Speaking on the theme, “The Digital Economy in Africa: Opportunities and Challenges,” Professor Ademola underscored Africa’s strategic advantages while candidly addressing the hurdles that threaten to stall progress.

Africa’s Demographic Advantage “Africa’s youthful population is a game-changer,” Professor Ademola emphasized, noting the continent’s median age of just 20 years.

This demographic, he said, is not just tech-savvy but hungry for innovation, making them central to Africa’s digital revolution.

Fintech and E-commerce – Catalysts of Change Professor Ademola celebrated the rapid adoption of mobile money platforms like M-Pesa and Orange Money, which have expanded financial inclusion to underserved regions.

He also hailed the e-commerce boom, describing it as “a seismic shift” enabling businesses of all sizes to thrive in a digitally connected marketplace.

Investment and Innovation Foreign Direct Investment (FDI) from major global economies—including the U.S., China, and the EU—was identified as a key enabler. Initiatives such as the AU-EU Digital4Development (D4D) Hub are laying the groundwork for a more inclusive digital infrastructure, he said.

Additionally, Professor Ademola highlighted blockchain technology as pivotal for transforming cross-border payments, citing its potential to eliminate intermediaries and bolster financial transparency.

Persistent Challenges Despite the progress, Africa faces systemic issues, Professor Ademola cautioned. These include:

Digital Infrastructure Deficits – High costs and limited connectivity in rural regions continue to hamper widespread internet adoption.

The Digital Divide – Socio-economic and gender disparities threaten inclusive participation in the digital economy.

Regulatory Bottlenecks – Outdated or inadequate policies hinder innovation and investment.

Skills Gap – A shortage of digitally skilled professionals remains a critical bottleneck to innovation.

Cybersecurity Threats – With growing digitization comes increased exposure to sophisticated cyber threats, necessitating stronger security frameworks.

A Call to Action

Concluding his address, Professor Ademola urged African governments, private sector leaders, and civil society to “embrace this journey with determination and optimism,” reiterating that the digital economy is about “people, innovation, and the future we envision for our continent.”

As the continent stands at a crossroads, this address was both a rallying cry and a roadmap for how Africa can harness digital technologies to drive sustainable growth and global competitiveness.

The increasing shift toward digital payment methods is driving this growth, as QR code payments provide a seamless, secure, and efficient way to conduct transactions.

The rapid adoption of mobile wallets and contactless payments, coupled with the rising demand for faster and safer payment solutions, is fueling the market’s momentum.

QR code payments are becoming a preferred choice for businesses and consumers alike, offering versatility across various industries, including retail, hospitality, healthcare, and transportation.

As more consumers seek frictionless payment experiences, businesses are responding by integrating QR code-based systems into their point-of-sale (POS) operations.

Governments and regulatory bodies are also promoting the adoption of digital payments to encourage financial inclusion, further accelerating the use of QR code payments globally.

This trend, combined with ongoing technological advancements and the integration of artificial intelligence (AI) and blockchain technology, is positioning QR code payments as a key driver of the digital payments ecosystem.

QR Codes Payment Market Trends

• QR codes payment are increasing collaborations between countries for the purpose of bridging the correspondence gap among economies. For instance, in December 2023, through collaboration, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) launched their cross-border QR codes payment systems, called as FPS x PromptPay Link.  The aim was to provide secure and faster retail payments services for the travelers in the 2 countries.
• The banking sector is pushing for the adoption of QR code based digital payments. For instance, in November 2024, the National Bank of Ethiopia (NBE) mandated all the digital payments service providers to adopt the Standard for Interoperable QR Code Payments which came into effect from December 2024.

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This witty remark serves as a compelling entry point into a much deeper discussion about the intersection of technology and essential human needs.

In a world where digital innovations have transformed industries and aspects of daily life at an unprecedented pace, fundamental issues like food security, economic development, and sociological progress still pose significant challenges.

This dichotomy raises crucial questions: How can we harness the power of technology to address these enduring concerns?

