Article summary
- The Nigerian government has approved the national blockchain policy coordinated by the National Information Technology Development Agency (NITDA) of the Ministry of Communications and Digital Economy.
- The policy is aligned with the National Digital Economy Policy and Strategy (NDEPS) and focuses on the digital society and new technologies.
- Blockchain technology has the potential to revolutionize various sectors including finance, healthcare, education, security and agriculture by bringing decentralization, cost-efficiency, transparency and reliability.
Communications and Digital Economy Minister Isa Pantami confirmed that the Nigerian federal government has approved the national blockchain policy during the Federal Executive Council (FEC) meeting held at the State House in Abuja on Wednesday.
The minister announced that the activities outlined in the directive would be coordinated by the National Information Technology Development Agency (NITDA) under the supervision of the Federal Ministry for Communications and Digital Economy.
backstory
The national blockchain policy is in line with the National Digital Economy Policy and Strategy (NDEPS), which was presented and launched by President Muhammadu Buhari on November 28, 2019.
The policy was developed by the Federal Ministry of Communications and Digital Economy in line with the 7th pillar of the NDEPS, which focuses on the digital society and new technologies.
what you need to know
Blockchain is a distributed ledger technology that enhances centralized solutions in different ways. It creates a platform for the design of financial services that fill many gaps in today’s virtual market system.
After this ad, we continue with the news
While traditional databases only record records for individual entities, blockchain connects a group of entities and allows data to be synchronized across multiple, independent stakeholders.
Blockchain use is particularly attractive for small companies. It offers them a cheap and efficient way to make and receive payments, access investment and savings products, and build a credit history.
After this ad, we continue with the news
Enabling greater access to this technology can encourage the growth of small and medium-sized enterprises (SMEs), which in turn can boost job creation and economic development.
The many possible uses of the blockchain
Beyond financial services, blockchain technology can be used in healthcare, education, security, and agriculture for the decentralized, low-cost,
transparent and reliable benefit that technology can provide.
Contrary to popular belief that blockchain is all about cryptocurrencies like Bitcoin, Ethereum, etc., many offshoots of the underlying technology have emerged.
According to PricewaterhouseCoopers (PwC), blockchain technologies have the potential to boost the global economy by approximately $1.76 trillion by 2030, and Nigeria, as an emerging market, will benefit greatly from the technology if positioned early.
However, as with other disruptive technologies, there are downsides that include immutability of transaction data, high implementation costs, higher energy consumption, possible loss of access due to self-maintenance, etc.
Furthermore, there is also scope for abuse as people can use these new technologies for fraud, scams, etc., implying a need for robust protections for businesses and consumers, as well as effective anti-money laundering controls.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.