The Federal Government’s recent approval of the national blockchain policy is a positive development for the country, as it could lead to the transformation of key sectors such as finance, health, education, security, and agriculture, analysts at CSL Stockbrokers have said.
The analysts, who stated this in a report, noted that the national blockchain policy aligned with the National Digital Economy Policy and Strategy (NDEPS), which was developed by the Federal Ministry of Communications and Digital Economy in line with the 7th Pillar of the NDEPS and focuses on digital society and emerging technologies.
According to the analysts, “blockchain technology has the potential to revolutionise various sectors, including finance, health, education, security, and agriculture, by providing decentralisation, cost-effectiveness, transparency, and reliability.”
Shedding light on the benefits of the technology, the analysts stated: “Blockchain is a distributed ledger technology that improves centralised-based solutions in different ways. It creates a platform for designing financial services that bridge many gaps in today’s virtual market system.
“While traditional databases track records for single entities only, blockchain connects a group of entities and allows for data to be synchronised across multiple, independent stakeholders.
“Blockchain usage is particularly alluring for small businesses. It provides them with an affordable and efficient avenue to make and receive payments, access investment and savings products, and build a credit history. Enabling greater access to this technology can foster Small and Medium-sized Enterprises (SMEs) growth, which in turn can enhance job creation and economic development.”