What are the necessary steps to ensure that technological advancements benefit all strata of society, especially in developing nations?

By examining the impacts of technology on food security, economic growth, and sociological transformation, we can explore potential pathways to creating a more equitable and prosperous future for everyone.

The quote,

“I won’t be impressed with technology until I can download ‘FOOD’,” attributed to an African comedian, humorously captures a common sentiment about the rapid advancement of technology and its perceived limitations in addressing fundamental human needs.

There are several dimensions to unpack in this statement.

1. Technological Advancements:

Over the past few decades, technology has made monumental strides in many areas, from artificial intelligence and robotics to biotechnology and communication.

Yet the quote suggests that no matter how sophisticated our technology becomes, there’s still a gap between digital capabilities and tangible necessities like food.

2. Material Versus Information:

The essence of downloading is transferring data. Food, however, is a physical entity that requires ingredients, cooking, and sometimes preservation.

The humour lies in contrasting these tangible needs with our digital habits, underscoring a fundamental difference between virtual innovations and real-world necessities.

3. Food Technology:

While we cannot download food in the literal sense, there have been substantial technological advances in food production and delivery.

For instance, 3D printing technology is being explored for creating food items, potentially transforming ingredients into pre-defined shapes and possibly tailored nutritional configurations.

Furthermore, online grocery services and meal delivery kits have streamlined the process of acquiring meals, representing a middle ground between digital convenience and physical food.

4. Broader Implications:

The quote also hints at the broader socio-economic issues surrounding technology and its distribution. In many parts of the world, despite advanced technologies, basic needs like food security are still not adequately met.

This raises questions about the equitable deployment of technological resources and the prioritization of innovations in solving critical global challenges.

5. Philosophical Perspective:

On a deeper level, the remark invites reflection on what we consider impressive or valuable in technology.

Are we more awed by flashy gadgets and applications, or should we be focusing on innovations that directly improve quality of life, such as sustainable agriculture, accessible healthcare, and clean energy?

In summary, the comedian’s witty remark serves as both a humorous observation and a subtle critique.

It invites us to consider the balance between marvelling at technological advancements and striving for innovations that address essential human needs.

While we may not be able to download a meal directly from the internet, the pursuit of integrating technology with food production and distribution can certainly help move us closer to a future where technology more comprehensively supports basic human requirements.

Nonetheless, the witty remark might seem lighthearted, but it underscores a significant issue: the gap between our rapidly advancing digital capabilities and the enduring, fundamental human needs that technology has yet to fully address.

It prompts a deeper discussion about how innovation can truly transform essential aspects of our lives, such as food security, economic development, and sociological progress, especially in developing nations.

Food Security

The advancement of technology has the potential to revolutionize food security—an area that remains a pressing concern for many nations.

While innovations like artificial intelligence and blockchain are changing many industries, their application in agriculture could be even more transformative. AI can optimize irrigation and nutrient application, significantly boosting crop yields.

Blockchain technology can streamline supply chains, ensuring transparency and reducing food waste. Furthermore, gene editing technologies like CRISPR can develop crops that are more resilient to climate change and pests.

Despite these possibilities, these technologies must be democratized to be effective. Developing countries face challenges such as limited internet access, inadequate infrastructure, and a lack of technical expertise.

Therefore, a multi-faceted approach is necessary: governments and international organizations need to invest in infrastructure, while tech companies should focus on creating user-friendly, affordable solutions tailored to local needs.

Economic Development

The impact of technology on economic development can be profound, as it offers new avenues for job creation, entrepreneurship, and economic stability.

Digital marketplaces and mobile technologies have already begun to empower small farmers and local producers by providing platforms to reach broader markets.

This reduces dependency on middlemen, ensuring that more profit goes directly to the producers. Microfinancing platforms can also leverage technology to offer better financial services to communities that traditional banks overlook.

However, economic development driven by technology requires human capital. Education and skill development are critical.

Here, policies need to focus on digital literacy and vocational training to equip individuals with the skills needed to participate in and benefit from the digital economy.

