Extensive enterprise blockchain adoption in Nigeria

Blockchain technology holds immense promise for transforming industries globally, with potential applications ranging from banking and finance, database management, real-world assets tokenization, and proof of ownership, to agriculture. Despite its transformative potential, Nigeria, as Africa’s largest economy, faces significant challenges in adopting enterprise blockchain solutions. 

Enterprise blockchain solutions are tailored implementations of blockchain technology aimed at optimizing various facets of business operations. They integrate the core principles of blockchain—decentralization, transparency, and security—into business-specific applications. The goal is to make operations easier, simpler, and faster by leveraging blockchain’s capabilities to address inefficiencies and improve data management.

According to Statista, the global blockchain technology market size is projected to reach $163 billion by 2027. This growth is driven by the increasing recognition of blockchain’s transformative potential across various industries.

The United States has been at the forefront of blockchain adoption, particularly in the financial sector. For instance, JPMorgan Chase has developed its enterprise-focused blockchain technology, Quorum. This Ethereum-based blockchain powers the Interbank Information Network (IIN), aiming to reduce processing times and enhance the efficiency of cross-border payments.

In Europe, blockchain adoption has been significant in the supply chain and logistics sectors. Maersk, a Danish shipping giant, partnered with IBM to develop TradeLens, a blockchain-based supply chain platform. TradeLens enhances transparency and reduces administrative costs by digitizing supply chain processes.

China has aggressively pursued blockchain technology, particularly in finance and supply chain management. Alibaba utilizes a private blockchain network to track product authenticity in its supply chain, reducing counterfeit goods and simplifying cross-border transactions.

The Middle East is also making strides in blockchain adoption. The Dubai government launched the Dubai Blockchain Strategy, aiming to make Dubai the first blockchain-powered city by 2021. This strategy focuses on improving government efficiency through blockchain applications in public services. By 2023, Dubai has recorded over 20 million transactions on its blockchain platform, improving government services and reducing operational costs.

Estonia utilizes blockchain technology to secure its e-Residency program, providing digital identities for non-residents to access Estonian services and digitally sign documents remotely, with over 73,000 e-residents benefiting from this program as of 2023.

The Massachusetts Institute of Technology (MIT) uses blockchain to issue digital diplomas, ensuring the authenticity and security of academic credentials.

Private Sector Use Cases

Several leading companies have embraced blockchain technology for various innovative purposes. Allianz, a prominent global insurance firm, utilizes blockchain to expedite claims processing by leveraging its decentralized ledger to minimize fraud risks and enhance efficiency.

BMW participates in the Mobility Open Blockchain Initiative (MOBI) to ensure transparency in supply chains and secure mileage tracking. Meanwhile, Airbus has implemented a Proof of Concept to track jet plane parts, ensuring the integrity and security of aviation records.

Walmart and Alibaba employ blockchain to track product authenticity and streamline supply chain operations, thus increasing transparency and reducing counterfeit goods. Walmart, in partnership with IBM, has notably reduced the time to trace the origin of produce from days to seconds, thereby enhancing food safety and consumer trust.

FedEx utilizes blockchain technology through the Blockchain in Transport Alliance (BiTA) to improve supply chain visibility and transparency. Prologis uses blockchain to streamline real estate transactions, enhancing security and trust through decentralized record-keeping. Comcast explores blockchain’s potential to enhance digital rights management and introduce new business models within the media industry.

Why the Skepticism Towards Enterprise Blockchain Adoption in Nigeria?

The benefits observed in more advanced economies provide a blueprint for blockchain’s potential impact in Nigeria and across Africa.

Privacy Concerns

The primary hurdle has been the lack of privacy solutions. Enterprises in Nigeria were reluctant initially to adopt blockchain due to the fear of exposing sensitive data. Recent advancements, like zero-knowledge proofs, a cryptographic technique that allows one party to prove to another that they know a value without revealing any information about the value itself are addressing these concerns, allowing for private transactions on public blockchains. These advancements are crucial for overcoming privacy concerns and gaining the trust of enterprises.

Operating out of Singapore since its founding in 2021, NuLink Network develops data privacy solutions for Web3 decentralized applications (dApps). They integrate blockchain technology with advanced security methods such as proxy re-encryption and Zero-Knowledge Proofs to safeguard data, ensuring strong privacy for users.

Founded in the United Kingdom, zCloak Network leverages zero-knowledge-proof technology to revolutionize data ownership and privacy. Their privacy-first Decentralized Identity (DID) protocol enables users to store and compute data on their own devices securely, enhancing control over personal information.

