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However, many of the solutions that blockchain was touted to provide are still there waiting to either be built or be adopted at scale. Blockchain-enabled services have boundless prospects in the country and could help enhance economic prosperity; but as the Federal government seems to be indisposed to this technology, the rate of adoption of this useful technology could be negatively affected. Blockchain technology can be adopted in various capacities to develop the nation. As Nigeria is fast becoming a low-trust society, the adoption of technology to drive governance is providing inroads that can help solve the problems of society. Blockchain technology can be used to stem the tide of distrust. It is potentially a key tool in increasing automation and the integration of physical and virtual worlds. In the financial sector, cryptocurrencies are already riding on the back of blockchain technology which powers it. Meanwhile, right until the Central Bank of Nigeria banned commercial banks from enabling cryptocurrency transactions, the Security and Exchange Commission (SEC) had refused to outlaw trading in cryptocurrency. SEC’s bold move not to ban cryptocurrency will open up more sectors in digital economic transformation. Another instance of potential adoption of blockchain technology is in the aspect of land title management. The immutable block and ledger storage system is trusted to significantly reduce the cases of double land sale to innocent buyers by fraudsters.
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The records of every land sale transaction will be available for viewing online by anyone who wishes to verify the authenticity of the land they wish to acquire. Managing and securing government-tendered documents such as Certificate of Occupancy (CofO) will also become easy to obtain and consequently improve the larger economy. In governance, for the fact that blockchain could improve social development work by increasing financial transparency and accountability, the same transparency can also be achieved in government bureaucratic sectors. A blockchain/cryptocurrency enabled platform, The Ethereum Foundation, has helped create OS City. OS City is a platform that builds blockchain solutions that increases trust and reduces corruption in government. Deploying these blockchain solutions is a game-changer that value the input of technology and completely benefit the public sector. Other Ethereum-powered projects using blockchain technology are making indelible marks in areas such as COVID-19 vaccine supply chains, enhancing the circular economy, healthcare, and Conditional Cash Transfer (CCT). If Kenya’s agricultural sector could benefit from an Ethereum Foundation blockchain-powered solution aimed at providing crop insurance to smallholder farmers, there is no reason Nigeria, too, cannot improve on agricultural yield and supply chain using blockchain technology. Featured Image Source: Forbes
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