Following the events of digitizing the ministry of communications and the listing of the Nigerian Naira on the world’s largest cryptocurrency exchange by market trading, Binance, the founder of Blockchain Nigeria User Group (BNUG), Chuta Chimezie, revealed how blockchain technology will benefit the people of Nigeria.
In an episode of Tech Trends, a technology program that airs on Channels TV, Chuta Chimezie was asked to analyze the use of blockchain in Nigeria, he said “Nigeria practically doesn’t have reliable data, and as such, people cannot trust the system.
He outlined areas where blockchain technology will be beneficial to Nigeria:
- Record keeping (census, birth records, court records, etc)
- The voting system – Blockchain will solve the problem of electronic voting which is centralized. It will be trusted because of its decentralized system.
- Currency; and
Being pivotal to blockchain implementation in the country, Chuta hinted on the policies the Securities and Exchange Commission (SEC) are drafting to properly regulate blockchain/digital assets, and the Central Bank of Nigeria’s (CBN) plan to create its own digital currency tied to the Naira, like the People’s Bank of China (PBoC) and central banks of other countries.