Encouragingly, numerous initiatives across Africa, such as coding boot camps and digital literacy programs, are beginning to bridge this gap.

Sociological Development

The sociological implications of technology are complex. On the one hand, digital platforms can promote social cohesion and cultural exchange, while telemedicine and e-learning can make healthcare and education more accessible.

On the other hand, there are risks like exacerbating inequalities and digital exclusion. For instance, access to technology often aligns with existing socio-economic divides, where the wealthy get more advanced tools and opportunities while the poor remain marginalized.

To address these sociological disparities, inclusive policies and community-focused programs are essential.

Governments and NGOs can collaborate to ensure that technological benefits reach the most vulnerable populations.

Efforts to improve digital infrastructure in rural areas, combined with training programs aimed at women and marginalized communities, can help make the digital revolution more inclusive.

Conclusively, the comedian’s quip about downloading food not only tickles our sense of humour but also serves as a poignant reminder of the challenges we face in bridging the gap between technological capability and basic human necessities.

While technology holds immense potential to address issues of food security, drive economic growth, and foster sociological development, its benefits must be carefully orchestrated and inclusively deployed.

Addressing these complex issues requires more than just technological innovations; it entails a concerted effort involving infrastructure investment, education, and inclusive policy-making.

As we move forward, the true measure of technological progress will not merely be in the sophistication of our gadgets but in our ability to make those advancements work for the betterment of all.

By embracing a holistic and inclusive approach, we can leverage technology to create a world where no one is left behind, turning humorous aspirations into tangible realities.

He is also a founding member of Digital Currency Coalition (DCC). In this chat, Seun discusses the digital assets market trends including the multi-publicized launch of cNGN naira stablecoin, Digital Currency Coalition (DCC), and what to expect from Virtual Assets Service Providers in 2024 and beyond.

Excerpt:

The digital currency space was occasioned with several policy summersault, especially from the CBN. What is your rating of the sector in 2023? What are the challenges that bewildered the growth of the industry?

Seun Dania: The cryptocurrency sector in 2023 faced significant challenges due to policy shifts, particularly since there was a change in governments. I’d rate it as a period of both consolidation and introspection.

Key challenges included regulatory uncertainties and market volatility, which dampened growth prospects. However, 2023 wasn’t without its silver linings.

Towards the year’s end, a new CBN administration emerged, ushering in a wave of clarity. Directives were issued to financial institutions, coupled with outlines for comprehensive regulatory frameworks. This shift towards structure and collaboration signaled a commitment to nurturing a responsible and thriving digital currency ecosystem, offering a glimmer of hope for the future.

Many Nigerians do not have confidence in the digital currency sector. What do you think is responsible for these fears? Is it lack of awareness or just fear of losing money?

Seun Dania: While regulatory ambiguity eased in 2024, lack of awareness and fear of financial loss remain roadblocks to widespread digital currency adoption in Nigeria.

Public education initiatives that demystify the complexities of this nascent field are crucial to building trust and encouraging participation.

The onus lies on both the government and industry players to spearhead these efforts. All of which we can already see through the initiatives for education in blockchain technology and AI of the current Minister for Communications, Innovation and Digital Economy; Dr. Bosun Tijani. So, it’s safe to say all these concerns will be alleyed in the coming year.

Investing in financial literacy programs, partnering with educational institutions, and launching targeted awareness campaigns are vital steps towards bridging the trust gap.

By equipping the public with the knowledge and tools needed to navigate the digital currency landscape responsibly, we can foster a more informed and engaged participant base.

Year 2024 is here, what are those things you believe government and players in the sector did not do and must be done going forward to boost the industry?

Seun Dania: As we step into 2024, the Nigerian digital currency sector stands at a critical juncture. To unlock its true potential, a collaborative approach is paramount.

This requires the government, industry leaders, and consumer protection advocates to work in tandem to establish clear, consistent, and mutually beneficial regulations.

