The Federal Government is gearing up to revise the rules governing the implementation of the National Blockchain Policy.
This review aims to incorporate emerging technologies and adapt to current economic conditions, broadening the policy’s scope to encompass sectors like land registration, health, and education. Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), made this announcement during a three-day co-creation workshop held in Abuja.
The workshop aimed to validate current trends in blockchain technology and involve new stakeholders to ensure widespread adoption and implementation.
Blockchain, as defined by Investopedia, is a digital database that stores information, such as financial transaction records, which can be used and shared across a decentralized and publicly accessible network.
Last year, under former President Muhammadu Buhari, the government approved the National Blockchain Policy to support secure transactions, data sharing, and value exchange among individuals, businesses, and the government. However, recent advancements require a review of this policy.
During his address, Inuwa highlighted the rapid evolution of digital technology and its transformative applications.
He emphasized the need for Nigeria to harness the potential of blockchain technology, which is projected to contribute $1.7 trillion to the global economy by 2030.
Inuwa stated that blockchain usage in Nigeria is still in the early stages, and many are unaware of its benefits. He explained that blockchain goes beyond cryptocurrency and can be applied in industries like supply chain management to ensure product authenticity.
Inuwa stressed the importance of leadership keeping pace with the advancements in blockchain technology and announced the inclusion of new members in the policy committee to ensure comprehensive representation from both the public and private sectors.
The primary objective of the workshop was to review and validate the implementation plan for the national blockchain policy, which was initially developed last year. Inuwa added that the goal is to update the implementation plan, taking into account the changes in circumstances since its inception.
A significant highlight of the event was the reconstitution of the National Blockchain Policy Steering Committee.
This committee comprises representatives from relevant government agencies, industry experts, academia, and other stakeholders in the blockchain ecosystem.Its role is to oversee policy implementation and ensure alignment with the overarching goals and objectives.
