Blockchain Technology, According to the Minister of Communications and Digital Economy, Isa Pantami, possesses the prospects to improve Nigeria’s economy.
The tech is known to be the computing system that facilitates cryptocurrency transactions while keeping tracks of funds transferred and received.
Pantami, who recently embraced the system at the 9th Edition of the Digital Africa Conference and Exhibition, said that Blockchain Technology is revolutionary.
He stressed that it would contribute immensely to reducing the risks, frauds, and stamps issues, thereby bringing in a measurable level of transparency in various forms.
Pantami stated that blockchain proposes the opportunity to explore new pathways, which in turn would encourage economic growth on a large scale.
Furthermore, the Communications Minister noted that the tech supports innovation, job creation and access to services which may have been challenging to accomplish years ago.
He posited that the innovative technology seen as a primary driver of long-term economic development has the potential to transform and ease up online transactions.
Meanwhile, the minister described the African digital economy as one possessing the most extensive and overlooked investment opportunities.
Pantami later attributed cryptocurrency transactions, powered by blockchain technology, to “digital entrepreneurship”, which could become an engine of economic change in the country.
He revealed that the sudden growth in crypto activities had led banks and other financial institutions to master the trend.
In his explanation, the open-source nature of blockchain tech allows multiple users to access the updated public record without any probability of modification in transactions.
You would recall that the administration of President Muhammadu Buhari, through the Central Bank of Nigeria, CBN, expressed issues trusting cryptocurrencies business in Nigeria.
Meanwhile, Pantami affirmed that blockchain “enables banks to perform faster and at a lower cost,” including guaranteeing real-time transactions across borders, adding that it reduces risks existing from currency fluctuations.