Pantami says Blockchain Technology will Drive Nigeria’s Digital Economy

Blockchain technology

Prof. Isa Ali Pantami, Minister of Communications and Digital Economy said the effective utilization of Blockchain technology will serve as a catalyst for developing a digital economy.

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.

The Minister made this known to industry stakeholders who converged recently at the American Business Council event, organized in partnership with the United States Patent and Trademark Office.

According to Pantami, the Federal Government is committed to building and enforcing regulations that will fast-track effective utilization of Blockchain technology for the development of the Nigerian digital economy.

At the event, Pantami delivered a keynote address on the ‘Applications of Blockchain Technology for Intellectual Property (IP) Enforcement’ at the American Business Council event, in partnership with the United States Patent and Trademark Office.

The Minister, who was represented by Salihu Abdulkareem Arsh of the National Centre for Artificial Intelligence and Robotics (NCAIR), alluded to the fact that the theme of the event: “Blockchain for IP Enforcement; More than Crypto and NFTs,” was apt and timely, especially at a time when cryptocurrency was presently the headlines of financial losses.

While observing that governments and businesses all over the world are realizing the powerful usability of Blockchain, Pantami affirmed that the Federal Ministry of Communications and Digital Economy as well as its parastatals are not left behind, as they are inclined to employ the statutory responsibility towards innovative technologies, to develop corresponding strategies for a healthy ICT ecosystem that encapsulate emerging technology such as Blockchain.

He said, “It may interest you to know that one of the agencies under my supervision, the National Information Technology Development Agency, has developed a National Blockchain Adoption Strategy that seeks to facilitate effective utilization of Blockchain technology for the development of the Nigerian digital economy.

On the benefits of Blockchain technology, he said it represents a paradigm shift in how various companies protect their information exchange, adding that emerging technology provides a secure and fault-tolerant distributed ledger platform for transactions.

“No doubt, Blockchain technology has evolved greatly since the introduction of Bitcoin in 2008, the first decentralized peer-to-peer electronic cash system.

“Today, innovators in various fields are realizing the benefits. From medicine to agriculture, finance to governance, education to transport and across the global supply chain; many sectors are looking for ways to integrate Blockchain into their infrastructures,” he added.

The Minister noted that in today’s knowledge-based economy, an increasing share of business value was derived via intangible assets, which meant success often depended on the ability to manage and exploit IP.

Pantami said businesses require managers to effectively acquire, govern and commercialize copyright and patent-protected content.

“You would all agree that traditional businesses that rely on IP-protected material are confronting internal and external factors that pose several key challenges. Internally, unsynchronized IT systems do not enable data to flow, creating friction to locate and comply with copyrights under control.

Externally, firms are recently operating in more complex, and diverse business networks with the need to validate multiple IPs within a single transactions model,” he said.

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