Established in Israel in 2018, StarkWare focuses on improving scalability and privacy in blockchains using STARK technology. Their cryptographic proofs are zero-knowledge, concise, transparent (requiring no trusted setup), and post-quantum secure, offering a comprehensive solution for blockchain security and scalability.

US-based Polyhedra Network is building the next generation of infrastructure for Web3 interoperability, scalability, and privacy through advanced Zero-Knowledge Proof (ZKP) technology. Their solutions provide trust-minimized and highly efficient systems that enhance data privacy and security in blockchain applications.

Complex Integration

Businesses in Nigeria need seamless, user-friendly solutions, eliminating technical complexities and this is another issue with integrating blockchain into existing business processes. Integrating enterprise blockchain into existing business processes often requires a fundamental re-engineering of those processes to fully leverage the technology’s benefits. Businesses first need to thoroughly understand their current workflows to identify areas where blockchain can add value, such as enhancing transparency, improving security, reducing costs, or streamlining operations. This involves a detailed analysis to pinpoint specific use cases where blockchain’s features, like immutability and decentralized data storage, can solve existing problems or create new efficiencies.

Once the potential applications are clear, businesses must redesign their processes to incorporate blockchain effectively. This could mean automating workflows with smart contracts, shifting from centralized data storage to a decentralized ledger, or enhancing traceability through a verifiable record of transactions. Such changes often require integrating blockchain technology with current systems, which might involve developing new interfaces and modifying existing databases.

Products that simplify blockchain integration are becoming more common, catering to enterprises looking for straightforward implementation. The focus is shifting towards creating practical, easy-to-use blockchain solutions that deliver real business value. 

Scalability Issues

Blockchain technology, especially in its early stages in businesses and organizations can face scalability issues. Ensuring that the system can handle large volumes of transactions without performance degradation is a significant challenge, and blockchain technology may not always meet these requirements out-of-the-box.

Innovations in scalability, such as sharding and layer-2 solutions, are helping blockchain networks handle larger transaction volumes. Sharding divides blockchain networks into smaller partitions, or “shards.” Each shard contains its own data and processes transactions independently, which helps to increase the overall throughput of the blockchain. Ethereum and Zilliqa use sharding to enhance scalability.

Layer-2 solutions operate on top of an existing blockchain (Layer-1) to improve its scalability and efficiency without compromising security or decentralization. The Lightning Network is a Layer-2 payment protocol built on top of Bitcoin. It enables fast and low-cost transactions by creating off-chain payment channels between users. As of 2024, the Lightning Network has a capacity of over 5,000 BTC, with more than 30,000 active nodes and 100,000 payment channels, significantly reducing transaction fees and increasing transaction speed.

Arbitrum is another Layer-2 scaling solution for Ethereum that uses rollups to process transactions off-chain and ensure fast and low-cost transactions. Arbitrum can handle around 40,000 TPS, providing a significant improvement over Ethereum’s Layer-1 capabilities.

These improvements are essential for meeting the demands of enterprise use cases. The combination of AI and blockchain can enable new business models and capabilities. AI can handle decision-making and optimization, while blockchain ensures reliable execution.

Regulatory Uncertainty

Nigeria’s regulatory environment for blockchain and cryptocurrency is still evolving. Uncertainty and lack of clear regulations have hindered the adoption and integration of blockchain technology. Regulatory uncertainty in Nigeria in the early years stemmed from the absence of a comprehensive and cohesive framework governing blockchain technology and cryptocurrency operations. 

The fragmented approach by various regulatory bodies led to conflicting directives and a lack of clear guidelines. This uncertainty affected/still affects multiple facets of blockchain adoption, from legal compliance to financial operations and data management.

Regulatory inconsistencies not only deter potential investors but also stifle innovation within the blockchain sector, as companies are unsure of the legal parameters within which they must operate.

For instance, the Central Bank of Nigeria (CBN) has lifted the restrictions placed on banks’ dealings with cryptocurrencies, along with some guidelines, but they remain unclear.  The Securities and Exchange Commission (SEC) has also developed and updated regulatory measures for crypto-assets, but there are no issued licenses yet. 

Several countries have faced similar challenges but have developed effective strategies to address regulatory uncertainty surrounding blockchain technology. Estonia’s regulatory clarity comes from its well-defined legal structures and supportive government policies.

