Tag: blockchain technology in Nigeria

Nigerian National Assembly and The Uk Blockchain Application Example

Blockchain Application is becoming a global phenomenon. Many countries of the world are adopting it into their National Economies.

Recently Uk Parliament is to meet next week to discuss on how to adopt the Blockchain Application in their National Economy.

Nigeria could follow the Uk Example by adopting the Blockchain Technology in the Nigerian Economy.

The Nigeria National Assembly should form an Economic Committee to discuss Blockchain Application. This will go a long way in boosting our dwindling Nigerian economy.

Blockchain technology Experts from universities and Research institutes should be consulted on the area of Blockchain Application in Nigeria.

The Uk Government has consulted Experts in their own case to speak on the Blockchain Application issue.

According to Coindesk post  ,Stan is quoted at saying:

“The committee will notably feature testimony from Ben Broadbent, the deputy governor of monetary policy for the Bank of England who remarked this past March that a central bank-issued digital currency could have a major impact on banking”

He went further to state this in the post: 

“In addition to Broadbent, witnesses set to speak include Digital Asset Holdings CEO Blythe Masters; 11:FS co-founder and director of blockchain Simon Taylor; Imperial College Centre for Cryptocurrency Research associate director Dr Catherine Mulligan; Gresham College professor of commerce Michael Mainelli; and PwC transformation and assurance director Lord Spens”

The  Central bank of Nigeria could also be consulted on this Blockchain Application issue for clarification and enforcement.

 I am urging Nigerian Parliament to follow the UK Blockchain Application example.

Blockchain Technology Adoption and Corruption Fight In Nigeria

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.