A robust legal framework that fosters innovation while prioritizing consumer safety is essential. Open dialogue and knowledge sharing between stakeholders will pave the way for a responsible and sustainable digital currency ecosystem, one that harnesses the transformative potential of this technology for the benefit of all Nigerians.

Beyond overcoming challenges, the Nigerian digital currency sector holds immense potential for positive transformation.

Blockchain technology, the foundation of digital currencies, offers a plethora of potential applications in various sectors beyond finance.

From supply chain management and healthcare record-keeping to land titling and identity verification, the possibilities are vast.

In 2024 and beyond, fostering research and development in these areas will be crucial.

By supporting innovative startups and encouraging collaboration between established institutions and blockchain developers, we can unlock the transformative potential of digital assets across different sectors of the Nigerian economy.

As a major player in the digital currency space, what will be your outlook of the industry in 2024 going by the issues that happened in 2023?

Seun Dania: The events of 2023 fuel a cautious optimism for 2024. With regulatory clarity on the horizon, we can anticipate increased involvement from institutional players like banks and financial institutions, drawn by the promise of secure and efficient digital transactions.

This influx of expertise and resources will likely enhance market stability and drive adoption rates. Furthermore, initiatives like the cNGN Naira stablecoin by the African Stablecoin Consortium add to the positive outlook.

By bridging the gap between traditional and digital finance, such innovations hold the potential to revolutionize both the digital and real economy, fostering financial inclusion and economic growth across Nigeria.

It is indeed a clear motivation, and I must commend the current administration and leadership of the CBN for its change in approach which projects inclusivity and will indeed translate to FDI into Nigeria and will in turn usher in financial abundance.

The CBN recently issued guidelines on operations of bank account for Virtual Assets Service Providers. What do you think about this? In what ways will these guidelines help the industry?

Seun Dania: The CBN’s recent guidelines on operations of bank accounts for Virtual Assets Service Providers (VASPs) mark a significant step towards formalizing the digital currency sector. These guidelines will bring much-needed transparency to operations, boost investor confidence, and create a safer trading environment.

The CBN’s recent actions demonstrate a willingness to collaborate with industry stakeholders, a promising development for the sector’s future.

There is a Digital Currency Coalition formed to promote digital currency in Nigeria, and also to support government in that regards. You are one of the founding members of the Coalition. Is that Coalition still active? Has it been able to come up with any policy document that the government can work with?

Seun Dania: The Digital Currency Coalition remains a driving force in promoting responsible digital currency adoption in Nigeria. We actively engage with policymakers, developing comprehensive policy recommendations that address regulatory frameworks, innovative applications, and robust consumer protection measures.

Our continued dialogue with the government underscores our commitment to working alongside stakeholders to build a thriving and responsible digital currency ecosystem that benefits all Nigerians.

You are the CEO/Founder of Tradefada, one of the leading digital currency trading platforms. How is Tradefada fairing even in the face of the various challenges in the industry?

Seun Dania: Amidst the industry’s challenges, Tradefada remains a beacon of hope to local players, while we ensure high-end security and safety of users assets. We prioritize stringent security measures, diverse trading options, and comprehensive educational resources to empower our users. Our platform emphasizes responsible participation through risk management tools and educational materials, fostering a safe and informed trading environment.

Without mentioning names, we have cases of digital currency trading platforms not been able to pay investors. What are the issues and how can they be addressed?

Seun Dania: The unfortunate instances of some platforms failing to meet their obligations highlight the need for stricter operational standards and enhanced accountability.

Adherence to robust KYC/AML regulations, improved transparency, and effective risk management practices are crucial for preventing such occurrences in the future. Furthermore, promoting user education about platform risks and responsible investment practices is essential.

By fostering a culture of informed participation, we can collectively build a stronger and more resilient digital currency ecosystem.

While the users / investors may have been greatly affected, I strongly believe that the industry is getting mature enough to ensure that all incidents are properly investigated, perpetrators brought to book and all users made whole.

