Cryptocurrency transactions in Nigeria is gradually becoming a buzz word as millions of young people in Africa are gravitating towards this as a major means to transact business, according to statistics, if you find yourself reading this post, there is every possibility that you already know what cryptocurrency is. And I kid you not, there’s a whole lot of cryptos on this block, but one catches our fancy - Cardano.
Cardano is a groundbreaking proof-of-stake blockchain network, being developed into a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts.
Great! That leaves us with decentralized applications (dApps)
These are similar to a traditional Web application. The frontend uses the exact same technology to render the page. It contains a “wallet” that communicates with the blockchain. The wallet manages cryptographic keys and the blockchain address. Public-key infrastructure is used for user identification and authentication. Instead of an API connecting to a database, a wallet so — ware triggers activities of a smart contract, which interacts with a blockchain (according to the book, token economy)
What’s so fascinating about Cardano?
It is built with the rigor of high-assurance formal development methods, Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications. Cardano is meant to be the platform of choice for the large-scale, mission-critical DApps which will underpin the economy of the longer term.
Cardano blockchain is home to ADA (₳) cryptocurrency. Cardano’s native token — ADA (₳) was coined after Ada Lovelace, British mathematical visionary who worked on the Analytical Engine, a mechanical general-purpose computer design.
Some of the downsides to land registration currently in Nigeria:
The practice of registration of title to or interest in land, which remains the kernel of modern conveyancing in Nigeria today, has its root from the colonial era. This is largely because before the era of colonization, the area now known as Nigeria did not exist as a country.
Land disputes are inevitable
Foremost, before the establishment of this regime of land registration in Nigeria, there seemed to be a plethora of reported lawsuits ashore title disputes within the country. A detail examination of the character of those cases is out there in the extant literature on real estate law in Nigeria (Smith, 2007; Umezulike, 2013)
Risk of Loss or Destruction of Public Records
section 37(1) and (4) of the LRL 2015, for instance, stipulates that where a registered title document (which include “Certificate of Occupancy” or “Land Certificate”) is lost or destroyed, the holder may apply to the Registrar of land registry for the re-issuance of an extract of the title document
And there’s more…
How Cardano fixes the problem using smart contract
A smart contract may be a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.
One of the best things about the blockchain is that, because it is a decentralized system that exists between all permitted parties, there’s no need to pay intermediaries (Middlemen) and it saves you time and conflict.
Blockchains have their problems, but they’re rated, undeniably faster, cheaper, and safer than traditional systems, which is why banks and governments are turning to them.
Smart contracts assist you exchange money, property, shares, or anything useful during a transparent, conflict-free way while avoiding the services of a middleman
A smart contract allows you to virtually exchange anything (money, shares, land, etc. ) without additional cost or ervices of middlemen.
Suppose you buy a land from from me. You can do this through the blockchain by paying in cryptocurrency. You get a receipt which is held in our virtual contract; I offer you the digital entry key which involves you by a specified date. If the key doesn’t come on time, the blockchain releases a refund. If I send the key before the rental date, the function holds it releasing both the fee and key to you and me respectively when the date arrives. The system works on the If-Then premise and is witnessed by many people, so you’ll expect a faultless delivery. If I give you the key, I’m sure to be paid. If you send a particular amount in bitcoins, you receive the key. The document is automatically canceled after the time, and therefore the code can’t be interfered with either folk without the opposite knowing since all participants are simultaneously alerted.
You can use smart contracts for all kinds of situations that range from financial derivatives to insurance premiums, breach contracts, property law, credit enforcement, financial services, legal processes, and crowdfunding agreements.
A peek into the future
Jerry Cuomo, vice chairman for blockchain technologies at IBM, believes smart contracts are often used all across the chain from financial services to healthcare to insurance. Here are some examples:
You can get more money through smart contracts. Ordinarily, if you wanted to rent your apartment to someone, you’d got to pay a middleman like Craigslist or a newspaper to advertise then again you’d need to pay someone to verify that the person paid rent and followed through. The ledger cuts your costs. All you are doing is pay via bitcoin and encode your contract on the ledger. Everyone sees, and you accomplish automatic fulfillment. Brokers, land agents, hard money lenders, and anyone related to the property game can profit.
The blockchain not only provides one ledger as a source of trust, but also shaves possible snarls in communication and workflow due to its accuracy, transparency, and automatic system. Ordinarily, business operations need to endure a back-and-forth, while expecting approvals and for internal or external issues to sort themselves out. A blockchain ledger streamlines this. It also cuts out discrepancies that typically occur with independent processing which may cause costly lawsuits and settlement delays.
Barclays Corporate Bank uses smart contracts to log a change of ownership and automatically transfer payments to other financial institutions upon arrival
Personal health records might be encoded and stored on the blockchain with a personal key that might grant access only to specific individuals. The same strategy might be wont to make sure that research is conducted via HIPAA laws (in a secure and confidential way). Receipts of surgeries might be stored on a blockchain and automatically sent to insurance providers as proof-of-delivery. The ledger, too, might be used for general healthcare management, like supervising drugs, regulation compliance, testing results, and managing healthcare supplies.
Smart Contracts are Awesome!-Here’s what smart contracts give you:
Autonomy — You’re the one making the agreement; there’s no got to believe a broker, lawyer, or other intermediaries to verify. Incidentally, this also knocks out the danger of manipulation by a 3rd party, since execution is managed automatically by the network, instead of by one or more, possibly biased, individuals who may err.
Trust — Your documents are encrypted on a shared ledger. There’s no way that someone can say they lost it.
Backup — Imagine if your bank lost your bank account. On the blockchain, each and every one of your friends have your back. Your documents are duplicated many times over.
Safety — Cryptography, the encryption of internet sites, keeps your documents safe. There is no hacking. In fact, it might take an abnormally smart hacker to crack the code and infiltrate.
Speed — You’d ordinarily need to spend chunks of your time and paperwork to manually process documents. Smart contracts use software code to automate tasks, thereby shaving hours off a variety of business processes.
Savings — Smart contracts prevent money since they knock out the presence of an intermediary. You would, as an example, need to pay a notary to witness your transaction.
Accuracy — Automated contracts aren’t only faster and cheaper but also avoid the errors that come from manually filling out tons of forms
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