The country’s Digital Single Market strategy integrates blockchain technology across various sectors, including e-residency, digital identity, and financial services. The Estonian government has also developed a legal framework for Initial Coin Offerings (ICOs) and cryptocurrency exchanges, setting clear guidelines for their operation.

Singapore has developed a progressive regulatory environment for blockchain technology and cryptocurrency, facilitated by the Monetary Authority of Singapore (MAS). Nigeria could benefit from adopting a similar classification system for cryptocurrencies and tokens as Switzerland’s which includes a clear classification of cryptocurrencies and tokens, distinguishing between payment tokens, utility tokens, and asset tokens.

Interoperability

Modern enterprises operate within a complex ecosystem of systems and technologies and interoperability ensures that blockchain solutions can coexist and interact with these technologies in use.

Despite the advancements in blockchain solutions, the lack of interoperability remains a significant challenge for many enterprises, particularly in Nigeria. This issue arises from the absence of standardized protocols and the diverse nature of blockchain systems, which complicates the integration of multiple platforms. 

When blockchain platforms cannot communicate or share data effectively, businesses may struggle to achieve efficient cross-platform operations, hindering their overall performance. Since different blockchain systems often use distinct protocols and consensus mechanisms. Without common standards, integrating these systems becomes complex and costly.

The European Union has implemented the European Blockchain Services Infrastructure (EBSI) to promote interoperability across blockchain networks. EBSI aims to create a standardized framework that enables different blockchain systems to interact seamlessly and facilitate cross-border data sharing and integration among EU member states. 

Nigeria could benefit from developing a national blockchain interoperability framework. Adopting a similar standardized framework as EBSI could enhance interoperability among Nigerian blockchain platforms, enabling smoother integration and data exchange.

Swiss-founded Polkadot, a project developed by the Web3 Foundation, provides a multi-chain framework that enables different blockchains to interoperate. Polkadot’s Relay Chain coordinates the transfer of data and value between various blockchains, known as parachains. This system allows for the creation of specialized blockchains while ensuring they can communicate and work together efficiently.

Enterprise Blockchain Will Transform Nigeria’s Key Sectors

Nigeria’s economic backbone lies in agriculture and natural resources. One of the primary areas where blockchain can make a profound impact is supply chain management. Nigeria’s agricultural supply chains are often fragmented and inefficient, leading to significant losses and delays. Blockchain technology enables the creation of transparent and immutable supply chain networks, allowing stakeholders to track the journey of agricultural products from farm to table. By recording every transaction and movement on the blockchain, stakeholders can verify the authenticity and quality of products, thereby reducing the risk of fraud and ensuring food safety.

Blockchain facilitates the integration of smart contracts into agricultural transactions, automating processes such as payments, contracts, and agreements. Smart contracts execute automatically when predefined conditions are met, eliminating the need for intermediaries and reducing transaction costs.

In Nigeria, where access to financial services is limited in rural areas, blockchain-powered smart contracts can enable farmers to access credit, insurance, and other financial services without relying on traditional banks.

Another area where enterprise blockchain can drive innovation in Nigerian agriculture is in data management and analytics. Agriculture relies heavily on data, from weather patterns to soil quality and market prices. However, the collection and analysis of agricultural data are often fragmented and inefficient. Blockchain technology enables the secure and decentralized storage of data, ensuring its integrity and accessibility to all authorized parties. By leveraging blockchain-based data platforms, farmers, researchers, and policymakers can access real-time data insights, leading to informed decision-making and improved productivity.

With increasing concerns about environmental degradation and climate change, there is a growing demand for sustainable agricultural practices. Blockchain technology can enable the tracking and certification of sustainable farming practices, such as organic farming and fair trade, providing consumers with transparent information about the origin and production methods of agricultural products. By incentivizing sustainable practices through blockchain-based certification schemes, Nigerian farmers can access premium markets and improve their livelihoods while protecting the environment.

Blockchain will ensure transparency across the supply chain, combating fraud and ensuring fair compensation for farmers. This not only enhances Nigeria’s global competitiveness but also uplifts livelihoods at the grassroots level.

The Promise of Blockchain in Nigeria’s Healthcare Sector

Nigeria’s healthcare sector faces numerous challenges, including poor data management, inadequate infrastructure, and limited access to quality care. These healthcare data breaches and inaccuracies are common due to outdated systems and manual record-keeping. Implementing a blockchain-based health information system can ensure that patient records are immutable and securely accessible.