Recognizing its immense benefits, the Nigerian government has taken a proactive stance by embracing blockchain technology and implementing policies that position the nation as a leader in this revolutionary field. 

During Buhari’s administration, the Nigerian government showed interest in blockchain technology and its potential applications.

In 2019, the government launched the National Blockchain Adoption Strategy, which aimed to foster blockchain innovation and adoption across various sectors, including finance, healthcare, education, and agriculture. The policy signaled the government’s recognition of the transformative potential of blockchain technology and its willingness to support its development.

In this piece, we’d deep dive into how the Nigerian government’s blockchain policy serves as a significant advantage for Nigeria, propelling the nation towards a prosperous and technologically advanced future.

1. Enhanced Transparency and Accountability

One of the key advantages of blockchain technology is its ability to provide an immutable and transparent record of transactions. By implementing blockchain-based systems, the Nigerian government can significantly enhance transparency and accountability in various sectors such as finance, supply chain management, and governance. This eradicates the potential for corruption and fraud, fostering an environment of trust and integrity.

2. Strengthening Financial Inclusion

Nigeria, with its vast unbanked population, stands to benefit immensely from the government’s blockchain policy. Blockchain-powered financial solutions can enable secure and low-cost transactions, even for individuals without access to traditional banking services. Through blockchain-based digital wallets, Nigerians can securely store and transfer funds, access loans, and engage in peer-to-peer transactions, fostering financial inclusion and empowering the underserved population.

3. Streamlined Government Processes

Blockchain technology has the potential to streamline and simplify government processes, reducing bureaucratic inefficiencies. By implementing blockchain-based systems for areas such as land registration, identity management, and procurement, the Nigerian government can minimize corruption and eliminate unnecessary intermediaries. This results in faster and more efficient public service delivery, benefiting both citizens and businesses.

4. Encouraging Innovation and Startups

The Nigerian government’s blockchain policy sends a strong signal to entrepreneurs and innovators, encouraging them to explore and develop blockchain-based solutions. This supportive environment stimulates the growth of startups and attracts foreign investments in the blockchain sector. This, in turn, creates employment opportunities, fosters economic growth, and positions Nigeria as a hub for blockchain innovation in Africa.

5. Secure and Decentralized Systems

Blockchain technology offers robust security measures that protect sensitive data and prevent unauthorized access. By leveraging blockchain for critical infrastructure, such as voting systems and digital identities, the Nigerian government can establish secure and tamper-resistant systems. This ensures the integrity of processes and instills confidence in citizens, businesses, and international partners.

6. International Trade and Supply Chain Efficiency

The implementation of blockchain-based systems can revolutionize international trade and supply chain management in Nigeria. Blockchain enables real-time tracking and verification of goods, reducing fraud and counterfeiting. With enhanced transparency and traceability, Nigerian businesses can build trust with international partners, boosting exports and attracting foreign investment.

7. Harnessing the Power of Smart Contracts

Smart contracts, self-executing agreements based on blockchain technology, have the potential to revolutionize business interactions in Nigeria. The government’s blockchain policy facilitates the adoption of smart contracts, which can automate and enforce agreements, reducing costs and increasing efficiency. This technology has the potential to transform industries such as insurance, real estate, and logistics, propelling Nigeria towards economic prosperity.

Conclusion

The Nigerian government’s proactive approach towards blockchain technology demonstrates its commitment to embracing innovation and leveraging cutting-edge solutions for the nation’s development. 

By implementing blockchain policies, Nigeria stands to gain enhanced transparency, streamlined processes, financial inclusion, and increased international trade. As the government continues to support and nurture the blockchain ecosystem, Nigeria is poised to become a global leader in blockchain technology, paving the way for a brighter and technologically advanced future.

Prof. Isa Pantami, the Minister of Communications and Digital Economy, made this announcement following the weekly Federal Executive Council (FEC) meeting.

Blockchain is a decentralized digital ledger that records transactions securely and transparently.

