Nigeria recently implemented its National blockchain policy, stirring anticipation and curiosity across the nation.
In the midst of this technological evolution, I had the privilege of sitting down with three prominent stakeholders in Nigeria’s tech space.
Together, we delved into a profound exploration of the policy’s implications for the average Nigerian, uncovering its potential impact and the ways in which organizations are poised to leverage this development.
Join me on this enlightening journey as we unravel the layers of Nigeria’s newly minted National blockchain policy and its profound significance for the nation’s future.
Chuta Chimezie, Cordinator of Blockchain Nigeria User Group (BNUG) has been at the forefront of Nigeria’s blockchain implementation for years, he shared his thoughts on whether the policy came too late:
“Well, considering that the preliminary work on the National Blockchain Policy and Strategy document was started in 2020, to which I was a vital contributor, I will say it’s better late than never.
Every county or jurisdiction faces different levels of challenges in navigating this unique technology and Nigeria is no different.”
On how this policy will affect an average Nigerian, Chuta believes that a policy document is the first step in the journey of driving the adoption of blockchain technology.
“Consider it as a kick-off whistle that heralds the start of a match. What this will do for Nigeria is quite enormous.
The National Blockchain Policy and Strategy document provides a framework for regulation, instills investor confidence, drives market development, protects consumers, and fosters international collaboration.”
According to Chuta, by addressing these aspects, the policy will play a pivotal role in facilitating the successful adoption and integration of blockchain technology within the country’s socio-economic landscape.
“It’s even possible to have Blockchain and Web3 content injected into our educational curriculum.”, Chuta added.
Charles Emembolu, Director of Partnerships of Innovation Support Network (ISN Hubs) on how Nigerian hubs will position more of themselves as innovative centers for birthing blockchain solutions said, “Innovation Support Network as the name implies is really there to foster an enabling environment for the ecosystem in a way that is market driven and legal.”
According to Charles, this new policy will provide more clarity locally as ISN hubs are already convening engagements and plans to be in a position to foster growth for this technology stack.
On how ISN will ensure that the government and private institutions assist hubs to play their roles in creating more blockchain innovation, Charles said, “ISN will typically deploy a triple helix approach hinged on the right conversations, policy advocacy, programming and direction of funding support to grow solution and talent development in blockchain-related businesses.”
On the implication of this national Blockchain policy on an average Nigerian, Mohammed Ibrahim Jega, Co-founder of Domineum, said that the policy was developed to provide a framework for the adoption, implementation, and regulation of blockchain technology in Nigeria.
“The policy aims to promote the use of blockchain technology to drive innovation, enhance productivity, and create new opportunities in various sectors of the Nigerian economy.”
According to Jega, the implication of this policy on an average Nigerian is that it could potentially lead to greater transparency, efficiency, and security in various industries such as finance, healthcare, and real estate.
Stating instances, Jega said that, blockchain technology could be used to create a more transparent and efficient land registry system, which could help reduce land disputes and improve property rights.
“In the financial sector, blockchain-based solutions could be used to improve the efficiency of payment systems and reduce the cost of remittances.”
In addition, he added that the policy could also lead to the development of new job opportunities and the growth of the Nigerian digital economy.
“As blockchain technology becomes more widely adopted, there will be an increasing demand for skilled professionals with expertise in blockchain development, cybersecurity, and other related fields.
Overall, the implementation of the Nigerian National Blockchain Policy has the potential to bring about significant benefits for the average Nigerian, including improved transparency, efficiency, and economic growth.”
Domineum is a blockchain-based platform that provides solutions for land registry, property management, credential verification, certificate verification, identity management, and supply chain management.
According to Jega, Domineum is positioned to leverage the national blockchain policy because it is focused on promoting the adoption and implementation of blockchain technology in various sectors of the Nigerian economy, including land registry, identity, and supply chain management.
“As a result, Domineum is well-positioned to leverage this policy and contribute to the growth of the Nigerian digital economy.
“In the area of land registry, Domineum’s blockchain-based platform can help to create a more transparent and efficient land registry system, which is one of the key objectives of the National Blockchain Policy.
By using blockchain technology to securely store land ownership information, the platform can help to reduce land disputes and improve property rights.”
“In the area of supply chain management, Domineum’s platform can help to increase transparency and efficiency in supply chain processes, which is another key objective of the National Blockchain Policy.
By providing a secure and transparent platform for tracking goods and verifying the authenticity of products, the platform can help to reduce fraud and improve the efficiency of supply chain processes.”
“Overall, Domineum is well-positioned to leverage the Nigerian National Blockchain Policy by providing innovative solutions that can help to drive the adoption and implementation of blockchain technology in Nigeria,” Jega concludes
Featured Image (L-R): Chuta Chimezie, Cordinator, Blockchain Nigeria User Group (BNUG); Charles Emembolu, Director oF Partnerships, Innovation Support Network (ISN Hubs); Mohammed Ibrahim Jega, Co-founder, Domineum.
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