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FG approves use of Blockchain technology

Picture of Blockchain Technology.Photo/Cryptoast.

Approval was given at Wednesday’s Federal Executive Council meeting chaired by president Muhammadu Buhari for the use of Blockchain technology in the country.

President Muhammadu Buhari’s Administration is exploring projected value and trying to take advantage of what Blockchain technology can add to the global economy by 2030.

Nigeria now has a national blockchain strategy, which is part of President Buhari’s National Digital Economy strategy, which was announced in November of 2019.

The Minister of Communications and Digital Economy says this innovative development has been institutionalized and will be relevant in critical sectors to improve trust, transparency, and the traceability of data shared across business networks.

The institutionalisation of this kind of technology in the country will increase talent development and provide more opportunities for innovations in the digital sector.

Writing by Tersoo Nicholas