The purpose of the new policy, according to Pantami, is to institutionalize blockchain technology in Nigeria’s economy and security sectors. It was developed after conversations with 56 institutions and individuals.

“The Federal Government of Nigeria today approves the national blockchain policy for Nigeria.

“This policy was gotten through consultation with our stakeholders where 56 institutions and personalities were involved in the process of conceptualizing, developing, and reviewing the policy.

“With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types has been institutionalized in the country,” said the Minister.

He mentioned that the National Information Technology Development Agency and regulatory organizations are coordinating to develop regulatory instruments across all sectors as per the Security Council’s directive.

The clearance highlights the potential benefits of blockchain technology even though studies estimate that by 2030, blockchain will have increased global GDP by $1.76 trillion.

The decision also includes the creation of a national steering council that will be managed by NITDA.

Making a presentation at the just concluded Africa Tech Alliance Forum, otherwise known as AfriTECH 2.0, held in Lagos, recently, Akindehinde said that with the coming of the 5G technology, it is expected that the company of the future has to provide services along those lines.

The cybersecurity expert however, argued that it is doubtful that humans will completely live their lives using such tools as the mobile phone and the internet without any other thing explaining why he titled the presentation “Web 3.0, Blockchain and a decentralized digital identity.”

According to Akindehinde, “Blockchain is actually three things. Blockchain is a protocol, like when you have an email, for instance. Email has an organized protocol; it is called SMTP. Blockchain is also a protocol.

“Number two, why do you have a protocol? It presupposes that there is a network; there are servers that host the email. The last thing about blockchain is that it is software. That means you have the SMTP, the servers, and the software.

“When we talk about blockchain in this part of the world, it is usually an anonymous cryptocurrency. Cryptocurrency is just the work of four quadrants which are fungible, non-fungible, transferable, and non-transferable.

“Cryptocurrency is fungible and transferable. When we talk about it being fungible, if I bring out a thousand naira note for instance, you can bring yours, and we exchange it; it doesn’t matter. The problem with a physical asset like that is that we can only make that transaction when we are in the same space,” he further disclosed.

While explaining the difference between electronic transaction and digital transaction, Akindehinde stated that what people often do online is electronic because there is somebody in the middle granting access.

“When you log onto your bank mobile app and you make a transaction from bank A to bank B, what you are doing is transferring messages; it’s like email. When you take your ATM card to an ATM, what you are doing is that you are delegating control of that transfer to that man in the middle which is your bank.

“This brings out two things: The concept of ownership and the concept of control. So, when you are doing that electronic transaction, you do not own that transaction, you are only in control of it. If the network goes down, you can no longer do that transaction.

“Your university degree for instance, is an asset to you, it’s unique to you; it’s non-transferrable. Unlike money you can exchange with another person, you cannot exchange your certificate with another person.

“Why can’t we, therefore, have a digital driver’s license or a digital passport, or a digital identity management system? Why are we still carrying plastics? That is why there is the need to power a digital economy through decentralized identities.

“We all have BVNs and NINs, why can’t I be authenticated with my NIN for instance, and I sign in and go? When you are online and you go and authenticate to your bank, by putting your username and password, your bank is not authenticating to you,” he said.

On the difference between Web 2 and Web 3, the Digital Encode CTO said that “Web 2 simply means that something is entirely online. I can’t use what is online in the physical world. For instance, if you have Gmail, Google Authentication or Microsoft, you can only use it on Google. The authentication resides on the server of the bank. That is the entire concept of Web 2.

“Web 3.0 on the other hand simply means that instead of having all the things stored on a centralized internet, you now have the data in your control; you are the owner, and you are in control of it. And that is why we have what is called a self-solving identity system.”

Dr. Akindeinde also received “AfriTECH Blockchain Technology Mastery Personality Award 2022”.

There are however multiple factors that can affect the growth and expansion of the digital ec​​onomy, a few are infrastructure, innovations, policies, access to funding and proper education, amongst others.

The lowest hanging fruit but with the most impactful and long lasting effect on the nation’s economy is education.

