BAM is responsible for developing Africa’s first successful Blockchain Public Sector Proof of Concept.
The Proof of Concept was to develop an Excise Trade Management solution for the Nigerian Customs Service (NCS). The proposed solution enabled business processes within the Excise Trade to be automated to create better revenue assurance, optimum efficiency and transparency utilizing the Blockchain technology.
Other characteristics of the solution include:
- Creating an Irrefutable Data Repository of all Excise Traders in Nigeria
- Issuing Permits and Licenses
- Tracking the life cycle of all products
- Computation of Excise Duties based on production information
The solution is expected to increase NCS revenue by approximately 50%. It will also help build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country.