Dispute Resolution, Insights

Blockchain Policy: A Positive Development for Nigeria’s Ecosystem

Blockchain technology, known as BT, has gained widespread attention for its potential to revolutionize various sectors such as finance, education, healthcare, supply chain, and transportation worldwide. Nigeria, being the largest economy in Africa, has quickly recognized the advantages of this innovative technology. Nigeria has recently introduced a National Blockchain Policy aimed at promoting economic growth and fostering innovation within the country. The introduction of this policy aligns with the country’s National Digital Economy Policy and Strategy 2020-2030, which emphasizes the importance of creating a digital society and embracing emerging technologies.

The Federal Ministry of Communications and Digital Economy (FMC&DE) and the Nigerian Technology Development Agency (NITDA) have played key roles in introducing the National Blockchain Policy, in 2023. This article aims to delve into the significance of this policy and its potential impact on the Nigerian ecosystem.
What is Blockchain Technology?

Before examining the National Blockchain Policy, it is vital to understand what BT is. In simple terms, ‘Blockchain’ is a digital ledger that records transactions on a decentralized network. ‘BT’ is a technology that allows for secure, transparent, and tamper-proof transactions that cannot be altered once recorded. It does this by using a consensus mechanism, which ensures that all participants on the network agree on the validity of transactions. The most popular application of BT is in cryptocurrencies such as Bitcoin, Ethereum, and other Alt-coins. The technology has the potential to be used in various sectors, including healthcare, supply chain management, education, transportation and even voting systems…

 

 

 

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