How Nigeria’s Zone Blockchain Works

How Nigeria’s Zone Blockchain works. Remember when Zone raised $8.5 million seed in its Series A fund round? Well, here is a more inept look into how the Blockchain platform works.

How Zone Blockchain Works

How Zone Blockchain Works

The Zone blockchain network is causing quite a stir in Nigeria, with many likening it to the groundbreaking impact of the Nigerian Inter-Bank Settlement System (NIBSS) when it first emerged.

So, what’s the big deal? Imagine being able to carry out cryptocurrency-style transactions using regular fiat currency. Zone is offering just that – the first blockchain platform tailored specifically for conventional fiat transactions. Pretty impressive, right?

Having been in the business for 16 years, initially focusing on banking infrastructure, Zone has now rebranded itself with a fresh focus on blockchain payments.

But don’t think they’ve abandoned their roots entirely. Qore, a subsidiary of the AppZone group, continues to operate under the original business model and has been wildly successful, processing over $2 billion annually for banks, fintechs, and microfinance institutions across seven African countries.

Zone’s Blockchain Ambitions

However, Zone’s blockchain ambitions have the potential to surpass Qore’s success. Their goal is nothing short of revolutionizing transaction processes, aiming to make them faster, cheaper, and more secure.

So, how does this blockchain magic actually work? It’s all about peer-to-peer transactions, much like sending files via Bluetooth. But here’s the key difference: every transaction is recorded digitally on the blockchain, preventing any attempts at double-spending.

The Blockchain Distributes the Workload Across a Network of Nodes

What’s even cooler is that instead of relying on a single central authority, the blockchain distributes the workload across a network of nodes, making it extremely difficult to tamper with.

Zone has taken these foundational blockchain principles and adapted them to enable the Nigerian naira to operate on the blockchain. It’s a complex process, but they’re making it happen.

More on Zone’s Blockchain Technology

Now, you might be wondering, how does it all come together, and why should you care? Well, that’s exactly what Techpoint’s latest insights are all about. Trust me, you won’t want to miss out on this game-changing innovation!

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