One organisation that has been in the forefront of the need for digital skills and by extension, improving the lives of Nigerians across the nation is Cyberchain.

Cyberchain is a decentralised, brand-neutral and people-focused ecosystem that promotes the need for ethical use of cybersecurity and blockchain technology.

Cyberchain converges some of the best minds in the tech space annually and connects them with enthusiasts that are eager for the knowledge shared by these experts, blockchain developers, founders and investors have also found Cyberchain events, perfect fits for them to engage and foster viable business relationships.

According to the Founder – Jude Ozinegbe, a Digital Transformation and Blockchain Consultant, “Cyberchain was born out of the need to ensure Nigerians get proper sensitisation about the numerous benefits of the digital economy, which includes but not limited to creating more jobs for Nigerians, ease of doing business, transparent Governance, safe online presence and even placing Nigeria on the global map by creating world class projects that contribute to the nation’s GDP”

Cyberchain embarked on a national tour this year with the theme: “Embracing The Metaverse Economy”, starting with the City of Akure in Ondo State in March, then onto Uyo in Akwa Ibom State in May, Benin City in Edo State in July, the next will be Abuja, the FCT on the 22nd of October at NAF Conference Centre Opp LG Showroom Kado Abuja Nigeria.

Speakers for the Abuja conference include Mr. Mohammed Jega, Founder at Domineum Blockchain, Mr. Adedeji Owonibi, Founder at Convexity and A&D Forensics, Mr. William Phelps, Investment Manager at Adaverse and many others.

The grand finale of their national tour will hold in Lagos on 12th November 2022, with even more breathtaking industry leaders, like Chris Ani of DabaTV, Tony Emeka of CryptoTV Plus, Chuta Chimezie of BNUG, Kristian Kruz of Element USA.

Nollywood ace actress and business tycoon, Mimi Orjiekweng will also be making an appearance at the Lagos event and present prizes at the flagship Cybersecurity Hackathon dubbed: “Cyberthon” where winners will walk away with over N1,000,000 and other gifts for their performance at the ethical hacking competition, supervised by Digital Encode Limited.

They also planned to wrap up this year’s event with the first and biggest Blockchain boat cruise on 13th November 2022 where celebrities, founders, investors and top leaders in the blockchain space will have ample time to network, dine and wine, while enjoying the lush and ambient view of the Ikoyi/Lekki waters.

Jude Ozinegbe does not hesitate to always acknowledge brands that have always supported Cyberchain, like:

Zinochrome, NCC, NITDA, Digital Encode, Binance, TradeFada, Bitmama, FBM Homes, Convexity, RedswanCRE, LBank, FTX, Adbond, WhiteBit, Gamic Guild, Adaverse, Emurgo, AAX, Farmchain, SiBAN, Boundless Nexus, Rocket, CryptoTV Plus, LenzOne, ChannelsTV and others too numerous to mention.

More details are available on their website.

Prof. Pantami said this while delivering 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 Dr Salihu Abdulkareem 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” is apt and timely especially at a time when crypto currency is presently the headlines of financial losses.

The Minister noted that in today’s knowledge based economy, an increasing share of business value is derived via intangible assets, which means success often depends upon the ability to manage and exploit IP.

He stressed that for that reason, 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.

Prof. Pantami highlighted the benefits of Blockchain technology which he said represent 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 behind this great technology. From medicine to agriculture, finance to governance, education to transport and across global supply chain; many sectors are looking for ways to integrate Blockchain into their infrastructures”, he added.

 While observing that governments and businesses all over the world are realizing the powerful usability of Blockchain, Prof. 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 Agency’s under my supervision, the National Information Technology Development Agency (NITDA), has developed a National Blockchain Adoption Strategy that seeks to facilitate effective utilisation of Blockchain technology for the development of the Nigerian digital economy. The strategy outlines the roadmap and schemes for the adoption of the Blockchain technology by government in its digital transformation agenda in a way that supports efficiency, transparency, and productivity”.

