How NITDA’s blockchain strategy will catalyze digital economy transformation

By Abba’s bath mouse,

To enhance the use of Blockchain technology for economic growth, wealth and job creation, along with sustainable development, the National Information Technology Development Agency, NITDA, recently prepared the proposed documents on Blockchain Adoption in Nigeria called the ‘National Blockchain Adoption Strategy’.

The Blockchain Adoption Strategy documents promote the efforts of President Muhammad Buhari and the Federal Ministry of Communications and Digital Economy, FMoCDE, through the Honorable Minister, Prof. Isa Ali Ibrahim Pantami, to create and promote an efficient, secure and economically productive and viable Digital Nigeria, using the blockchain technology.

The main objective of the adoption strategy is to identify and exploit the opportunities offered by Blockchain technologies to strengthen the country’s security in cyberspace and stimulate the growth of the country.

also read: Pantami: A “technological” icon

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 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 the 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 addition, the adoption strategy also aims to promote blockchain technology in Nigeria. This strategy will support the government in unlocking the potential of blockchain and distributed ledger technologies (DLT) in the country, by supporting the digital transformation in several sectors and preventing risks associated with their use.

For a country like Nigeria that wants to become a virile economy, the 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 effective utilization of Blockchain technology.

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

He further revealed that the Blockchain digital revolution has several opportunities with broad economic and social implications, saying, “It is pushing for the emergence of digital transparency and integrity, leading to sweeping changes in business models and government functions.

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

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

“Governments and businesses worldwide have begun to take advantage of the robust potential usability of Blockchain”.

Goal. Kashifu Inuwa also revealed that the global blockchain technology market is expected to grow by over US$39 billion by 2025.

According to the NITDA chairman, many large and medium-sized enterprises are exploring blockchain’s potential to grow their business in the global technology 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 time concepts, we can expect the future to belong to decentralized resources.

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

Ray Sharma, General Partner of Pacer Ventures, defined blockchain as a necessary part of digital infrastructure, and said that the core environment for blockchain is flourishing in Africa.

“But the Nigerian government, again, must take the right decision to indulge in blockchain technology, to attract more investments for the country,” he noted while speaking on “The Significance of Blockchain for Digital Transformation”.

“And its adoption in Nigeria will give the country a head start in the technological developments taking place in Africa.”

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

He called on the Federal Government to provide digital tools to young and smart Nigerians who are ready to harness the opportunities in blockchain and other technological system applications.

Abbas Badmus is with Tech Digest, Wuye District Abuja

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