Healthcare sectors, traditionally bogged down by inefficiencies, data breaches, and administrative burdens, are undergoing a revolution globally, driven by the adoption of enterprise blockchain solutions. Across the globe, countries are leveraging blockchain technology to enhance data security, streamline processes, and improve patient outcomes. 

Many Nigerian health startups are utilizing AI-driven solutions to improve healthcare delivery. These initiatives reflect the growing recognition of technology’s potential to address local challenges and drive innovation. However, this is not enough, as blockchain solutions which are more than just a technological trend, represent a transformative approach to solving complex issues in Nigeria’s healthcare sector. To revolutionize Nigeria’s healthcare sector through blockchain technology, it’s essential to draw lessons from countries where successful implementations have already been established. 

Estonia is a global leader in integrating blockchain technology into its healthcare system. Since 2012, Estonia has utilized blockchain to secure the health records of its citizens. The system, known as e-Estonia, ensures that all health data is securely encrypted and accessible only to authorized personnel. According to a 2023 report by e-Estonia, over 99% of the country’s health data is digital, and blockchain technology has played a crucial role in reducing fraud and improving patient trust.

Guardtime’s involvement in implementing blockchain for healthcare data privacy in Estonia and the UAE showcases how blockchain can enhance cybersecurity. Estonia’s blockchain system is renowned for its robust digital infrastructure, which ensures data integrity and transparency.

Nigeria can adopt a similar approach by developing a decentralized blockchain system to secure patient data. This could involve establishing partnerships with technology providers to create an infrastructure that mirrors Estonia’s model, ensuring that patient information is protected against breaches and unauthorized access.

Counterfeit drugs are a significant issue globally, with the World Health Organization estimating that 1 in 10 medical products in low- and middle-income countries is substandard or falsified and the numbers in Nigeria are alarming. US-based Chronicled’s Mediledger Project uses blockchain to track the pharmaceutical supply chain, ensuring that medicines are genuine and their distribution is transparent. This system helps to combat drug counterfeiting and ensure compliance with regulatory standards. 

Also, Avaneer Health in the U.S. is a public ledger system that supports efficient healthcare operations by ensuring accurate and up-to-date provider directories and secure data sharing. Nigeria can improve the traceability of pharmaceuticals, reduce counterfeit drugs, and enhance regulatory oversight by implementing these initiatives. 

Nigeria can address critical issues in clinical trial processes and advance its healthcare sector. Denmark’s Novo Nordisk uses blockchain in their Electronic Patient Interactive Device (ePID) for clinical trials and this illustrates how blockchain can secure patient data and maintain the integrity of clinical research. Nigeria can equally explore similar blockchain applications in genomics and genetic research organizations like Nebula Genomics to facilitate genetic research and data sharing. 

Revolutionizing Identity Management

In Nigeria, where data privacy regulations are still evolving, many individuals are concerned about the misuse of their personal information by government agencies and private corporations. Traditional methods of identity verification and contract execution are fraught with inefficiencies and disputes. And often involves time-consuming and costly procedures, such as manual document verification and in-person interviews.

Blockchain technology adoption will empower people to manage their identity information through cryptographic keys, allowing them to selectively disclose information to authorized parties while protecting sensitive data from unauthorized access. This concept of self-sovereign identity aligns with the principles of privacy and autonomy, giving individuals greater agency over their digital identities.

One of the key advantages of enterprise blockchain in identity management is its ability to provide a tamper-proof and immutable record of identities. Traditional identity systems rely on centralized databases that are vulnerable to hacking and manipulation. In contrast, blockchain technology distributes identity data across a network of nodes, making it virtually impossible for any single entity to alter or forge identity records. This decentralized approach enhances the security and integrity of identity verification processes, mitigating the risk of identity theft and fraud.

Bockchain-based identity solutions can help address the issue of identity exclusion in Nigeria. Millions of Nigerians, particularly in rural and marginalized communities, lack formal identification documents, which hinders their access to essential services such as healthcare, education, and financial services. People can create digital identities that are independent of traditional paper-based documents, thereby overcoming barriers to inclusion and expanding access to services for underserved populations.

Nigeria has been struggling with corruption in various sectors, including government procurement. Implementing a blockchain-based system for tracking government contracts and expenditures can increase transparency and accountability. Citizens can access real-time data on how public funds are allocated and spent, reducing opportunities for corruption.

