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  Whether you are prepared or not, blockchain and digital payments have come to stay, and they are the new mode of business operations presently and in the future. And whether you choose to know about them now or in the future, you might find yourself lagging and losing out on the scheme of things in the future.
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The concept of blockchain and bitcoin are mainstream, yet many are ignorant or confused about what they truly are. Many business owners are in dire need to know what these technical terms mean and how they can affect their businesses positively.  Studies have shown that blockchain and all forms of digital payments will shape all aspects of human civilisation, ranging from commerce to politics to medicine and telecommunications and so on. Many business people in Nigeria are standing aloof over what digital and blockchain payments can do for their businesses. However, these people can be proactive in seizing the opportunities that are stored in the technology. The first step is to understand what digital payments and blockchain mean. Blockchain is the platform that makes bitcoin possible – it’s a decentralized, secure, publicly shared database that simplifies transactions. Bitcoin is just one (arguably the most high-profile) application that takes advantage of the technology. Blockchain is largely an enabler that allows for other applications to be built on top of it. And with potential advantages like increased payment speed, improved security and transparency, a simplified process and significantly reduced costs overall, there’s little doubt that the business world will work through its fears and adopt blockchain in a major way.
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  1. Study New Technologies And Understand Their Purposes.
The first step towards preparing your business for digital payments and blockchain – studying and understanding what they mean, the purposes they serve and how they can fit into your business. You do a personal study or invite an expert who can train and educate you and your team on digital payments and blockchain. There are loads of materials online and offline. You can attend webinars, seminars, and conferences on these subjects and how they can shape your business positively.
  1. Engage Service Providers And Industry Peers On Present/Future Business Trends.
This second tip is an offshoot of the first, however, with a more proactive approach. The best way to prepare your business for digital payments and blockchain is to engage your industry peers by attending conferences where you can network, discuss and acclimatize yourself with the present and future needs of your industry. In the course of your engagement, you might get to know those who are already adopting the technologies in their businesses and how they are shaping them. With this, you can be armed with firsthand information on how both technologies work. On the other hand, engaging service providers will arm you with the necessary up-to-date information within the blockchain industry. You can engage them through contacting their hotlines, emails and signing up for their newsletters.
  1. Engage Vendors To Fill Areas Where Your Organisation Is Vulnerable.
The cheapest way to prepare your business for digital payments and blockchain-related financial services is to engage dealers and vendors. Rather than building from scratch which is costly, risky and time-consuming, it’s advisable to employ the services of companies whose sole operation is digital payments. Many vendors help organisations with digital payments. They are Interswitch, Remita, and so on. For example, Nigerian higher institutions have employed the services of Remita to help in their digital payments. Therefore, rather than building, outsource. Payment processing companies do this best, and the right vendor will work with your business to provide customized payment options and tools. Featured image source: Inter American Development Bank
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This article was first published on 21st February 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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