Blockchain Technology in Nigeria: Lack of Awareness Limiting potential benefits

Full benefits associated with the use of the Blockchain technology may not be achieved unless it is properly recognized and people are informed about it.

Harrison Ozinegbe, the Executive Director of Vault Bridge Global, (a Software Security Company that focuses on Cyber Security, FinTech and Blockchain Technology) said the fact that less people are informed about the block chain technology in Nigeria is affecting its growth.

He promised to play his part in making sure that awareness of the block chain technology is ascertained. While speaking with journalists in Lagos State, he said “Nobody would have assumed the rapid growth of the Internet at a very short time after it was introduced on commerce, industry and government and also normal Nigerian citizens living in rural areas.

“Everyday, applications we would not have imagined possible are being added and uploaded on the internet, making easing our way of life and day to day business activities easier. Despite that, we Nigerians were really careful about the introduction of the Internet in the 90s and up till the year 2000 with the initials of Y2K as we heard of millennium bug that claimed to be able to crash a computer and all data it possesses.

“We are faced again with the invent of another important technology, The Blockchain, which has come to impede and equally change commerce, industry, government and our daily life activities for the better,” he said.

Mr. Harrison equally made use of this medium to talk about the conference on Blockchain technology in the 4th Industrial revolution, which is coming up in Lagos on the 10th of November 2018. He believes that the conference will help in creating awareness of the block chain technology among Nigerians.

Also, Michael Kiberu, Chief Executive Officer of Vault Bridge Global said that Nigeria can take instances from other countries like Uganda, Switzerland, Kenya, Japan whose landscape have been positively influence by the adoption of the block chain technology. Taking Switzerland in particular, Mr. Kiberu said the block chain technology was seen as an opportunity not as a menace, so the benefits of it is in excess.

“We are hoping to take part with important stakeholders and authorities to come up with a lasting solution in the top sectors as Power, Health, Energy, Agriculture, Transportation and others. We will also perform research and analysis so as to create a better understanding of the Blockchain Technology and improve all sectors of the Nigerian economy.

“Cybercrimes like internet hacking and scamming are increasing in Nigeria and other parts of the World as well. These cyber crimes are mostly connected with the Block chain and other cyberspace technology. This made us in VaultBridge agree to partner with KIPYA Connect and Bit2Big to regularly set up Cyber Security Executive Master classes in Ethical Hackers and also other EC-Council certified examinations to keep users up to date with the most recent technology in fighting cyber-crimes,” Mr. Harrison Ozinegbe said.

To conclude, he indicated that the Government has nothing to lose if it joins in studying the block chain technology and learn how it has been of benefit to most countries.