Explainer: What blockchain policy approval means for Nigeria


The Federal Government of Nigeria recently passed a nationwide blockchain policy with the aim of institutionalising blockchain technology in the economic and security sectors of the country.

The approval, which highlights the potential opportunities for blockchain technology, opens room for Nigerians, especially the tech-savvy youths to tap more from the trillion-dollar blockchain market.

According to a PwC report, blockchain technologies could boost the global economy to $1.76 trillion by 2030 through raising levels of tracking, tracing and trust.

Blockchain technology is a decentralised digital ledger that records transactions in a secure, transparent, and immutable way. Each block in the chain contains a cryptographic hash of the previous block, creating an unbreakable chain of information that allows for a high level of trust and integrity, as it is virtually impossible to alter past transactions without consensus from the network. It has the potential to revolutionise a wide range of industries by enabling secure and efficient peer-to-peer transactions without the…

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