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News - North Central - FCT Updated: May 21, 2024

FG set to review national blockchain policy

By Kehinde Ayanboade
May 21, 2024
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The Federal Government has revealed its plan to review policies governing the implementation of the National Blockchain policy.

It was revealed that the review is part of efforts to incorporate new emerging technologies and economic realities, expanding its reach to land registration, health, and education sectors.

The Director General, of the National Information Technology Development Agency, Kashifu Inuwa, announced this at a three-day co-creation workshop for the implementation of the National Block Chain Policy held on Tuesday in Abuja.

Inuwa noted that the three-day policy discussion is to validate trends in blockchain technology and incorporate new stakeholders for inclusive adoption and implementation.

According to Investopedia, blockchain is a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralised, publicly accessible network.

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The government under former president Muhammadu Buhari had last year approved the policy to support secure transactions, data sharing, and value exchange between people, businesses, and the Government. But a year later, the policy is scheduled for review owing to recent innovations.

The NITDA DG in his address highlighted the vast evolution of digital technology and its increasingly transformative applications, highlighting the imperative to harness its dynamic potential.

Inuwa represented by the Director of Information, Technology and Infrastructure Solutions, Oladejo Olawuni, emphasised that with the industry projected to boost the global economy by $1.7 trillion by 2030, Nigeria must strategically capitalise on the potential offerings.

He said, “Presently, we are still at the development stage of blockchain usage in Nigeria and because of that many people are not aware of the benefits of blockchain.

“They think it is just about crypto alone but it is vast. Blockchain can be used in any industry like supply chain management to ensure that the right products get to the consumer.

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“The continuously evolving nature of blockchain technology and its increasingly transformative applications across diverse sectors necessitate a commensurate evolution in our leadership.

“We realised there was a need to infuse some more members into the committee to ensure that we have full membership from the public and private sector to prevent anything that had occurred in the past,” Inuwa said.

According to him, the workshop’s objective is to review and validate the implementation policy and plan for the national blockchain policy initially developed last year.

He added, “The expectation is to present an updated list and also for a review and validate the implementation plan for the national blockchain policy initially developed last year. It is to review the implementation plan and revalidate it because realities have changed from then to now.”

The major highlight of the event was the reconstitution of the National Blockchain Policy Steering Committee tasked with overseeing the implementation of the policy and ensuring its alignment with the overall goals and objectives.

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The committee comprises representatives from relevant government agencies, industry experts, academia, and other stakeholders involved in the blockchain ecosystem.

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Kehinde Ayanboade

Kehinde, a journalist with Allnews Nigeria, has 7 years experience covering Politics, Entertainment ...

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