The federal government’s efforts to establish its own blockchain infrastructure have received strong support from the National Blockchain Policy Implementation Steering Committee.
Two weeks ago, the government announced plans to build a home-grown blockchain to ensure data security and privacy.
Speaking to The Punch, the committee’s chairman, Chimezie Chuta, hailed the initiative, describing the idea of a national blockchain infrastructure as a great move.
According to Chuta, countries such as India, China, the UAE, South Korea and Singapore are building blockchain infrastructure, so there is no reason why Africa’s third-largest economy shouldn’t do the same.
He noted that India’s blockchain is called “IndiaChain” and suggested potential names for the blockchain, including “Nigereum,” “NaijaChain,” “NijaBlock,” and “AfriLedger.”
He advocated for consortium or federated blockchains, which offer controlled access, easier collaboration between stakeholders, scalability, efficiency, support for smart contracts, and better regulatory compliance.
“This type of blockchain is not controlled by a single organization, but by a group of organizations,” Chuta explained.
He argued that Galaxy Backbone, a Nigerian government agency responsible for the provision of ICT infrastructure and services, was the best choice to host a major blockchain infrastructure.
“Galaxy Backbone should be officially appointed as a strategic partner in the implementation of blockchain infrastructure in our country,” Chuta said.
