The Federal Government’s initiative to establish an indigenous blockchain infrastructure has received strong backing from the National Blockchain Policy Implementation Steering Committee.
Two weeks ago, the government announced that it planned to create a homegrown blockchain, in a move to ensure data security and privacy.
The Chairman of the Committee, Chimezie Chuta, in a chat with The PUNCH, hailed the initiative, stating that the idea of a national blockchain infrastructure was a great move.
According to Chuta, countries like India, China, the UAE, South Korea, and Singapore have established their blockchain infrastructure and as such, Africa’s third-largest economy has no reason not to.
He proposed potential names for the blockchain, such as “Nigereum”, “NaijaChain”, “NijaBlock”, and “AfriLedger”, noting that India’s blockchain is called “IndiaChain.”
He advocated for a consortium or federated blockchains, which would offer controlled access, easy collaboration among stakeholders, scalability, efficiency, support for smart contracts, and better regulatory compliance.
“This kind of blockchain is governed by a group of organisations rather than a single entity,” Chuta explained.
Galaxy Backbone, the Nigerian government agency responsible for providing ICT infrastructure and services, is the most suitable choice for hosting the primary blockchain infrastructure, he argued.
“Galaxy Backbone should be officially named the strategic partner for the implementation of our national blockchain infrastructure,” Chuta said.
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