• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries

Understanding FEC approval of the national blockchain policy

CSL StockbrokersbyCSL Stockbrokers
2 weeks ago
in Industries, Tech News
Understanding FEC approval of the national blockchain policy
Share on FacebookShare on TwitterShare on Linkedin

Articles summary

  • The Nigerian government has approved the national blockchain policy, which will be coordinated by the National Information Technology Development Agency (NITDA) under the Ministry of Communications and Digital Economy.
  • The policy aligns with the National Digital Economy Policy and Strategy (NDEPS) and focuses on digital society and emerging technologies.
  • Blockchain technology has the potential to revolutionize various sectors, including finance, health, education, security, and agriculture, by providing decentralization, cost-effectiveness, transparency, and reliability.

The Minister of Communications and Digital Economy, Isa Pantami, confirmed during the Federal Executive Council (FEC) meeting held at the state house in Abuja on Wednesday that the federal government of Nigeria has approved the national blockchain policy.

The minister disclosed that the activities outlined in the policy would be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy.

Backstory

The national blockchain policy aligns with the National Digital Economy Policy and Strategy (NDEPS), which was unveiled and launched by President Muhammadu Buhari on November 28, 2019.

The policy was developed by the federal ministry of communications and digital economy in line with the 7th Pillar of the NDEPS, which focuses on digital society and emerging technologies.

What you need to know

Blockchain is a distributed ledger technology that improves centralised-based solutions in different ways. It creates a platform for designing financial services that bridge many gaps in today’s virtual market system.

While traditional databases track records for single entities only, blockchain connects a group of entities and allows for data to be synchronised across multiple, independent stakeholders.

Blockchain usage is particularly alluring for small businesses. It provides them with an affordable and efficient avenue to make and receive payments, access investment and savings products, and build a credit history.

Enabling greater access to this technology can foster Small and Medium-sized Enterprises (SMEs) growth, which in turn can enhance job creation and economic development.

Blockchain’s diverse applications

Beyond financial services, blockchain technology can be leveraged in the health, education, security, and agricultural sectors, for the decentralised, cost-effective,
transparent, and reliable advantage the technology can provide.

Contrary to popular believe that cryptocurrencies like bitcoin, ethereum, etc, are what blockchain is all about, many offshoots of the underlying technology have evolved.

According to PricewaterhouseCoopers (PwC), blockchain technologies can boost the global economy by about US$1.76 trillion by 2030, and Nigeria, as an emerging economy if positioned early, will greatly benefit from the technology.

However, just like other disruptive technologies, there are downsides, which include immutability of transaction data, high implementation costs, higher energy consumption, possible loss of access due to self-maintenance, etc.

Beyond these, there is also scope for abuse as people can use these new technologies for scams, fraud, etc., implying a need for robust business and consumer protection safeguards and effective anti-money-laundering controls.

Related

Tags: Isa PantamiNational blockchain policy

Leave a Reply Cancel reply

hfm
UBA
Mega Millions
Mega Millions
fidelity banner
HFM







NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • President Tinubu orders the DSS to immediately vacate EFCC Lagos office
  • FOREX Challenges Disrupting Drug Availability in Nigeria- GSK Nigeria
  • Unilever Nigeria announces the resignation of Bidemi Ademola as Executive Director

Follow us on social media:

Recent News

Short Take: DSS moves to social media with Instagram, Facebook, Twitter accounts 

President Tinubu orders the DSS to immediately vacate EFCC Lagos office

May 30, 2023
Nestle Plc releases third quarter result, reports Net Profit of N11.85 billion

FOREX Challenges Disrupting Drug Availability in Nigeria- GSK Nigeria

May 30, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up
  • Cart

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In