FG reconstitutes committee to validate blockchain technology implementation

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By Ijeoma Olorunfemi

The National Information Technology Development Agency (NITDA) has reconstituted the National Blockchain Policy Steering Committee (NBP-SC) to validate trends in blockchain technology and incorporate new stakeholders for inclusive adoption and implementation.

Its Director-General, Malam Kashifu Inuwa, said this on Tuesday while inaugurating the committee at a three-day co-creation workshop for the implementation of the National Blockchain Policy (NBP) in Abuja.

Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.

The purpose of the blockchain is to share information amongst all parties that access it via an application. Access to this ledger in terms of reading and writing may be unrestricted or restricted.

Represented by Mr Oladejo Olawunmi, Director, IT Infrastructure Solutions, Inuwa recalled that the committee was initially inaugurated on May 16, 2023.

He added that the agency constituted the committee to oversee the implementation of the National Blockchain Policy (NBP) and ensure its alignment with the overall goals and objectives of the policy.

The director-general said that blockchain technology was evolving, had increasingly transformative applications, hence the need to leverage the dynamic potential it possessed.

“Presently, we are at the initial stage of blockchain technology implementation and because of that many people are not aware of the potential of the technology.

“Blockchain technology is so vast and can used in any industry and that is why the policy was developed to ensure we tap into the full potential of blockchain technology.

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

“We realised that 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 occurred in the past,” Inuwa said.

Inuwa said the strategic reconstitution of the committee would bring together a fresh wave of experienced professionals and leading minds in the blockchain space.
According to him, their diverse expertise will be instrumental in crafting a robust implementation plan for the National Blockchain Policy.

Inuwa cited a report by Price Waterhouse Coopers, an audit firm, titled “Time for Trust:The Trillion-Dollar Reason to Rethink Blockchain” which projected that blockchain technology could boost the global economy by 1.76 trillion dollars by the year 2030.

He emphasised that Nigeria needed to be strategic and take advantage of the offerings from the potential in blockchain technology.

“Together, we can leverage its potential to propel Nigeria’s socio-economic engine, enhance the transparency and efficiency of governance.

“Blockchain can empower our citizens and businesses with secure and inclusive digital solutions in line with the Renewed Hope Agenda of President Bola Tinubu’s administration,” Inuwa said.

Dr Ayodele Bakare, Head of Digital Technology Development Division, Digital Economy Development Department of NITDA, said the workshop would build the capacity of participants towards having the knowledge on modern day blockchain technology.

“Blockchain technology has new realities and we have included new members with fresh ideas that will help for the implementation plan.

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“The workshop is also an opportunity to build the capacity of the committee members because majority of the members are not operating within the IT space.

“We are also going to have partners in the implementation of blockchain used cases for different sectors of the economy,” Bakare said.

Mr Yau Garba, of the Digital Economy Department, NITDA, said the Federal Government had identified blockchain technology as a tool for developmental governance in boosting the economy, and addressing insecurity.

The members of the committee were drawn from government agencies, institutions, private sector, academia and the industry involved in the blockchain ecosystem. (NAN)www.nannews.ng

Edited by Deji Abdulwahab

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