Revolutionizing Data Integrity and Security

Data security is a critical concern for enterprises in Nigeria, especially in industries handling sensitive information. Enterprise blockchain technology is transforming database management globally by offering unprecedented levels of data integrity, security, and transparency. This revolutionary approach is reshaping how businesses handle vast amounts of data, providing solutions to longstanding issues in traditional database systems. 

Traditional databases are prone to manipulation and errors, leading to issues such as data corruption and loss. Blockchain technology addresses these problems through its immutable ledger, where each data entry (block) is cryptographically linked to the previous one, creating a tamper-proof chain.

According to a study by Deloitte, 53% of executives reported that blockchain technology has improved the accuracy and quality of information within their organizations. This improvement is attributed to the decentralized nature of blockchain, which eliminates single points of failure and ensures that data cannot be altered without consensus from the network participants.

A report by IBM found that banks are investing in blockchain solutions to enhance security and reduce fraud. By using blockchain, banks create a secure, transparent, and traceable record of transactions, making it nearly impossible for unauthorized parties to alter or manipulate data. 

The Nigerian Capital Market: Use Cases for Efficiency and Growth

Blockchain technology is gradually becoming indispensable for capital market operations and firms in general. Despite significant technological advancements in recent years, many parts of the various capital market product lifecycle still face challenges such as resource constraints, errors, and inefficiencies. These challenges, along with evolving regulatory requirements, have spurred the demand for solutions provided by blockchain technology. The adoption of blockchain in capital markets and financial services can streamline inefficient processes throughout the financial asset lifecycle.

There is a growing interest in leveraging blockchain to transform capital markets, particularly among institutional investors. The industry’s reliance on rapidly evolving data makes it well-suited for such technological advancements. While technological improvements in capital markets have predominantly focused on front-office operations, middle and back-office functions continue to encounter issues, especially in post-trade settlement.

Blockchain technology holds the promise of revolutionizing core processes in capital markets, offering benefits such as richer data sets, universal data sources, and distributed records. Clearing and settlement processes stand to benefit significantly, with potential turnaround times reduced from days to minutes. Additionally, blockchain has the potential to make capital markets more efficient by facilitating securities transfers and eliminating the need for intermediaries in settlement and depository functions.

Adopting blockchain technology in the capital market benefits various stakeholders, including regulators, issuers, fund managers, and investors. Regulators can leverage blockchain’s transparent and verifiable distributed ledger for auditing and compliance automation functions. For exchanges, blockchain adoption can enhance trading, clearing, and settlement processes, potentially reducing overhead costs and enhancing compliance.

Issuers can experience a more seamless capital market participation through blockchain, with easier access to capital through programmable digital assets and securities. Blockchain enables the creation of digital representations of existing securities and new digital assets, streamlining issuance processes and increasing funding velocity. Fund managers can benefit from peer-to-peer trading facilitated by blockchain, leading to faster settlement and reduced operational costs.

Investors stand to gain from tailored financial products and increased liquidity facilitated by blockchain technology. Reduced issuance barriers and costs, along with faster processes, enable issuers and market operators to deliver products and services aligned with investors’ needs and demands. Additionally, blockchain’s transparent ledger enhances due diligence processes, enabling investors to better mitigate risks and potentially increase returns.

Digital Assets and NFTs

The application of enterprise blockchain in digital assets in Nigeria shows great promise. The trading of digital and crypto assets is expected to surge. Digital assets, especially Non-Fungible Tokens (NFTs) are providing opportunities for creators, collectors, and investors across the world. With the rise of the NFT marketplace, these assets signify a significant shift in how we perceive and engage with digital content.

Known for its blockchain-friendly regulations, Switzerland has seen significant advancements in asset tokenization, where physical assets are represented as digital tokens on a blockchain.

Amid escalating regulatory mandates, the capacity to issue and trade securities digitally is poised to enhance task automation and performance. Investors are increasingly drawn to the prospect of a more transparent, cost-effective, and secure system facilitated by securities tokenization and digital assets. 

NFTs, which rely on blockchain technology, are indivisible and unique tokens representing ownership or proof of authenticity of a specific digital asset. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, each NFT possesses distinct properties and cannot be replicated or exchanged on a one-to-one basis. This uniqueness imbues NFTs with value, enabling ownership and provenance tracking of various digital items such as art, collectibles, virtual real estate, and gaming assets.

The NFT marketplace serves as a decentralized platform for the creation, purchase, sale, and trading of these digital assets. It offers creators the ability to mint NFTs, establish ownership rights, and connect with a global audience of enthusiasts. Also, the marketplace ensures transparent and secure transactions through smart contracts, recording ownership transfers immutably on the blockchain.

