How NITDA’S Blockchain Strategy will Catalyse Digital Economy Transformation

By Abbas badmus,

TECHDIGEST – In order to strengthen the utilization of Blockchain technology for economic growth, wealth and job creation, together with sustainable development, the National Information Technology Development Agency, NITDA, recently drafted the proposed documents on Blockchain Adoption in Nigeria called ‘National Blockchain Adoption Strategy”.

The Blockchain Adoption Strategy documents advances the effort of President Muhammad Buhari and the Federal Ministry of Communication and Digital Economy, FMoCDE, through the honourable minister, Prof. Isa Ali Ibrahim Pantami, in creating and fostering an efficient, safe, and economically productive and viable Digital Nigeria, using the blockchain technology.

The primary objective of the adoption strategy is to identify and utilize the opportunities provided by Blockchain technologies to strengthen the country’s security on cyberspace and stimulate the growth of the country.

As an emerging technology, blockchain provides a secure and fault-tolerant distributed ledger platform for transactions. Experts believe blockchain will facilitate the development of the Nigerian digital economy, while also enabling citizens to have more confidence in digital platforms.

The blockchain adoption strategy document outlines the roadmap and strategies for the adoption of the blockchain technology by government in its digital transformation agenda. It also highlights the strategic objectives and initiatives that will be actively pursued by the federal government, through designated MDAs during the stipulated period.

In furtherance, the adoption strategy also aims to promote blockchain technology in Nigeria. This strategy shall support the government to unleash the potential of blockchain and distributed ledger technologies (DLT) in the country, by supporting the digital transformation in several sectors and preventing risks related to their use.

For a country like Nigeria aspiring to become a virile economy, Director General of the National Information Technology Development Agency, NITDA, Mal. Kashifu Inuwa Abdullahi, believes that the Blockchain Adoption Strategy developed by their NITDA will facilitate the effective utilisation of Blockchain technology.

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He disclosed this at a panel session during the ‘2022 Digital Nigeria Conference Exhibition and Awards’ in Abuja

He further revealed that Blockchain digital revolution has several possibilities with broad economic and social implications, saying: “It pushes for the emergence of digital transparency and integrity, leading to extensive changes in business models and governmental functions.

“Innovators are exploring ways to use blockchain technologies to disrupt and transform traditional process models. With its decentralized and trustless nature.

“Blockchain technology can lead to new opportunities and benefits industries through greater transparency, enhanced security, and easier traceability.

“Governments and businesses all over the world have begun to utilise the robust potential usability of Blockchain”.

Mal. Kashifu Inuwa also revealed that the global market for Blockchain Technology is expected to grow by over 39 billion US dollar by 2025.

According to the NITDA helmsman, many large and medium-sized enterprises are exploring blockchain’s potential to grow their businesses in the global tech industry.

He noted that Cryptocurrencies, Stablecoins, NFTs, Metaverse, and Web3 are gradually taking over the world’s industrial and financial space.

“With Blockchain Technology supporting these new-age concepts, we can expect that the future will belong to decentralized resources.

“Blockchain is now at a point where large corporations and governments, not just a tiny hyper-technical community of IT experts, are starting to comprehend its potential to improve people’s lives and build more resilient organisations”.

Ray Sharma, the General Partner of Pacer Ventures, defined blockchain as a necessary piece of digital infrastructure, saying that the core blockchain environment is thriving in Africa.

“But the Nigerian Government, again, must make the right decision to indulge in blockchain technology, so as to attract more investments for the country,” he noted, while speaking on, “The Importance of Blockchain for Digital Transformation”.

“And its adoption in Nigeria will give the country an edge in the technological advancement taking place in Africa”.

The Lead of BSV Blockchain for Government Initiative Middle East, Ahmed Yousif, noted that the full deployment of blockchain in Nigeria will help to secure relevant data for all internet devices, especially the ones vulnerable to hacking.

He pleaded with the federal government to provide digital tools to young and smart Nigerians that are ready to harness the opportunities in blockchain and other tech system applications.