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Federal government set to review national blockchain policy

Federal government set to review national blockchain policy

The Federal Government is preparing to revise the policies overseeing the implementation of the National Blockchain Policy. This review aims to integrate emerging technologies and adapt to current economic conditions, expanding the policy’s scope to include sectors such as land registration, health, and education.

Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), made this announcement during a three-day co-creation workshop held on Tuesday in Abuja. The workshop’s purpose was to validate current trends in blockchain technology and engage new stakeholders to ensure inclusive adoption and implementation.

Blockchain, defined by Investopedia, is a digital database that stores information, such as financial transaction records, which can be used and shared across a large, 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 innovations necessitate a review of this policy.

In his address, Inuwa, represented by Oladejo Olawuni, Director of Information, Technology, and Infrastructure Solutions, emphasized the rapid evolution of digital technology and its transformative applications. He highlighted the need for Nigeria to leverage blockchain technology’s potential, which is projected to contribute $1.7 trillion to the global economy by 2030.

“Currently, blockchain usage in Nigeria is still in its developmental stages, and many are unaware of its benefits. It extends beyond cryptocurrency and can be applied in industries like supply chain management to ensure product authenticity,” Inuwa stated.

He stressed the need for leadership to evolve alongside blockchain technology’s advancements and noted the inclusion of new members into the policy committee to ensure comprehensive representation from both the public and private sectors.

The workshop’s primary objective was to review and validate the implementation plan for the national blockchain policy initially developed last year. “Our goal is to revalidate and update the implementation plan, considering the changes in circumstances since its initial development,” Inuwa added.

A key event highlight was the reconstitution of the National Blockchain Policy Steering Committee. This committee, consisting of representatives from relevant government agencies, industry experts, academia, and other blockchain ecosystem stakeholders, is tasked with overseeing policy implementation and ensuring it aligns with the overarching goals and objectives.

This Article is Fact-Checked. See Policy.

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