

The benefits for each country differ, however, with manufacturing-focused economies such as China and Germany benefiting more from provenance and traceability, while the US would benefit most from its application in securitisation and payments, as well as identity and credentials, says PwC.

At a sector level, it notes, the biggest beneficiaries look set to be the public administration, education and healthcare sectors.

PwC expects these sectors to benefit approximately $574 billion by 2030, by capitalising on the efficiencies blockchain will bring to the world of identity and credentials.


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Substandard CNG Cylinder is Recipe for Disaster- SON

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Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.

 

The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.

In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.

“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.

In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.

“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”

 

 

 


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Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

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Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.

Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards. At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”

Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence. Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

 


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Foreign Secretary Lammy Unveils Flagship UK-Nigeria Soft Power Campaign

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Rt Hon David Lammy MP, has launched a flagship soft power campaign ‘Jollof and Tea’, which celebrates the UK and Nigeria’s cultural and creative ties.

L-R: UK Deputy High Commissioner, Mr Jonny Baxter; Foreign Secretary, The Rt Hon David Lammy MP; and High Commissioner, Dr. Richard Montgomery… at the British Residence during the launch of the ‘Jollof and Tea’ campaign yesterday in Lagos.

He unveiled the campaign at a reception yesterday in Lagos, on his first visit to Africa as UK Foreign Secretary.

Hosted by the British Deputy High Commissioner in Lagos, Mr Jonny Baxter, the reception was attended by, the Nigerian Minister of Art, Culture, Tourism & Creative Economy, Hon. Musawa Hannatu, the British High Commissioner to Nigeria, Dr Richard Montgomery, CEO of British Film Institute (BFI), Ben Roberts, and other key figures in the creative industry.

At the launch, the UK Foreign Secretary unveiled a first of its kind phone booth, designed by Frederick ‘Dricky’ Stickman, a young, talented Nigerian graffiti and visual artist, based in Lagos.

He reiterated the UK’s commitment to encouraging talent in Nigeria and diaspora, pledging the UK’s support to strengthen partnerships in the creatives sector to benefit both our economies, including through the British Council which celebrated its 80th anniversary in Nigeria (and 90 years globally) this year.

Commenting on the campaign, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter said: “The ‘Jollof and Tea’ campaign is designed to showcase the length and breadth of the UK – Nigeria partnership including the creative and cultural sectors.

“It will help raise awareness about the existing connections between the UK and Nigeria and take forward ongoing efforts by both our countries to strengthen our people-to-people links.”

While in Lagos, the Foreign Secretary attended the closing evening of Art X West Africa’s leading art fair and took a tour of the exhibition alongside Tokini Peterside-Schwebig, founder of Art X.

He also had a mini- bilateral meeting with Hon. Minister Hannatu, to understand Nigeria’s ideas for collaboration with the UK, and how the recently launched UK-Nigeria Enhanced Trade & Investment Partnership (ETIP) can help drive growth in the creative industries.


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