FG approves National Blockchain Policy — Here’s what you need to know

The Federal Government on Wednesday in Abuja approved the implementation of the National Blockchain Policy for Nigeria.

A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers.

Such records cannot be altered retroactively without the alteration of subsequent blocks and the consensus of the network.

Minister of Communications and Digital Economy, Prof. Isa Pantami said at the end of Wednesday’s cabinet meeting that the policy was developed in consultations with stakeholders involving more than 50 institutions and personalities.

The implication

“With the approval of the National Blockchain Policy, we can safely say that blockchain technology with all its components and types have been institutionalised in the country.

“The Federal Government had earlier approved the National Digital Economy policy and strategy for a digital Nigeria.

“It was unveiled and launched on Nov. 28, 2019,’’ Pantami said,

The minister explained that following the approval of the policy, cabinet directed regulatory agencies to liaise with the National Information Technology Development Agency to ensure that regulatory instruments were introduced in national economy and security.