LCCI, others urge adoption of Blockchain Technology to drive Business, Regulation

Technology News

Mrs. Toki Mabogunje, president, Lagos Chamber of Commerce & Industry, (LCCI), has urged Nigerians in private and public sectors to adopt Blockchain innovations to drive business, regulatory and governance processes.

Mabogunje gave the advice at a webinar with the theme: “Unlocking the Opportunities of BlockChain Technology” held recently in Lagos.

She noted that the webinar was organized to deepen awareness of stakeholders about the noticeably benefits of adoption of Blockchain innovations.

Mabogunje said: “Nigeria’s participation in the blockchain technology global market, especially in cryptocurrencies, has been recognised.

“According to Chainalysis (the blockchain data platform), Nigeria has the 8th highest crypto adoption in the world and generally, blockchain could potentially contribute up to US$ 29 billion to Nigeria’s GDP by 2030.

“Unlocking these inherent potentials, requires a level-playing field for all participants in both private and public sectors by eliminating entry barriers.

“This does not, however, imply total liberalisation or allowing self-rule to regulate the Nigeria blockchain ecosystem,” she said.

The President LCCI also explained that the proposed digital currency, e-Naira built on blockchain, would create employment for the teeming youth, financial inclusion, faster and safer digital transactions, and reduced transaction risks

She advised that regulation of blockchain should be dynamic, robust, responsive, globally competitive and fit for the Nigerian context.

“This will give fillip to the tech savvy youth to innovate, spur confidence of tech investors, and attract significant investments in the blockchain ecosystem,” she added.

Mr. Uche Elendu, Chief Executive Officer, Appzone Switch, said that blockchain provided trust without human intermediaries, and auto execute contracts transparently.

Elendu cited the features of blockchain to include enhanced security, data immutability, transparency, privacy; and allowed peer to peer transactions without intermediary.

He solicited for massive stakeholder education and sensitisation, and the creation of platforms for traditional veterans to collaborate with tech entrepreneurs to unlock the value in the technology.

“Blockchain has governance and regulatory framework which ensures that security audits would be done on smart contracts to verify that their logic is in line with rules of business network.

“It is safe and secured, and is one of the biggest opportunities we can think of in the next decades.

“The proper implementation of blockchain technology would enable the cashless economy that the country has been trying to achieve,” Elendu said.

On his part, Mr Ernest Mbenkum, Founder, Bantu Blockchain Foundation, tasked entrepreneurs to embrace blockchain technology, particularly, the African development model, “Bantu for improved global payment and trade.”

Mbenkum disclosed that the Bantu blockchain was designed to quickly and securely transfer, swap, and trade digital assets globally and at almost zero cost.

He stressed that blockchain opportunities for Africa would dramatically increase local production and exports via asset tokenisation and reduce dependence on imports.



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