Hon. Solomon Adaelu, (The Messenger) member representing Obingwa/Osisioma/Ugwunagbor federal constituency sends out another warning to the national assembly cautioning them of the dangers ahead if Nigeria fails to key into the emerging global economic revolution known as the BLOCKCHAIN TECHNOLOGY.

A Must Read……….

THE BIPARTISAN BLOCKCHAIN GROUP:

Distinguished colleagues, I am aware that we have all been following the evolution of the one world currency created by Facebook, in partnership with world governments and technology companies. THE LIBRA CURRENCY.

I have on several occasions drawn the attention of members to this disruptive protocol called the BLOCKCHAIN. It is becoming clearer to those who do not understand.

We are in the era of biggest WEALTH movement. Money has evolved over time in different forms as a medium of exchange.
The authority to print and issue money rests solely on the different governments of the world and their central banks.

One of the many applications of the blockchain technology has given the power to print and issue currency to individuals and organizations, CRYPTOCURRENCY.

Just few days ago, the G20 world leaders assembled in Osaka - Japan, to discuss global affairs. In the same Osaka was an assemblage of the representatives of G20 leaders called the V20 (virtual currency representatives).

These groups of finance experts, technology companies, finance ministers and crypto currency enthusiasts had one common objective. To evolve a global regulatory framework for the use of crypto currencies.

Not many people are aware or understand the significance of this important meeting.

The deliberation was majorly on LEGISLATION AND REGULATION OF BLOCKCHAIN APPLICATIONS.

Every day in Nigeria, an average of $12M is traded on different global exchanges and billions of dollars are moved in and out of this country everyday on the blockchain. While this goes on, the EFCC is only looking at traditional bank transactions.

There are currently huge losses in revenue with an increasing progression because the blockchain applications and crypto currencies remain unregulated across the economic sphere of the nation. It is our responsibility as lawmakers to provide legislation for the regulation of blockchain applications that has given rise to many startups.

Blockchain is a distributed ledger technology that underpins crypto currency. It provides a way to record and transfer data that is transparent, efficient and secure.

Traditionally, for every transaction, lawyers write contract agreements which are legally binding on parties involved. The blockchain has provided a means of writing these contracts and agreements with computer codes. This particular computer codes are immutable and accommodate the business logic completely. They are referred to as SMART CONTRACTS.

The house committee on science and technology in the 9th assembly is expected to lead this revolution.

It is the fourth industrial revolution, driven by digital transformation. The technology that will have the greatest impact on our society.
A lot is possible with the blockchain.

Hon Engr solomon Adaelu
Chairman:Bipartisan blockchain group. National assembly of Nigeria.House of Rep.Room 2.33