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FEC Approves Use Of Blockchain In Nigeria - Business - Nairaland

Nairaland ForumNairaland GeneralBusinessFEC Approves Use Of Blockchain In Nigeria (36794 Views)

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FEC Approves Use Of Blockchain In Nigeria by nairalandkachy1(op): 3:44pm On May 03, 2023
BREAKING: The Federal Executive Council today approved @FMoCDENigeria’s National Policy on Blockchain. What this means is that @NigeriaGov has now formally approved blockchain use in Nigeria. Relevant agencies are now expected to develop appropriate usage & regulatory frameworks.

A Steering Committee has also been established, to be led by @NITDANigeria, & including all relevant @NigeriaGov agencies. The Cttee will oversee the implementation of the new National Policy on Blockchain. HM @ProfIsaPantami says this is @FMoCDENigeria’s 23rd National Policy.
https://twitter.com/toluogunlesi/status/1653769481691299840?t=WpNGXuNcW5cpTm3GlO1D0w&s=19

Re: FEC Approves Use Of Blockchain In Nigeria by Onowu33: 3:47pm On May 03, 2023
Tinubu wetin be Blockchain?
Re: FEC Approves Use Of Blockchain In Nigeria by Danisaint112(m):
I thought they were totally against Blockchain (anything crypto) to the extent bank transactions for it was totally banned. Confused government.

I'm very sure they approved it now because it will be beneficial to them. It's part of the looting process. grin grin

Modified: For those quoting me saying I know nothing about blockchain and that blockchain have very little to do with crypto, hope you all see the google defined meaning of blockchain below.

One dumbo even went ahead to say; "Blockchain is not synonymous with cryptocurrency." 😂

Re: FEC Approves Use Of Blockchain In Nigeria by 175(m):
Lovely !!!!


Osibanjo's footprints all over this news.


Congratulations Nigeria!!!!!!!
Re: FEC Approves Use Of Blockchain In Nigeria by Misterc(m):
Nigerian government get starting... But them no dey ever get finishing....
Re: FEC Approves Use Of Blockchain In Nigeria by 5iine: 3:58pm On May 03, 2023
Re: FEC Approves Use Of Blockchain In Nigeria by victorikpe(m): 3:58pm On May 03, 2023
Re: FEC Approves Use Of Blockchain In Nigeria by Terry68: 3:59pm On May 03, 2023
Dem don start watin dey wan use for themselves
Re: FEC Approves Use Of Blockchain In Nigeria by LagosFirstSon: 3:59pm On May 03, 2023
Onowu33:
Tinubu wetin be Blockchain?
the question is too much for him to answer
Re: FEC Approves Use Of Blockchain In Nigeria by Abdul4trust1(m): 3:59pm On May 03, 2023
Good
Re: FEC Approves Use Of Blockchain In Nigeria by DonMarkuzi(m): 3:59pm On May 03, 2023
For some of us who don't know the full meaning of the technology, this are few things the technology can avail the users if fully harnessed.



1. Transparency and accountability: Blockchain technology provides a decentralized, immutable ledger that can be used to store and track data in a tamper-proof manner. This can increase transparency and accountability in government systems, reducing the potential for corruption and fraud.

2. Increased efficiency and cost savings: Blockchain technology can reduce the need for intermediaries and manual processes, resulting in increased efficiency and cost savings for both government agencies and businesses.

3. Secure data storage and sharing: Blockchain technology provides a secure way to store and share data, which can be particularly important for sensitive information such as health records, financial information, and government data.

4. Improved supply chain management: Blockchain technology can be used to track goods and products throughout the supply chain, reducing the potential for fraud and counterfeiting and improving efficiency.

5. Encouraging innovation: By providing a secure and transparent platform for the exchange of value, blockchain technology can encourage innovation and entrepreneurship, leading to economic growth and job creation.

Overall, the adoption of blockchain technology can offer many potential benefits to a country, including improved transparency, efficiency, security, and innovation.

