For over a decade now, Cryptocurrency and Blockchain Technology have been touted as anonymous, a perceived rigid asset to regulators, and as an easy tool that facilitates dark web illicit activities.
Nonetheless, in Abuja, Nigeria, the first fully fitted blockchain hub with a standard crypto forensic investigation lab, Convexity Hub, indicates a promising step to unmask the ecosystem and provide regulators expert-based channel for active government participation in the blockchain-crypto ecosystem.
The hub was commissioned by Shehu Balarabe Kakele, a member of the House of Representative for Bodinga Dange Shuni and Tureta Federal Constituency of Sokoto state at Nigeria’s Federal House of Representatives.
The launch coincided with the Blockchain Nigeria User Group (BNUG) Abuja community meetup and was massively attended over 120 participants over a two days period.
The first day was for the commissioning, while the second day was dedicated to blockchain developer wanabies. Participants were exposed to the career opportunities available in blockchain including technical and non-technical roles.
A preparatory class ahead of Solana Season, a global blockchain tech hackathon that will start from May 15 to June 7, 2021, was also held.
Participants in the hackathon can win up to 1 million dollars and twenty-five thousand dollars in global prices and seed funding provided by the Solana foundation.
The launch of this blockchain technology hub has many significant and multiplying effects on the overall growth and development of the blockchain technology and cryptocurrency adoption in Nigeria and across Africa.
The subject of blockchain technology, policy formulation, and regulation has been a source of major concern for policymakers and regulators all over the world.
Misinformation, under information and lack of information, has been the most challenging aspect of their efforts. Hence with Conveixty Blockchain Tech Hub now open for business, access to premium resources that will help and guide anyone interested in understanding this technology will be much more readily be available on a deep level.
The hub also will provide essential tools for crypto-crime investigators and security agencies who are constantly faced with numerous challenges while investigating crypto-based crimes and illicit money transaction activities.
Many have thought that cryptocurrency transactions are anonymous. But they are not.
There are tools and resources globally used by top-grade investigating agencies like the FBI that are readily available to professionals.
These tools are also available to the Convexity Tech Hub.
All that the investigators need is to reskill, upskill and right skill on how to use these tools.
According to Chimezie Chuta, the co-host and convener of BNUG, “The blockchain technology hub is a bold statement by the industry operators, to show that blockchain technology has come to stay and that it is a technology and innovation of value which if government and private sector-based organizations can leverage, it will definitely accelerate their value delivery and off course increase their bottom line.”
In addition, the Lab’s CEO, Mr. Adedeji Owonibi, stated that, his company has partnered with Chain Analysis, a globally recognized forensic crypto investigation firm to create a world-class forensic lab where any kind of crypto transactions can be traced and to a higher extent, when possible, recover the funds involved.
Convexity Hub is open for innovators, blockchain, cryptocurrency, and industry leaders to explore, consult, and partner with its facility to build scalable projects; that way, Nigeria and Africa at large will transcend from being consumers to active developers and influencers of the Blockchain and Crypto evolution of the internet of money.