Why Nigeria’s blockchain success hinges on private sector expertise

As governments globally, including in Nigeria, navigate the complexities of blockchain adoption, insights from industry leaders such as Yellow Card provide important guidance.

In light of Nigeria’s plan to launch a national blockchain platform, African fintech company Yellow Card’s co-founder and chief technical officer, Justin Poiroux, and its co-founder and CEO, Chris Maurice, gave insights into government blockchain adoption.

In comments shared with Cointelegraph, the executives highlighted the potential and challenges that governments face when integrating blockchain technology into public services.

Leveraging private sector expertise

Poiroux highlighted that nations implementing blockchain, such as Ghana, focus on enhancing digital identity management, fraud prevention and supply chain tracking.

Discussing the primary challenges governments face in adopting blockchain, Poiroux noted the gap in institutional knowledge required for effective implementation.

He stressed that while private sector innovations often lead to technology development, governments must navigate complex decisions around security, scalability and interoperability when integrating blockchain with existing infrastructures.

Maurice underscored the critical role of public-private partnerships (PPPs) in Nigeria’s blockchain adoption strategy. He advocated for the government to approve and allow private companies to implement technological solutions. Maurice said:

“I’m a firm believer that governments in every country, state, etc., should rely heavily on private companies to implement their vision for better tooling, processes and technology.”

Maurice argued that leveraging private sector expertise can ensure the effective execution and longevity of blockchain platforms, which is essential for serving citizens and sustaining government initiatives over time.

Nigeria’s blockchain initiatives

Responding to concerns about equal access and user experience, particularly for less tech-savvy citizens, Poiroux emphasized the necessity of universal smartphone access. He said:

“Without that, it will be impossible to address the digital divide whether the services are blockchain-based or not.”

He suggested that ensuring widespread smartphone availability lays the foundation for bridging the digital divide, enabling broader access to blockchain-based government services. Maurice added that prioritizing user-friendly interfaces developed by entrepreneurs and businesses can effectively enhance accessibility and usability for all citizens.

Related: Nigeria to train 1,000 youths on AI, blockchain every year

Nigeria’s National Information Technology Development Agency (NITDA) launched a project on July 11 to create a homegrown blockchain platform dubbed “Nigerium,” which is aimed at promoting local innovation and self-sufficiency in the tech sector.

Nigeria is exploring the broader adoption of blockchain technology in its economy. In May, the NITDA revamped the National Blockchain Policy Steering Committee to re-evaluate and refine the country’s National Blockchain Policy framework.

Nigeria’s blockchain and fintech industry players have long called for the government to establish enabling regulations, clearing the path for seamless adoption and successful execution of the national blockchain strategy.

In a recent development, Nigeria has announced its intention to launch a network of research centers dedicated to exploring frontier technologies, including blockchain and the Internet of Things, across its six geopolitical zones.

Sources: cointelegraph.com

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Szarlot

I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry.

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Szarlot

I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry.