The Federal Government says it is committed to adopting regulations in its bid to strengthen the utilization of Blockchain Technology in Nigeria.
Nigeria’s Minister of Communications and Digital Economy, Isa Ali Pantami stated this while speaking at the American Business Council event.
In a statement made available to newsmen by the Spokesperson of the National Information Technology Development Agency (NITDA) Hadiza Umar, the minister said that the country’s Information Technology Development Agency has developed a National Blockchain Adoption Strategy to facilitate the effective utilization of Blockchain Technology in the country.
This strategy, Pantami said supports efficiency, transparency, and productivity.
“It may interest you to know that one of the Agency under my supervision, the National Information Technology Development Agency (NITDA), has developed a National Blockchain Adoption Strategy that seeks to facilitate the effective utilization of Blockchain technology for the development of the Nigerian digital economy.
Pantami who noted that the benefits of Blockchain Technology can not be over-emphasized said that the federal government was working towards benefiting from the gains of the industry.
“The strategy outlines the roadmap and schemes for the adoption of the Blockchain technology by government in its digital transformation agenda in a way that supports efficiency, transparency, and productivity.”
“You would all agree that traditional businesses that rely on IP-protected material are confronting internal and external factors that pose several key challenges. Internally, unsynchronized IT systems do not enable data to flow, creating friction to locate and comply with copyrights under control.
“Externally, firms are recently operating in more complex, and diverse business networks with the need to validate multiple IPs within a single transactions model,” he said.
“No doubt, Blockchain technology has evolved greatly since the introduction of Bitcoin in 2008, the first decentralized peer-to-peer electronic cash system.
Today, innovators in various fields are realizing the benefits of this great technology.
“From medicine to agriculture, finance to governance, education to transport and across the global supply chain; many sectors are looking for ways to integrate Blockchain into their infrastructures,” he added.
He explained that the agency was employing the statutory responsibility towards innovative technologies, to develop corresponding strategies for a healthy ICT ecosystem that encapsulates emerging technology such as Blockchain.
He said given the indispensable role of technology in driving new businesses and service models, regulation is needed to protect citizens and ensure fair markets while letting innovation and business flourish.
Nigeria’s Blockchain Technology Association, the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) had last week introduced a Code of Conduct for players in the industry.
The Code of Conduct, according to SiBAN applies to both registered and non registered Virtual Assets Service Providers (VASPs) in Nigeria and was aimed at ensuring sanity in the industry while also supporting innovation.