GITEX: Nigerian Blockchain Startup, LexChain, Eyes $200,000 Equity Investment
TECH DIGEST – LexChain is a Blockchain-based Startup for data (document) verification and decentralised storage that leverages and solve the problems of the health, education and Land GIS sector, is seeking to raise $200,000 to scale-up.
The startup is among the 10 startups sponsored by the National Information Technology Development Agency (NITDA) to the 40th Gulf Information Technology Exhibition (GITEX) in Dubai, United Arab Emirates.
LexChain is one of the Startups nurtured by Kaduna-based Lexighton Hub (Technologies).
The integrated ICT Base firm provides top-notch solutions to citizens, government and businesses.
The Hub is an abode for the convergence of technology, innovations, entrepreneurship, creativity and arts towards building an IT oriented Society.
Speaking to media Expert at GITEX 2020, the CEO, Lexington Hub, Dauda Hunkuyi, said that since establishment in 2018, the firm has achieved some milestones with solutions that address issues in critical sectors of the economy.
The currently have about ten solutions that are tailor-made to offer services in five sectors cutting across education, governance, health, land administration and communication.
From the report obtained by TechDigest.ng, Hunkuyi said, “We have a solution for the Nigerian Academy Intelligence System; the plagiarism checker.
“There is another solution for the Nigerian Academic Research Repository. We are currently in partnership with the Abubakar Tafawa Balewa University which uses the repository system within the University community. The Federal Government has started investing in the idea.
“We also developed a healthcare solution which is also receiving investment worth N200million from the Federal Government of Nigeria.
“Furthermore, we have two other systems that we currently want to showcase to the global market.
“LexChain is one of our solutions that we are hoping to collaborate with some regulatory bodies in the Nigerian education sector such as the National Universities Commission (NUC); the National Board for Technical Education (NBTE), and others. The aim is basically to solve forgery related issues in the university system.
“We are also talking to the Federal Civil Service Commission and the respective States’ Civil Service Commissions including States’ geographical agencies; they will benefit immensely from this Blockchain Technology.
The Co-Founder and Chief Technical Officer of LexChain, Abubakar Nur Khalil, disclosed to Media expert that they are hoping to raise additional $200,000 as they launch to scale-up the platform and operations.
CEO, Lexington Hub, Dauda Hunkuyi and the Chief Technical Officer, Abubakar Nur Khalil of the Lexchain Startup in discussion with other startups at GITEX 2020, for possible areas of collaboration (Photo by: Lexington Hub)
“It is a common knowledge that fraud and forgery is a global issue. There are lots of problems individual face with regards land procurement, registration and documentation.
“In certain cases, officials collude with individuals to perpetuate forgery and make fraud go undetected, even to the detriment of the government; a lot of revenues are lost.
“So, our system – LexiChain, a blockchain technology, combats fraud and forgery. It enables simplified and secured verification and transfer of digital assets such as land titles, school certificates, etc.
“We started working on this platform in 2019. We carried out the Beta-testing by the end of that year. This year we had to scale up and currently have partnerships with some organisations.
“So, due to reviews and demands, we made some few changes and today we are proud of this platform.
“We are seeking more partnerships and funding to raise funds to be able to scale-up the infrastructure.
“We built the system to be as flexible as possible because the used-case for fraud are quite ranging. For that reason, we didn’t want to make the platform to be sector-specific; we have an open system to be able to integrate solutions in future.
“We are looking at raising $200,000 for 8.5% equity investment in the company”, he said.