The Nigerian government has set a target to benefit from the growing popularity of the Blockchain Technology industry.
Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITA) disclosed this yesterday in Abuja during the ongoing Digital Nigeria Conference and Exhibition organized by the agency.
Inuwa, who said that Blockchain Technology has increased integrity and transparency said that the technology has altered many systems.
”it will facilitate the development of the Nigerian digital economy by supporting our digital transformation agenda in a way that promotes efficiency, transparency, and productivity.
“Innovators in various fields are maximizing the benefits of this incredible technology from medicine to agriculture, finance, governance, education, transport, and across the global supply chain.
“Innovators are exploring ways to use blockchain technologies to disrupt and transform traditional process models.
“With its decentralized and trustless nature, Blockchain technology can lead to new opportunities, benefit industries through greater transparency, enhanced security, and easier traceability.”
According to him, Blockchain Technology has proven to be the future, adding that “With Blockchain Technology supporting these new-age concepts, we can expect that the future will belong to decentralized resources.
“After cryptocurrencies gained much traction, blockchain technology emerged as one of the most promising technologies to transform businesses.
Inuwa said that the NITDA has also developed strategies that would aid the growth of the industry in Nigeria.
“We developed a Blockchain Adoption Strategy to facilitate the effective utilization of Blockchain technology towards creating a digital economy.
“The strategy outlines the roadmap and schemes for the adoption of Blockchain technology by the government in the digital transformation agenda, in a way that supports efficiency, transparency, and productivity.”
Inuwa added“We are currently piloting the implementation blueprint in two Federal Government sectors and building a Proof of Concept (POC) on the implementation of the National Blockchain Strategies.
“In this regard, the agency is creating a national infrastructure for the deployment of blockchain solutions in a government institution that integrates identity and incentive platforms.
“In the same vein, the agency is taking steps to replicate and implement regulatory soundboxes that have been adopted by countries like the UK, India, Australia, Canada, and Denmark.
“Regulatory sandboxes will enable participants to test products and services on a small scale in a controlled environment, reducing innovation costs and barriers to entry.
“It also allows regulators to collect important information about innovative products before deciding which regulatory action to take.”