In Nigeria, the emergence of digital assets and NFT marketplaces presents numerous opportunities across different sectors. Nigerian artists, musicians, writers, and content creators can utilize NFTs to monetize their work directly, bypassing traditional intermediaries. By minting their creations as NFTs, they can establish ownership, receive royalties for secondary sales, and gain exposure to a global audience.

NFTs can aid in preserving Nigeria’s cultural heritage by digitizing and tokenizing artifacts, traditional artworks, and historical landmarks. Minting these assets as NFTs ensures their authenticity, traceability, and protection from theft or exploitation while promoting Nigeria’s cultural heritage globally.

Participation in the creation and trading of digital assets can stimulate economic growth and innovation in Nigeria. Entrepreneurs, developers, and investors can drive economic activity, create jobs, and attract investment in the digital economy. Additionally, blockchain technology democratizes access to the NFT marketplace, enabling broad participation and benefit.

Digital assets will offer the potential to streamline governance processes like voting and securities pay-out distribution, thereby enhancing efficiency and reducing processing fees. Moreover, derivatives, particularly cryptocurrencies, are anticipated to emerge as a significant, liquid, and profitable domain, potentially catalyzing cross-border blockchain activities.

Enterprise Blockchain Adoption in Banking and Finance

Blockchain technology has firmly established itself as a transformative force in the banking and finance sectors across the globe. Nigeria can develop its digital currency, explore blockchain solutions for cross-border payments to lower costs, improve the speed of international transactions, and develop clear regulatory frameworks for blockchain technology to support innovation while ensuring security and compliance in the financial sector.

Singapore’s Monetary Authority of Singapore (MAS) is leading several blockchain initiatives to enhance financial services. The country has been at the forefront of integrating blockchain into trade finance and payment systems. Project Ubin, an initiative by MAS, explores the use of blockchain for clearing and settlement of payments. The project involves collaboration with financial institutions like DBS Bank and aims to create a more efficient and secure financial infrastructure.

Create clear regulations and standards for blockchain technology in banking to ensure compliance and foster innovation. Singapore’s Monetary Authority has developed comprehensive blockchain regulations that Nigeria could use as a reference.

Widespread adoption of a digital currency like the eNaira in Nigeria has numerous potential, especially considering the successful pilot project of the e-Krona in Sweden. The Central Bank of Sweden’s just concluded digital currency issued by the Swedish central ban uses blockchain technology to provide a secure and efficient alternative to physical cash. In an effort to improve financial inclusion, cross-border transactions, diaspora remittances, and payment systems, Nigeria introduced the eNaira digital currency in October 2021 using Hyperledger Fabric on a private blockchain. Despite these goals and various initiatives, increasing its adoption has been difficult.

Estonia has developed a comprehensive digital identity system using blockchain. The e-Residency program allows anyone in the world to register businesses online, access banking services, and sign contracts using blockchain technology. This initiative leverages the government’s blockchain infrastructure to provide secure and transparent services. Nigeria could create a similar digital identity system to enhance financial inclusion.

Switzerland has established itself as a global hub for blockchain innovation. The Swiss Financial Market Supervisory Authority (FINMA) has issued guidelines that promote the use of blockchain technology in financial services. UBS and other Swiss banks have participated in the development of the Utility Settlement Coin (USC), a blockchain-based digital currency designed for clearing and settling trades. The USC aims to streamline transactions and reduce costs associated with traditional settlement processes.

What Next?

Blockchain innovation is not just an option but a necessity for survival and growth in Nigeria. Organizations that embrace enterprise blockchain solutions will position themselves at the forefront of the digital revolution, gaining a competitive edge and contributing to the extensive economic development of Nigeria and Africa.

Developing a progressive blockchain ecosystem in Nigeria can reduce financial exclusion, streamline healthcare and agricultural sectors, mitigate corruption, strengthen digital security, contribute to economic growth by promoting entrepreneurship through access to crowdfunding and microfinancing opportunities, and serve as models for broader regional and global implementation. 

Obinna Iwuno is a blockchain professional and Web3 front-runner and the founder of CBC Blockchain, a service and solutions outfit for the blockchain and web3 industry. Currently the president of Nigeria’s Blockchain Association – SiBAN, he is committed to blockchain development and advancement, having trained over 10,000 people in blockchain and web3, offering expert consulting and advocating for massive blockchain and web3 adoption in Africa.

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