The Federal Government has announced plans to review the National Blockchain policy to incorporate new technologies and adapt to current economic realities.
This move aims to expand the application of blockchain technology into crucial sectors such as land registration, health, and education.
The announcement was made by Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), at a three-day workshop in Abuja.
The workshop’s primary goal is to validate emerging blockchain technology trends and include new stakeholders for its adoption and implementation.
Blockchain, defined as a digital database enabling secure transactions and data sharing within a decentralized, publicly accessible network, has significant potential for innovation.
The policy, originally approved last year under former President Muhammadu Buhari, was designed to support secure transactions and value exchange.
However, rapid technological advancements over the past year have necessitated a review of the policy.
Global projections indicate that blockchain technology could add $1.7 trillion to the economy by 2030. Nigeria is keen to capitalize on this potential, aiming to enhance public awareness and develop its blockchain usage.
To oversee the policy’s implementation and ensure it meets its objectives, the National Blockchain Policy Steering Committee has been reconstituted.
This committee includes representatives from government agencies, industry experts, academia, and other stakeholders, ensuring a comprehensive and inclusive approach to policy development and implementation.
