Corruption is one of the major problems of Nigeria. It has impacted negatively on the Nigerian Economy.
Over the years past governments have made concerted efforts in fighting corruption to no avail. The present government of President Buhari has made the fight against corruption his focal policy.
The government has adopted various strategic plans including the economic and financial crime commission (EFCC) in its fight against corruption.
The Blockchain Technology could be adopted in this fight against corruption in Nigeria.
According to an article written by Rosamond Hutt published by Weforum.org:
“Blockchain could also help to reduce fraud because every transaction would be recorded and distributed on a public ledger for everyone to see”
This means that if the Blockchain is used in Nigeria anyone with access to the internet would be able to use it to make transaction.
Currently most people in Nigeria use banks as a third party to make financial transactions, however the use of the Blockchain allows consumers and suppliers to connect directly, removing the need for a third party.
The blockchain technology could work for every sector of the Nigerian economy involving value; money,goods and property. Its potential uses are almost limitless. It could be employed in the area of tax collection and funds transfers to areas where banking is very difficult.
Many countries including Canada, China and United States of America are racing to adapt the Blockchain technology.
Nigeria could also adapt the Blockchain technology and use it to fight corruption, thereby reviving the dwindling Nigerian economy.