8 benefits of Nigeria’s blockchain policy

Recently the Federal Government approved a national blockchain policy in Nigeria. It was long overdue. It is estimated that by 2030 the global blockchain industry will be worth more than 10 trillion dollars.

With this policy, Nigeria is positioning itself to partake in that global cake. This will no doubt bring about prosperity in the land. Let’s jump in!

We will examine eight benefits of this blueprint in the country.

1. Drive Innovation: It will drive innovation in Nigeria by creating an enabling environment for the tech subsector. Entrepreneurs and innovators alike to develop new solutions using the blockchain technology.

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We can have applications built on the blockchain that will enhance the general well being of the nation.

2. Increased Financial Inclusion: Blockchain technology can provide better financial services to the unbanked and underbanked populations in the country, thus greatly improving financial inclusion.

The apex bank of Nigeria can issue a Central Bank Digital Currency built on the blockchain. This is less expensive than printing paper money and can include those who don’t have the typical bank accounts.

Other cryptocurrencies such as Bitcoin and Alt Coins, although volatile, can be traded and profits garnered. This can bring prosperity.

3. Engender Democracy: Blockchain can ensure we have free and fair election and acceleration of results.

The results of an election can be known in less than 24 hours and without INEC spending so much money. The process can be trusted and less of tribunals deciding elections results. By this monies will be saved.

4. Enhance Transparency and Economic Growth: The decentralised nature of blockchain technology could make it easier to ensure transparency in government transactions, reduce corruption, and promote accountability.

Every sector can benefit from this.

This will also be used to optimise supply chain logistics across board, reduce the bottlenecks we experience at the seaports enhance transparency in government procurement, and offer secure payment platforms.

Therefore, this policy can help speed up the economic growth of our nation.

With blockchain incorporated for instance into our domestic oil production, there will be accuracy of data and optimised output, this will cut off theft and save the nation lots of money.

Even health care and education is not left out. We can have results and certificates minted on the blockchain as Non Fungible Tokens(NFT). That way, no one can forge results.

This will save us lots of time, money and efforts involved in background checks. And then there will be less forgeries of documents.

5. Foster Cybersecurity: Blockchain is a secure technology that can provide better cybersecurity to data and financial systems in Nigeria, thus ensuring the safety of personal data and sensitive information.

If blockchain is deployed in our nation’s database, we can be rest assured of security against data breaches or hacking.

6. Attract Foreign Investment: This blockchain policy can make Nigeria more attractive to foreign investors by signaling that the country is ready to embrace cutting-edge technology in its economic and social life.

7. Simplify Business Operations: Blockchain can streamline business operations by enabling companies, including small scale businesses, to automate and integrate processes, which can reduce costs, increase efficiency, and promote faster transactions.

This can indeed improve the GDP of the nation.

8. Professionalism: This policy also affords the opportunity for people who want to make a living from blockchain to be certified professionals, therefore a new industry has come to be.

A lot of people can begin to aspire to be blockchain practitioners. Just like you have the body of lawyers in Nigeria, Nigerian Bar Association, the Institute of Chartered Accountants, ICAN, this provide a framework for the budding industry to be legally protected against charlatans.

There are various blockchain bodies offering professional certifications across the world. What are you waiting for?

Companies will be needing the services of blockchain consultants, developers, and experts to employ. You will need a level of certification to be given audience.