Chukwuemeka Fred Agbata Jnr.
The world has entered into a period of unprecedented advancement
in technology and smart nations are racing, to shore up their
intellectual property filings, in as many areas, as possible.
Supporters of blockchain technology argue that it is indeed a new
chapter for the world.
According to some of them, blockchain technology will be way
bigger than the Internet and it would not stop at that, it will
bring about unprecedented transparency and for some, redistribution
of wealth. What believers in this technology like the most, is
‘decentralisation’.
Well, the reality today is that, blockchain is gaining grounds
and even, in Nigeria, a group, known as, Blockchain Nigeria User
Group, founded by Chimezie Chuta, is swelling in size and
influence. This is the group, behind the much talked about
‘blockchain, artificial intelligence and digital assets
conference’, which held in Lagos a few days ago and frankly, it was
an event that focused on using blockchain to solve the multiple,
often humongous problems, confronting us, as a nation.
I am a keen follower of the blockchain industry. I have written
a few times, on how I did not take advantage of the bitcoin
opportunity that came my way in the early days of the crypto
currency. A missed opportunity that sort of saddens me each time I
think about it. Like many of us would say, life goes on!
Due to the fact that I am interested in developments in the
blockchain industry, I make it a point of duty, to attend any
event, or, meet up that, I believe would add value, particularly to
my followers. This growing interest in the blockchain industry,
motivated me to attend the conference, which was on its 7th leg and
returning to Lagos, for the 3rd consecutive season.
The conference is aimed at bridging the knowledge gap, by
providing government functionaries, decision makers, professionals
and practitioners, with the resources they need, to make key
business-shaping decisions, in a rapidly changing world.
The event was well attended with speakers from across the globe.
As I sat in, listening to speaker after speaker, what kept running
through my mind was, what are some of the practical ways that
blockchain can bring almost immediate changes and even disruption
to a country like Nigeria?
The reality is that as the president begins a second term in
office, Nigeria desperately needs to make progress. We need to,
tactfully and truthfully, tame the corruption monster, provide jobs
for citizens, push towards real economic development, stop the
fleecing of the economy, through massive importation of almost
everything, under the sun, including most of the software that
power the fabric of our national lives.
Since this column started many years ago, I have maintained and
still maintain that, technology holds the ace. If implemented
correctly and sincerely, it would bring about efficiency and
transparency, which to me, are the bane of most of our challenges.
Thankfully, blockchain can deliver unprecedented transparency,
effectiveness and efficiency to the Nigerian economy.
One of the straight-from-the-heart presentations at that
conference that, I found quite revealing, is that of the Chief
Economist, PwC Nigeria, Andrew Nevin. This gentleman seats on top
of one of the largest consulting firms and deals, both, with the
private and public sectors, which makes him privy to tons of
information. If I have to be a seer, I bet he would be wondering,
why would a country be so blessed, yet so poor? And as some of my
diplomatic friends would often ask, CFA, what exactly is wrong with
Nigeria?
Anyways, some statements that Andrew Nevin made at the
blockchain conference, are worth repeating here. One of such, is
that, Nigeria should not neglect the potentials of emerging
technologies, such as blockchain, artificial intelligence, machine
learning, virtual reality, internet of things, among others.
For the nation to make progress, however, it needs ubiquitous
broadband, to tap into the aforementioned emerging technologies.
Speaking further, “Nigeria will find it difficult, to deliver
quality healthcare and education, in the nearest future,
particularly, to the rural dwellers, if it should neglect the
emerging technologies.”
Likewise, adopting blockchain would bring about trust among
Nigerians. This is because trust is one of the issues people are
battling with. This ever present issue of trust is indeed a
challenge. One of the bane of the challenges of e-commerce and
marketplaces is that people are simply not trusting enough.
Pay on delivery is still as highly demanded today as it was
years back when it was first introduced. Speaking personally, I
have had challenges a few times, when I paid online and the
products that came to me was different from what was advertised. I
hope that blockchain can help in building trust so that if I can
trace that a product is indeed coming from the original
manufacturer, or importer, as the case may be, I would have
increased confidence in parting with my money.
Also speaking at the event, President, Fintech Association of
Nigeria, Segun Aina, stated that there was the need to, critically,
look at what solutions of blockchain application, the country would
want to latch on for its growth.
He said that, to actualise this, there was also the need to
domesticate blockchain application in the country. “Government
needs to ensure that, it digitises its activities, elevate
discussion of the technology, as such that, it is well known by the
public, to improve their lives,” he stressed.
The Founder of Blockchain Nigeria user group and convener of the
conference, Chimezie Chuta, believes that, the conference lived up
to expectations and hopes that all attendees, including blockchain
enthusiasts, start-ups, public and private sector players, as well
as, other stakeholders, would leverage blockchain and technology in
general, to re-position the country for growth.
In his words, “we need to receive valuable things that, would
aid the country go out with information and be able to apply them.
The application of these information, will give us new experience
that, will push the country to the next level.”
The nation looks up to the likes of Chimezie to continue to put
Nigeria on the blockchain map and we should not make the usual
error of disrespecting a ‘prophet’ just because we know him and see
his face everyday.
It is fair to say that the conference was successful but what
will be most important is that, all the life-transforming sessions
are translated into positive outcomes for Nigeria.
CFA is the founder of CFAmedia.ng, a business and innovation
platform
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