Overview
Blockchain is a digital record made up of many data blocks, organised chronologically and secured by cryptographic proofs. It runs on distributed ledger technology, a decentralised database where data is not held in one central site but updated simultaneously across several sites. Each block is stamped and linked to the previous one, creating an unchangeable record of transactions.
The business value of this technology is growing rapidly. Gartner analysts Rajesh Kandaswamy, David Furlonger and Andrew Stevens forecast that blockchain business value will reach $176 billion by 2025 and $3.1 trillion by 2030. Nigeria has moved to capture that value. On May 4, 2023, the Federal Government approved the implementation of the National Blockchain Policy, aimed at building a blockchain-based economy that improves digital transparency, efficiency, and secure transactions.
This paper highlights and analyses the relevant provisions of the key chapters of the policy and its implementation in Nigeria.