Although, it is an established fact that the technology drives new businesses and service models, the Communications and Digital Economy Boss made it known that there is need to equally create and enforce regulations to protect citizens and ensure fair markets while letting innovation and business flourish.

He went on to register the Federal Government’s concern on how the technology can be used to foster healthy growth of the nation’s digital economy and safety through the right regulatory instruments and implementation strategy that drive the adoption of the technology by both public and private sectors.

“In this regard, we directed NITDA to develop a national infrastructure for the deployment of Blockchain solutions that integrate identity and incentive platforms, promote research and development, in addition, to focus on the skilling of the workforce, and create a procurement process to enable government agencies to adopt Blockchain solutions”, he noted.

As a way of exploring ways to develop regulatory actions that would strike the right balance between facilitating innovation and mitigating new risks, the Minister confirmed that the ministry has further directed NITDA to introduce regulatory sandboxes that enable participants to test products and services on a small scale in a controlled environment, reducing innovation costs and barriers to entry.

These sandboxes, Pantami emphasized will also allow regulators to collect important information about innovative products before deciding which regulatory action to take.

“Through sustained engagement with stakeholders like you and many others, implementation of these regulatory guidelines would be enhanced and in turn, would engender a conducive regulatory environment for all players in the digital economy to thrive and fulfill their potential for prosperity and national development,” he added.

Meanwhile, Prof  Pantami recounted many IT issues that still remain unresolved, such as “the interoperability of different Blockchain platforms, and legal issues such as data ownership, privacy, liability, and jurisdiction”.

However, Pantami expressed his belief that with engagements such as the event, all business stakeholders and IP communities would reap the full benefits of Blockchain technology to promote innovations, support anti-counterfeit and anti-piracy operations;  grow businesses, create jobs; entrench security, reliability, and transparency in all processes models.

Blockchain is a virtual ledger that has the ability to record and verify a high volume of digital transactions.

This technology basically eliminates third parties in a transaction process, reducing conventional cybersecurity risks, software errors and human errors.

It is used for automated crypto-trading, offering a secured way to redeem investment through cryptocurrency tokens.

However, does blockchain technology deserve a place in the stock market?

In the same way that many industries have utilised disruptive technologies to automate their processes, lower operating costs, boost output and be more competitive, blockchain technology can be applied to automate trading in the stock market.

Absa Bank, a leading pan-African Corporate and Investment Bank, in February this year, announced that it has joined the Hyperledger Foundation, an open, global ecosystem for enterprise blockchain technologies, which offers open-source distributed ledger frameworks, libraries and tools that organisations can leverage to develop applications, digital platforms or hardware systems.

The alliance of Absa with other financial institutions will enable it to develop solutions backed by blockchain technology that will address common financial transaction issues.

The bank is investing in decentralised ledger infrastructure and looking beyond using the technology to trade in digital currencies to exploring new use cases with the ultimate goal of meeting evolving customer needs.

For years, companies have explored different ways to improve the efficiency of transactions in the stock market. Exchanges now complement human capacity with artificial intelligence and data analysis, which helps brokers to assess risks, gain market insights and simplify market operations as much as possible.

On the other hand, blockchain can be used to automate trading of stocks, offering an easier and faster way to transact stocks online in a secure way.

Blockchain ledger, according to an analysis by research ​firm​, CB Insights, is capable of reducing trade settlement times and costs, while ensuring transparency in the transactions. It also powers a system that ensures post-trade clearing and reconciliation are conveniently done.

Insights published by SkyQuest Technologies estimated that investment in blockchain technology will rise from $ 4,771.34 million in 2021 to $77,778.9 million in 2027 at 64% CAGR due to increased venture capital funding in blockchain technology; extensive use in banking and cybersecurity; payment, smart contracts and digital identities.

Just like Absa, many other financial institutions and start-ups that are already gearing up to explore the various applications of blockchain should speed up their investment in this disruptive technology, which is expected to transform the capital markets ecosystem.