Experts call for regulation of blockchain ecosystem to boost adoption

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From Adanna Nnamani, Abuja

Experts have called on the Federal government to develop policies and programs that would boost credibility and promote adoption of blockchain technology by Nigerians, especially the youth.

The adoption of blockchain technologies, according to the stakeholders, has the potential to improve the economy and provide jobs for millions of Nigerians.

The Block chain experts disclosed these at the National Digital Assets Summit organised by the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) and its partners in Abuja on Thursday.

Speaking at the event, President of SIBAN, Mr Obinna Iwuno noted that lack of awareness and education, low internet penetration and poverty were some of the key factors responsible for slow adoption of Blockchain technology in Nigeria.


He said: “Most people do not even have access to a functional smart phone. Smart phones are expensive and even the cheapest amongst them is above some peoples monthly income. Infact, the cheapest smartphone is way above the minimum wage.

“So what we are doing at the blockchain industry and at SIBAN, is to simplify the language of communication of Blockchain education and create awareness so that we can bring it down to the mainstream.

“We need policies and regulations to grow the industry. We cannot get these things as private individuals, we have to go through the right channels and structures of the society. That is why we need the policy makers and regulators on board.”

Also speaking, Emeka Ezike, Community Manager, Emurgo Africa and Chairman, Digital Asset Summit Committee, said, the purpose of the summit was to expand and expose the country and the economy to the potentials and the benefits of digital assets by sensitizing the young ones.

He said there were so many negative misconceptions about the blockchain which brought about the need to enlighten the public on what blockchain technology was really about and to get the regulators involved to begin to device means of increasing people’s confidence in the technology.

According to Ezike, “We believe that the impact of this summit is to ignite passion in the hearts of the youth to use it to develop their nation.


“So we need to also find way to promote positive endeavors of this technology so that these youths can be captured on the things they can do to do using the technological skills they can gain from emerging technologies”

On his part, Ifeanyi Reuben, founder Gibchair Academy, said blockchain technology can also be used to improve transparency in both the public and private sector.

According to him, “I would say that in Nigeria today, one of the issues we are having is inadequate and insufficient transparency in all government activities. There are miss allocation of funds here and there and you can’t give account of contracts that are being done in this country today and we as citizens of Nigeria have the right to know what is happening. If we bring in Blockchain today, we will have transparency. We don’t even need them to tell us what they’re doing, they don’t need to account to us because with Blockchain, we already know what they are doing.”