It's also the founding technology that runs the Bitcoin technology.
Re: FEC Approves Use Of Blockchain In Nigeria by Ashley86400: 3:59pm On May 03, 2023
Abeg wetin be Blockchain again?
Re: FEC Approves Use Of Blockchain In Nigeria by id4sho(m): 3:59pm On May 03, 2023
tongue
Re: FEC Approves Use Of Blockchain In Nigeria by Yemiafo(m): 3:59pm On May 03, 2023
Nice upd
Re: FEC Approves Use Of Blockchain In Nigeria by Agricmoney(m): 3:59pm On May 03, 2023
Wow nice



Anyway, Agriculture is life.
Re: FEC Approves Use Of Blockchain In Nigeria by Femisol(m): 3:59pm On May 03, 2023
If you think it’s for the benefit of the masses then you must be under a spell grin grin
Re: FEC Approves Use Of Blockchain In Nigeria by Flier: 3:59pm On May 03, 2023
They just need to make it a course of study at the Universities,anything less is nonsense
Re: FEC Approves Use Of Blockchain In Nigeria by ChatterHouse: 3:59pm On May 03, 2023
Tinubu has open where to siphon cash
Re: FEC Approves Use Of Blockchain In Nigeria by akpaulite(m): 3:59pm On May 03, 2023
Na now all these ones daybreak.
After wrecking havoc on the economy
Re: FEC Approves Use Of Blockchain In Nigeria by RedChiefPriest: 3:59pm On May 03, 2023
Na good news shebi?
I no too understand but I know say dem dey use am for crypto.

Dj! 44 bottles of palmwine, 40 for me,2 for efcc and 2 for any random nairalander.
Barman! Play me "the block,the rock and the chain" by Dwayne Johnson and muritala Mohammad

Re: FEC Approves Use Of Blockchain In Nigeria by LUAN1: 4:00pm On May 03, 2023
Btc.
Re: FEC Approves Use Of Blockchain In Nigeria by inoki247: 4:00pm On May 03, 2023
Lol ok after approving Blockchain hope say CBN go remove embargo placed on Crypto....
Re: FEC Approves Use Of Blockchain In Nigeria by BiGVEEN58(m): 4:00pm On May 03, 2023
Wetin e mean?
Re: FEC Approves Use Of Blockchain In Nigeria by Investorozay: 4:00pm On May 03, 2023
Clowns your earlier ban no affect us. this one wont kiss
JM dey cash out
Zalmon dey cash out
Blordd dey cashout

Wahala for who dey sleep

Re: FEC Approves Use Of Blockchain In Nigeria by sofeo(m): 4:00pm On May 03, 2023
Nice development, thanks to incoming Tinubu for acknowledging this before...



And congratulations to the Nigerian Youths.
Re: FEC Approves Use Of Blockchain In Nigeria by LeopardX:
Onowu33:
Tinubu wetin be Blockchain?
Nigga, Biden himself doesn't know the meaning.

Obi doesn't know the meaning either. Same with Atiku. It can be explained to them but I don't think they can grasp the concept talkless of harnessing the potentials.

Yet since it's a good thing for the youths, approving it (with regulation) is good.

I know you're just joking though.
Re: FEC Approves Use Of Blockchain In Nigeria by Rodimi20000000: 4:01pm On May 03, 2023
Oya
Re: FEC Approves Use Of Blockchain In Nigeria by nashito(m): 4:01pm On May 03, 2023
Another avenue the APC led govt want to use & Loot Nigeria dry.

Until the day, there would be nothing left to pay workers, Nigeria is still far from a Revolution. The the time is ticking as we’re all sitting on a Keg.
Re: FEC Approves Use Of Blockchain In Nigeria by Omoawoke(m): 4:01pm On May 03, 2023
Flier:
They just need to make it a course of study at the Universities,anything less is nonsense
I agree with you
Re: FEC Approves Use Of Blockchain In Nigeria by Felix6: 4:02pm On May 03, 2023
They wan chain Escoba cheesy
Re: FEC Approves Use Of Blockchain In Nigeria by Seefinish: 4:02pm On May 03, 2023
Ashley86400:
Abeg wetin be Blockchain again?
block chain is a block that they chain with a chain so that Tinubu won't steal it
Re: FEC Approves Use Of Blockchain In Nigeria by 96ACE:
Somebody with better understanding should pls explain better, does this mean we are free to trade and use crypto like we use to do before the ban on it in Nigeria?
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