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Panel supports FG blockchain project
The federal government’s initiative to establish indigenous blockchain infrastructure has received strong support from the National Blockchain Policy Implementation Steering Committee.
Two weeks ago, the government announced its intention to create an internal blockchain, to ensure data security and privacy.
The committee’s chairman, Chimezie Chuta, in a chat with The PUNCH, praised the initiative, saying that the idea of a national blockchain infrastructure was a great move.
According to Chuta, countries such as India, China, the United Arab Emirates, South Korea and Singapore have implemented their own blockchain infrastructure and, as a result, Africa’s third largest economy has no reason not to.
He proposed potential names for the blockchain, such as “Nigereum,” “NaijaChain,” “NijaBlock,” and “AfriLedger,” noting that the Indian blockchain is called “IndiaChain.”
He advocated for the creation of consortium or federated blockchains, which would ensure controlled access, easy collaboration between stakeholders, scalability, efficiency, support for smart contracts, and better regulatory compliance.
“This type of blockchain is governed by a group of organizations rather than a single entity,” Chuta explained.
Galaxy Backbone, the Nigerian government agency responsible for providing ICT infrastructure and services, is the most suitable choice to host the primary blockchain infrastructure, he said.
“Galaxy Backbone is expected to be officially named a strategic partner for the implementation of our national blockchain infrastructure,” Chuta said.